This morning, the S&P 500 Index e-mini futures (ES-Z2) are trading lower by 2.00 points to $1406.25 per contract. Yesterday after the closing bell, the S&P 500 Index and the NASDAQ e-mini (NQ-Z2) futures flushed sharply lower before recovering. The catalyst for the declines were caused by the price action in leading stocks such as Apple Inc (AAPL), and Amazon.com Inc (AMZN). These stocks sold off in dramatic fashion before bouncing back later in the evening. Should these stocks hold firm today then the major stock indexes will likely finish the session flat to slightly positive by the close. Should these stocks start to sell off and trade sharply lower the leading market indexes will most likely follow and sell off. Traders and investors must keep a chart of Apple and Amazon on the radar all day.
Last night, the Asian markets all finished sharply lower. The important and highly followed Shanghai Index (China) ended lower by 1.69 percent. Traders and investors should expect the Chinese ADR's to come under pressure if the U.S. markets decline. If the U.S. markets hold up then the Chinese ADR's should probably hold up. Some leading Chinese equities that could be in play today include the iShares FTSE/Xinhua China 25 Index ETF (FXI), Baidu.com Inc (ADR) (BIDU), Sohu.com Inc (SOHU), and SINA Corp (SINA).
NYSEARCA:FXI, NASDAQ:BIDU, NASDAQ:SOHU, NASDAQ:SINA
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Flip Out Friday, Know These Levels
Published 10/26/2012, 10:43 AM
Updated 07/09/2023, 06:31 AM
Flip Out Friday, Know These Levels
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