Asian markets are down as I start to compose this article. Hong Kong's Hang Seng is down over 1,000 points (or, about 4.5%)!! Japan is currently down about 1.5%. China is down another 5%!
Earlier today in the US market, Chinese ADRs also dropped steeply out of the gate, on the 4th day of continuous fall. NTES fell as low as $116 (closing at $129.78). SINA dropped to $42.3 (closing at $44.52), completely erasing the recent gain. SOHU went down to $44 (closing at $47.1).
Other Chinese names also fell sharply before cutting some of the losses. CTRP traded down to $63, but, managed to close at $71.1. BIDU went down to $180.54, and closed at $187.54. Some stocks didn't recover much. For instance, WBAI closed down 16.64%! Both QIHU and QUNR were down more than 7%.
These stocks could get pummeled again tomorrow! CTRP, in particular, hasn't pulled back much at all! ATHM could have much more to fall as well. BABA is now revisiting its all-time low.
Good night and HappyTrading! ™