Asia Is Going Down Tonight

And this is the pattern for markets right now: Attempt at rally (like we saw in the middle of the day in the US on Tuesday) and then slap down in the afternoon and through the night.

Asia continues the selling.

Korea is down 1.3%, and after starting off with only tiny losses, Japan is off over 1%.

chart

One thing to note is that this is Japan’s first chance at trading off of the Fitch downgrade, which came early Tuesday morning in the US.

So far we haven’t had any big washout. Just death by a lot of grinding negativity and tolerable losses.

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