Stock Market Crash of 2008 January 22 2008

To those of you who don't know what futures are, they are basically contracts that trade in direct correlation with an underlying index, like the dow jones 30 index is composed of 30 big cap stocks, and YM is the futures contract that tracks that index. Each pt on the YM futures mini contract is worth $5. So if the market tanks 600pts as we have right now, you make $3,000 with as little as $1,000 in margin. The Stock futures trade around the clock even when the NYSE is closed to take in account overnight news and global market action.

Thanks to all the people that commented. I think I'm going to record tomorrows trading action, this will be an even to remember.

As I type right now, the Hang Seng is down over 8%.