It drops more than 200 points last Monday and move up a little bit early Tuesday, then stays sideways for three days.
It went up today, Friday, the last trading day.
Not quite a tradeable week for the traders.
Friday, October 21, 2011
Was not able to post this week and the market (YM) made an unusual move as shown from this 60-min. chart.
It drops more than 200 points last Monday and move up a little bit early Tuesday, then stays sideways for three days.
It went up today, Friday, the last trading day.
Not quite a tradeable week for the traders.
It drops more than 200 points last Monday and move up a little bit early Tuesday, then stays sideways for three days.
It went up today, Friday, the last trading day.
Not quite a tradeable week for the traders.
Adjusting Day Trading Strategies For Different Market Conditions
For active stock traders, having different strategies for different market conditions is a crucial factor. Trends emerge, fade, reverse and ranges develop, all playing out in ever broader trends and ranges, all within a single trading session. Thus, the trader is faced with a choice: trade one strategy and profit only at times that suit the strategy, or trade several strategies that allow them to trade profitably, in an array of market conditions. Different times of the day pose different opportunities and threats, and must be accounted for. Once several strategies have been adopted, it is crucial that the trader know when to implement each type of strategy.
Three Types of Trading Strategies
For day traders, strategies will generally fall into three types of categories: scalping, trending and ranging. "Scalping" includes all trades where the trader is trying to capture a profit on order flow, such as making the spread, collecting ECN credits or riding the coat tails of a large order. "Trending" includes all strategies where the trader attempts to profit from a sustained move in one direction. Lastly, "r anging" strategies are used when the market is moving back and forth between resistance and support; profits are made inside this band, instead of on a stock making new highs or new lows (as in trends).
All traders will benefit from having trending strategies and range trading strategies in their arsenal. These are then combined with scalping strategies, to provide methods which are more likely to be profitable at all times of the day.
Adapt Strategies to Time of Day
The morning, lunch hour and afternoon are very different, and require different strategies.
The morning is volatile and big moves occur quickly. This means a trending type strategy is likely better. The trader may have to aggressively enter (remove liquidity) positions in order not miss out on the largest and/or quickest moves of the day.
The lunch hour, between 11:00 a.m. and 1:00 p.m. EST, is usually a quieter time. The market generally has a more ranging quality to it; moves are smaller, volume has decreased and big money is not aggressively moving stocks. This is a time where traders should focus on adding liquidity at the extreme edges of the established range, or even slightly outside. Trades should only be taken with a very high probability of success. While there are exceptions, most days will not require removal of liquidity to enter positions, during this time. Rather, traders should wait for the price to come to where they want and if it doesn't, don't make the trade. Due to the fact that there is less volume, and trades are likely to last longer than in the morning or later in the day, traders should make sure their reward/risk compensates them for this. Thus, trades will likely be few during this time.
As traders return from lunch and the close is within sight, volume and movement usually pick up. This will occur anytime from 1:00 p.m. EST. Continuing with the noon time strategy of being very selective on entry points, the trader will be wary that trends may once again start to emerge. Breakouts from lunchtime ranges can be swift and aggressive, therefore, exit losses quickly and move to a trending strategy. Patience is still required here. Exit losses quickly and attempt to see where the trend is going, towards the close. Remove liquidity if required, but since moves may still be questionable, add liquidity when possible, until definitive trends emerge.
The three times of day can be summed up by the aggression style that should be used to trade them:
The times of day are only rough approximations; what really matters is noticing when the market shifts from ranging to trending and vice versa, then adjusting to it. When this shift is occurring, is much easier to see if charts are continually updated with trendlines, and horizontal support and resistance lines, as shown in Figure 1.
In the morning, there is high volume at the open, which even increases as the trend accelerates. In order to take part in a move such as this, the trader needs to be aggressive, removing liquidity to get on board with the trend. The trader can add liquidity to capture a retracement, but may miss the swiftest move of the day.
As the day progresses, by 11:00 a range has established, with an upward bias and a false breakout occuring at 11:30. At this point in the day, though, a trader should be less aggressive, adding liquidity and focusing more on a range-type strategy, until the market gives signals otherwise. Volume is declining and false breakouts are a high probability, therefore, this breakout is more likely to be "faded," than to be seen as the continuation of a trend.
At just after 13:00 the market breaks lower. Volume remains low, so there is no need to get aggressive on entering; however, if the trader is long they should look to exit immediately, as trends can develop quickly after lunch. Through the afternoon the trader combines patience and a trend following strategy, if a trend develops; otherwise they will stay with the conservative ranging strategy, waiting for entries (potentially on pullbacks) into the overall trend.
