Was hoping for a rally but it is what it is. The markets have to work through this down trend what seems to be a retest of last Monday's low. There are problems around the world no doubt but the Chinese PMI (49.7) was exactly in line yet down 470 & 140 so below 50 on the PMI meant the algos would sell and with thin trading you get these wide moves.
Could not get the shares to short last night. People were buying were buying well above $46 I would guess Cramer will not mention it for awhile.
Another thing to love is CNBC each time we approach a daily low they bring on a fear-monger whether his or her story is true so we make new lows. I guess we are in a correction either way and it has to play out.
Did margin calls get out of the way earlier for funds freeing up cash for the afternoon? I doubt it but I guess we'll see by the close. It appears that we may retest those lows from last Monday at some point. MU is actually hanging in there for now.
Futures down over 220 and 63 at 8:48pm plus Goldman reiterated their lower oil price again and that's down pretty good tonight too. I guess we will wake up each day now with futures down like today in the AM.
It is coming off a nice daily base with the market still negative. The Chinese have put a floor in for MU I believe whether the deal happens or not for awhile.
I applaud JCP for saving itself from extinction but this is about the call this morning based on Friday's action once again insiders knew and were buying in advance. I am seeing this even more these days when stocks move without any news then a new rating shows up the next day.
$29 to $36 after earnings in a few days in a scary market. Take your spam and hit the road....Google this!