The futs are looking rather dreary tonight. ES -25, TF -20, YM -206, NQ -46 on the backs of news out of Dubai that they have requested to suspend debt payments for 6 months. Now this is Dubai people. Where people pay 14.3 million for a license plate. Where everything is lavish and luxurious and everyone has a money tree growing in their back yard. All of sudden someone is having a liquidity problem? This could be the beginning of something bigger. Remember our financial cascade, related to real estate? Lending out too much money for projects that weren’t bought up? Now you have Dubai which has overbuilt to such an extreme that demand is not filling up the supply. This could be the beginning of something new that nobody saw coming.

This is what I sometimes refer to as a snapper or snap down day and have been looking for this to happen.

The snapper is something I just call when you get a candle that takes out numerous trading days. This is what a snapper looks like in chart format:

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