By drawing trendlines and horizontal support and resistance, the type of environment the stock is in will be much more visible. As exemplified in the chart, trendlines should be drawn and when that trend line breaks down, a horizontal line should be drawn at the most recent swing high and swing low. In this way, we can see if a trend is reversing, or simply entering a ranging period. Horizontal lines can also be drawn during trends at reversal points; this will aid in seeing if the trend is slowing or potentially entering a range. During a range, a trendline can be drawn if price movements are biasing one direction, as we see in Figure 1 from 10:30-11:30 a.m. EST.
The Bottom Line
Day traders can benefit from having multiple strategies for different market conditions. Being able to range and trend trade successfully, will allow the trader to profit more readily, as well as know when to be aggressive (remove liquidity) and when to let price come to them. When trading multiple strategies, a trader must know the times when a particular strategy is likely to be the most useful. By continually marking the stock chart with recent price highs, price lows and trendlines, a deeper understanding of what stage the market is in, will be attained and, thus, what type of strategy to use.
For active stock traders, having different strategies for different market conditions is a crucial factor. Trends emerge, fade, reverse and ranges develop, all playing out in ever broader trends and ranges, all within a single trading session. Thus, the trader is faced with a choice: trade one strategy and profit only at times that suit the strategy, or trade several strategies that allow them to trade profitably, in an array of market conditions. Different times of the day pose different opportunities and threats, and must be accounted for. Once several strategies have been adopted, it is crucial that the trader know when to implement each type of strategy.
Three Types of Trading Strategies
For day traders, strategies will generally fall into three types of categories: scalping, trending and ranging. "Scalping" includes all trades where the trader is trying to capture a profit on order flow, such as making the spread, collecting ECN credits or riding the coat tails of a large order. "Trending" includes all strategies where the trader attempts to profit from a sustained move in one direction. Lastly, "r anging" strategies are used when the market is moving back and forth between resistance and support; profits are made inside this band, instead of on a stock making new highs or new lows (as in trends).
All traders will benefit from having trending strategies and range trading strategies in their arsenal. These are then combined with scalping strategies, to provide methods which are more likely to be profitable at all times of the day.
Adapt Strategies to Time of Day
The morning, lunch hour and afternoon are very different, and require different strategies.
The morning is volatile and big moves occur quickly. This means a trending type strategy is likely better. The trader may have to aggressively enter (remove liquidity) positions in order not miss out on the largest and/or quickest moves of the day.
The lunch hour, between 11:00 a.m. and 1:00 p.m. EST, is usually a quieter time. The market generally has a more ranging quality to it; moves are smaller, volume has decreased and big money is not aggressively moving stocks. This is a time where traders should focus on adding liquidity at the extreme edges of the established range, or even slightly outside. Trades should only be taken with a very high probability of success. While there are exceptions, most days will not require removal of liquidity to enter positions, during this time. Rather, traders should wait for the price to come to where they want and if it doesn't, don't make the trade. Due to the fact that there is less volume, and trades are likely to last longer than in the morning or later in the day, traders should make sure their reward/risk compensates them for this. Thus, trades will likely be few during this time.
As traders return from lunch and the close is within sight, volume and movement usually pick up. This will occur anytime from 1:00 p.m. EST. Continuing with the noon time strategy of being very selective on entry points, the trader will be wary that trends may once again start to emerge. Breakouts from lunchtime ranges can be swift and aggressive, therefore, exit losses quickly and move to a trending strategy. Patience is still required here. Exit losses quickly and attempt to see where the trend is going, towards the close. Remove liquidity if required, but since moves may still be questionable, add liquidity when possible, until definitive trends emerge.
The three times of day can be summed up by the aggression style that should be used to trade them:
- Morning – Aggressively join momentum moves that are starting. Removal of liquidity is often required. Use tight stops, as a change in direction can happen swiftly.
- Noon – Very conservative. Use range trading type strategies. Always try to add liquidity, unless a loss is escalating. Be very patient, let price come to the order, instead of removing liquidity to enter a position.
- Afternoon – Watch for breakouts of lunchtime range, if there was one. Join trending moves, attempting to add liquidity if markets remain quiet. Exit noon trades quickly, if the price moves against those positions in the afternoon. Look for points where the morning trend is likely to re-emerge or reverse.
