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August 24, 2015 | Chinese Stocks Extend Slide, Down Another 6%; S&P Futures +38 Points, Nasdaq Futures +71

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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

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August 24th, 2015

Posted In: Mish Talk

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