Nikkei Drops 375 Points, 2.2%, Down Nearly 550 Points Intra-day Monday

Japan market summary for Monday (Oct. 22)
Nikkei 225 Stock Average: -375.90 (2.24%) to 16,438.47; 1st close under 16,500 since 9/26
Nikkei 225 futures Osaka: -380 (-2.3%) to 16,440, Singapore (SGX) -325 (-1.9%) to 16,465, Chicago (CME) *10/19 -535 (-3.2%) to 16,460
TOPIX: -28.21 (-1.8%) to 1,563.07; Advancers 186 x decliners 1,492 (unch. 47), New highs 9 x new lows 221; 32/33 sectors posted losses (only Electric and Gas was positive)
Jasdaq: -17.73 (-0.9%) to 1,858.59
Notes: Our apologies for the delay in posting Monday’s summary, due to unforeseen technical difficulties. There may be delays in posting through Thursday of this week. The rough market Monday in Tokyo was expected following the ugly trading in the U.S. on the 20th anniversary of Black Friday. Just look at the hit the Nikkei futures took Friday in Chicago. Further downside for the Nikkei seems limited at this point. However, there’s no reason to be bullish unless we see some positive earnings surprises and upward guidance revisions from the blue chip earnings releases later this week.