Global Markets Sell Off, Currencies Volatile, And NYMEX Breaks Below $39.00
Monday morning traders are waking up to red across their index screens. Chinese manufacturing slow-down and a collapse of the oil complex have driven fundamental traders into a bearish mindset and the technical traders have continued to add weight to the Dow Jones Death Cross pattern recognized on August 4th which drove the selling last week.
Saudi Arabian indeces fell over 6 percent while Japanese and Chinese indeces fell between 7 and 8 percent. In the US the S&P 500 futures are down just over 2 percent at the time writing and Germany, London, and France are all down roughly 2.5 percent.
EUR/USD is up nealy 0.85 percent, USD/JPY is down 1.5 percent, NYMEX Light Sweet Futures are down 3.75 percent to $38.94 and Brent Futures are down 3.75 percent also to $43.75.
Jackson Hole is expected to not bring much as Yellen will not speak but the markets may catch a rebound when Lockhart speaks at 15:35 EDT
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