The times of day are only rough approximations; what really matters is noticing when the market shifts from ranging to trending and vice versa, then adjusting to it. When this shift is occurring, is much easier to see if charts are continually updated with trendlines, and horizontal support and resistance lines, as shown in Figure 1.
 |
| Figure 1 – General Electric (GE) 5 Minute Chart – July 13, 2011 |
| Source: ThinkorSwim – TD Ameritrade |
In the morning, there is high volume at the open, which even increases as the trend accelerates. In order to take part in a move such as this, the trader needs to be aggressive, removing liquidity to get on board with the trend. The trader can add liquidity to capture a retracement, but may miss the swiftest move of the day.
As the day progresses, by 11:00 a range has established, with an upward bias and a false breakout occuring at 11:30. At this point in the day, though, a trader should be less aggressive, adding liquidity and focusing more on a range-type strategy, until the market gives signals otherwise. Volume is declining and false breakouts are a high probability, therefore, this breakout is more likely to be "faded," than to be seen as the continuation of a trend.
At just after 13:00 the market breaks lower. Volume remains low, so there is no need to get aggressive on entering; however, if the trader is long they should look to exit immediately, as trends can develop quickly after lunch. Through the afternoon the trader combines patience and a trend following strategy, if a trend develops; otherwise they will stay with the conservative ranging strategy, waiting for entries (potentially on pullbacks) into the overall trend.
By drawing trendlines and horizontal support and resistance, the type of environment the stock is in will be much more visible. As exemplified in the chart, trendlines should be drawn and when that trend line breaks down, a horizontal line should be drawn at the most recent swing high and swing low. In this way, we can see if a trend is reversing, or simply entering a ranging period. Horizontal lines can also be drawn during trends at reversal points; this will aid in seeing if the trend is slowing or potentially entering a range. During a range, a trendline can be drawn if price movements are biasing one direction, as we see in Figure 1 from 10:30-11:30 a.m. EST.
The Bottom Line
Day traders can benefit from having multiple strategies for different market conditions. Being able to range and trend trade successfully, will allow the trader to profit more readily, as well as know when to be aggressive (remove liquidity) and when to let price come to them. When trading multiple strategies, a trader must know the times when a particular strategy is likely to be the most useful. By continually marking the stock chart with recent price highs, price lows and trendlines, a deeper understanding of what stage the market is in, will be attained and, thus, what type of strategy to use.
Monday, October 17, 2011
,
On Monday October 17, 2011, 4:29 pm EDT
With the recent scandal in which trader Kweku Adoboli lost 1.3 billion pounds for his employer, the Swiss investment bank UBS, rogue traders have been in the news. A rogue trader is a trader who takes unauthorized investing risks to attempt massive gains, but makes reckless choices in the process. These professionals may work as fund managers, at trading desks or in other capacities where they can invest large amounts of other people's money.
Playing by Their Own Rules
What makes these traders "rogue" is their unethical behavior. They may act without the authorization of their companies or supervisors, or exceed the limits they are given. Their investment styles might be more accurately described as speculating, betting or gambling. They may use enormous amounts of leverage or take high-risk positions in derivatives or currencies. Rogue traders often seek huge profits for themselves, but these individuals' professional positions and trading behavior, not their motivations, are what define them as rogue traders.
Rogue traders are usually willing to circumvent government regulations and company rules. These traders might initially be successful and emboldened by their results. They may take larger and larger risks to maintain or improve their track records. Ultimately, their risky bets can cause major losses for the companies they work for and bring criminal charges for fraud, collusion, breach of trust and more. These charges can bring jail time and fines to rogue traders.
Rogue Traders In Recent History
Over the last 20 years, we've seen a handful of major rogue trading scandals. In 1992, Harshad Mehta and other brokers colluded to manipulate the Bombay Stock Exchange. In 1995, Nick Leeson incurred a $1.4-billion loss for Barings bank that brought down the centuries-old institution. Trader Jerome Kerviel incurred a $7-billion loss for French bank Societe Generale, the largest uncovered thus far. Other rogue traders have been caught in Japan, the United States, Australia and the United Kingdom. There may be more rogue traders than we know about. Those who have been successful or who have avoided getting caught in unauthorized or illegal trading activities might be considered investment superstars or be quietly going about their business.
Some rogue traders are infamous not just for their scandalous trading behavior, but for their personal behavior. Stockbroker Jordan Belfort, the "Wolf of Wall Street," was convicted of money laundering and fraud in a relatively small pump-and-dump scheme that lost $200 million, but he is also known for reckless and outlandish acts, including organizing a trading floor midget-throwing contest, using massive quantities of illegal drugs and destroying a yacht and other vehicles.
