Stocks Point to a Lower Open
Posted on January 31, 2008
Filed Under Market Speculator |
6:35amEST Asia and Europe are selling off as US stock futures point to a lower open.
Friday’s action in the US stock market has spawned more selling in overseas markets this morning. Asia closed sharply lower as the Nikkei closed down 4%, Shanghai closing down more than 7%, Hang Seng more than 4%, and the Bombay Stock Exchange closing down more than 1%. Europe is now feeling the effects of Friday’s bearish price reversal, the DAX is lower by 1.6% and the FTSE down more than 2%.
US Futures are once again looking to begin the day lower. The Path of Least resistance is clearly down, its best not to fight the freight train of price action.
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