Futures Much Lower

and its gone

5.10 am

Well yesterdays rally is gone.

DOW futures -252

S&P futures -30

Nasdaq futures -72


Crude and Brent have both broken 30 bucks this morning. BHP also announced a 7.2 billion write off on their U.S. shale investments. Their dividend is now at risk. We will see more of this.

China markets are officially in a bear market (down 20%)

From Credit Suisse

“A key question is whether the extreme volatility we’ve seen across global markets will prove to be just a storm in a (China) teacup, or the early warning of a brewing Tsunami that will define market sentiment this year and beyond.”

The above thought process is what keeps me up at night. So far yesterday has proven to be  a one day wonder and this market is NOT to be trusted. Many headwinds in place right now.

Long is still wrong.



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