Futures are currently WAY down this morning (currently 4:30 AM at the time of this recording), so we are looking at a
major gap down in the US Market! Of course the market doesn't open until 4 hrs from now, therefore of course futures could change quite a bit by the time the market opens, but currently at the time of this recording futures are quite negative.
While the US Markets were closed for
Thanksgiving on Thursday, World markets sold off substantially on
Thursday, because of the the Debt crisis in Dubai which is renewing
fears of global financial crisis. Commodities are also taking a hit,
such as crude oil and gold. The US Dollar, which sold off hard on
Wednesday has rallied strongly in response. Obviously no one here
should be too surprised at this, there have been so many red flags
showing up for weeks, and even months, such as the marketing rallying
ever higher on declining volume, the severe under performance of the
Russell 2000 vs the Dow and S&P, the bearish rising wedge patterns
on the daily index charts, and the fact that the financials and large
brokers have not been participating in this rally.
Friday is a half
day for the US Market, but nevertheless it will be an interesting day.
If futures do not recover by the time the market opens, we'll see how the market handles the substantial gap down. |
