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YT> Nikkei 225 futures currently at 9,880 (-290).
YT> A day trader would just about have to buy right here, but I'm plenty
YT> content to let this play itself out right now.
YT> Yuki
This area on the futures is holding so far, but the pressure is still
on, and numerous small bounces have immediately been whacked back to
the 9900 and below area. There is no large bid at 9870, and this may
signal that this general area will hold. My experience is, the
larger the bid, the harder they are going to come after it, and vice
versa. (Obviously they know if they can break that bid and reverse
it, they can start a stampede.)
We are at the 9:45 mark here, so slightly more than 25 percent of the
day's volume has been done. It's not enough at this time to suggest
any further downside tomorrow -- at least not any tradable downside
that I could use on the issues I trade. Exceptions would be the
futures, which have *very* heavy volume, and Sony, which is one of
the only gainers this morning, on about 2x normal.
Just drifting right now 20 points either side of 9900. I would be
very surprised if we don't go back over 10,000 at least intraday
today, and may even close up there. But the game right now is
"Longs, how long can you hold your breath?" That game might go on a
couple days or so, long enough at least for margin calls to go out.
^^_^^
Yuki
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