Monday Market Mayhem – China Stumbles, Futures Tumble

I do so love it when a plan comes together.  I also love it when we can make $500 per contract on Nikkie shorts (/NKD) early in the morning, which makes it all worthwhile to get out of bed early.  I was sure enough about the /NKD to tweet that note from Member Chat out – to make sure no one missed it.  I also tweeted an out note at 6:15 but now it's 7:18 and we're shorting the Nikkei again, this time below the 13,300 line with very tight stops above. 

Of course, long-term macros hold up for us too as we called a bit of an early top on March 27th (when we thought we'd get an EOQ drop-off) and my Tweet from that morning's early Member Chat was shorting /NKD at 12,500 and shorting oil at $96 (/CL).  That Nikkei move was ultimately good for $1,000 per contract while oil bottomed out this morning at $88.23 – good for a gain of $7,770 per current contract!  We actually missed this last leg down but we caught the first one, of course. 

We're not expecting a big correction – just A correction and we'd be thrilled to see a 5% pullback that holds up.  We won't be so thrilled to see every little dip reversed – as it has been all month – as it makes us suspicious that it's fake and we may see a sharper downturn after April options expirations (Friday).