After the Dow fell 200 points yesterday, markets across Asia followed suit.
WSJ: “It’s not looking pretty,” said IG Markets institutional dealer, Chris Weston. “I think this is the breather people were looking for.”
Japan’s Nikkei 225 Average dropped 2.5% to 9731.87. Australia’s S&P/ASX 200 also fell 2.1%, Taiwan’s Taiex lost 1.8%, New Zealand’s NZX 50 gave up 1.1% and Philippines’ PSE Composite index slid 0.3%. Singapore’s Straits Times Index fell 1.9%. Markets in South Korea, India and China were all closed.
Like Chris Weston quoted above, it seems all the analysts were perfectly ready for this decline, and know exactly what it all means. If you’re every quoted for one of these articles, we’d advise you to answer the quesiton like this one:
“Nothing has changed to make me feel that this (recent) rally is anything but a bear market rally and bear rallies are to be rented not owned. Since I went positive in early March, the biggest threat would be increased complacency,” said Keith Springer, president of Capital Financial Advisory Services.
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