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Friday, October 24, 2008

It's Friday, and the ES has hit limit down

5:15AM EST:

Good morning. The ES (S&P Futures) hit limit down of 60 points a short time ago.

It is shaping up to be an interesting - and somewhat scary - Friday. We still have over four hours until the open. Check back for relevant links.

> Asian Markets: Indexes fall hard on bloody Friday
> U.S. Futures Fall; S&P 500 Contract Reaches `Limit Down' Level
> World stocks tumble, dollar and yen soar
> Dow Futures hit limit down
> When Does The Stock Market Freeze?

What does "limit down" mean? The S&P 500 Futures will not trade below 855.20 until the U.S. markets open at 9:30 AM EST (NY time). They can trade above that level, but not below.

8:00AM EST:

Only an hour and a half until the fun begins. I am preparing for some great setups. More links:

> Trader Mike - Look Out Below!
> StockBee - Market panics and bounces

An employee of the Korea Stock Exchange works in front of a screen that shows the falling Korean benchmark stock index in Seoul, South Korea, Friday, Oct. 24, 2008. The Korea Composite Stock Price Index plummeted 110.96 points, or 10.6 percent, to finish at 938.75, its lowest close since May 2005.



David said...

I'll bet we close green for the day.

Greytrader said...

Not quite green... but off the lows of the day :-)

Tom said...

I think everyone is foaming at the mouth for a hugh down day, but it won't come. Just a slow drift.