The previously stellar performing Nikkei started the session with JGB futures halted on the open as they went limit down, not too long after the Nikkei lost over 1100 points, swinging 9% from the highs to the lows and closing down -7.32%.
After that Chinese PMI came out and sent the country's manufacturing sector in to contraction for the first time since 2012.
All other major markets across the world closed down between 1.9% and 7.32%, most in the -2.6% range.
Our Calls in GLD should be happy, here's what gold did overnight...
As for the market, well that depends on the PPT, I don't believe they are there to manipulate the market higher, I think they are there to maintain an orderly sell-off, it seems clear the F_E_D doesn't want any more of a bubble in the Stock market.
This is ES which was among the futures I said "Didn't look good" last night, it went from making a new high yesterday for the week to a new low today for the week...
NQ is building a similar divergence.
My guess would be if we got an early bounce, by the afternoon that would likely be close to reversing. We'll let the market tell us as usual though. I did think it was probable for the IWM/SPY and others to build a slightly bigger positive divergence so this may allow that unless we just go over the water fall.
The USD/JPY...
This fell well over 200 pips overnight on Japan...
You can see it too has a positive divergence this morning.
That means the Yen gained a lot overnight.
Remember, GLD was a trading position.
I have an 8:15 Dr.'s appointment, I should be back in time for the open.
Let the fun begin. This is just the kind of market you don't chase, you were either in on time or not, those poor souls who are still buying the dip!
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