Asia Pacific Opens Deep in the Red: Australia -4.73%, Japan -4%, South Korea -4.81%; US S&P Futures -2.5%, Nasdaq -2.6%; Gold +$17, Silver -$.50
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Yet another bloodbath is in the making in Asia Pacific. Moreover US futures are solidly in the red, and that is on top of the after-hours session that was in the red.
Also note that gold is soaring while silver and crude tank.
Here are a couple screenshots.
Asia Pacific Equities
Click here to refresh the Yahoo!Finance list of Asia Pacific Equities
US Futures Rapidly Sinking
The first chart is delayed. The US Futures chart is real-time as of 8:22 PM central. The following charts are delayed.
In the time it took me to finish this post (it is now 8:44) S&P futures are down 29 points (2.5%) and Nasdaq 100 Index Futures are down 53 points, (2.6%) and that is on top of the after hours session which was also down.
S&P: 1083
Nasdaq: 1984
Cash values will be a bit higher.
Energy
Gold vs. Silver
Gold continues to act like a currency. Silver continues to act like a derivatives plaything.
Bear in mind silver has huge industrial usage while gold (not counting jewelry) only has 10% or so industrial usage. Yes, I know all about the reported silver shortages. So does everyone else and so does the market.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Asia Pacific Opens Deep in the Red: Australia -4.73%, Japan -4%, South Korea -4.81%; US S&P Futures -2.5%, Nasdaq -2.6%; Gold +$17, Silver -$.50
Posted by Michael Shedlock at 8:48 PM
