Following a day in which only 6 out of 500 S&P; 500 stocks rose, a snap back of some sort was in order.
As I type at 9:00PM central, S&P; futures are up 38 points and Nasdaq futures are up 71. The Dow is +300 or so. The Nasdaq index has been particularly wild.
In the first 10 minutes on Monday, the Nasdaq 100 index fell 410.04 points, 9.77%. By early afternoon, the Nasdaq was amazing in the green, but closed down 158.67 points, -3.78%.
Nasdaq 100 10-Minute
Chinese Stocks Extend Slide
Meanwhile, in China, the slide extends another day, at least for now. The Shanghai index is down another 6% to 3009.
I added a red bar in the following chart this evening to show the decline.
SSEC – Shanghai Stock Index
If US futures continue to rise, I suspect the other global equities will halt their slide, for now.
I do not see any lasting value in US or Chinese stocks at these prices, even following these corrections.
Mike “Mish” Shedlock