A Rogue Trader's Downfall
A sudden, major loss usually triggers a rogue trader's demise. Complex trading strategies can go bad when something unexpected happens in the markets. In Leeson's case, nature intervened. A short straddle he placed on the Nikkei became a huge loss after an earthquake in Kobe.
Rogue traders might also be caught if a co-worker reports their behavior or if regulatory authorities catch on, as happened with Peter Young and an SEC investigation. An exchange may notice a particular trader's behavior or be tipped off, which occurred in the case of Jerome Kerviel and the Eurex derivatives exchange. Adoboli tried to hide his massive losses, but got caught falsifying accounting records.
The Fallout of Rogue Trading
A single rogue trader can bring down an entire company, no matter how well established it is or how successful it has been in the past. A rogue trader's influence can easily extend outside of his or her company. When a rogue trading scandal comes to light, it can cause a major drop in the share price of the bank or investment company associated with the scandal, which happened in September with UBS. Furthermore, a company with a tarnished name may have trouble retaining existing clients and attracting new ones. Top executives can also be forced out of the company for their failure to catch the problem before it exploded, or as part of a company's attempt to regain the public's trust.
The Bottom Line
Losses from rogue trading can be far reaching and extend worldwide. In the aftermath, victims and fearful onlookers may call out for increased government regulation, such as the recent suggestion to ban ETFs, in an attempt to prevent the next fraud. Regulations cannot put a stop to human ingenuity or fallibility. It will only be a matter of time before the next rogue trading scandal emerges.
Once again, Europe Trashes the Market
Posted October 17th, 2011 by theStockMasters...
Eurotrash killed stocks again today, its becoming more predicatable than ever. We can't go more than a week without some bad news out of the Euro-zone about default this and sovereign-debt that.
In the usual fashion the market tanks.
Case of the Monday's.
The 411 of today's decline -- (http://www.allheadlinenews.com) The Dow Jones Industrial Average was off more than 130 points in morning trading on Monday after comments out of Germany clouded the prospects of a quick resolution in the mounting eurozone sovereign debt crisis.
The S&P 500 Index was off 13 points and the NASDAQ was down more than 27. Also dragging U.S. stocks lower was a report showing New York-area manufacturing waned more than forecast.
The MSCI All Country Index was off 0.7 percent following last week's stellar 5.4 percent rally. Oil gave back 0.7 percent as the slowing economy once again began a concern for future oil demand.
The drop in stocks worldwide followed comments from German Chancellor Angela Merkel's chief spokesperson that European Union leaders would not provide a quick ending for the ballooning debt crisis in the eurozone that global policy makers have been hoping for when parties meet at a summit on Oct, 23.
Wells Fargo was down 5.6 percent after the United States' largest home lender reported a drop in third quarter earnings and narrower margins. Citigroup climbed 2.6 percent after reporting profits rose 74 percent at the bank, surprising and beating analysts' estimates.
Gold, considered a safe haven in times of uncertainty and global discontent, was brighter by $3 an ounce, trading at $1,686.
In the usual fashion the market tanks.
Case of the Monday's.
The 411 of today's decline -- (http://www.allheadlinenews.com) The Dow Jones Industrial Average was off more than 130 points in morning trading on Monday after comments out of Germany clouded the prospects of a quick resolution in the mounting eurozone sovereign debt crisis.
The S&P 500 Index was off 13 points and the NASDAQ was down more than 27. Also dragging U.S. stocks lower was a report showing New York-area manufacturing waned more than forecast.
The MSCI All Country Index was off 0.7 percent following last week's stellar 5.4 percent rally. Oil gave back 0.7 percent as the slowing economy once again began a concern for future oil demand.
The drop in stocks worldwide followed comments from German Chancellor Angela Merkel's chief spokesperson that European Union leaders would not provide a quick ending for the ballooning debt crisis in the eurozone that global policy makers have been hoping for when parties meet at a summit on Oct, 23.
Wells Fargo was down 5.6 percent after the United States' largest home lender reported a drop in third quarter earnings and narrower margins. Citigroup climbed 2.6 percent after reporting profits rose 74 percent at the bank, surprising and beating analysts' estimates.
Gold, considered a safe haven in times of uncertainty and global discontent, was brighter by $3 an ounce, trading at $1,686.
US Stock Market: Bulls vs. Bears; Historians vs. Risk Takers?
October 17, 2011
David R. Kotok
October 17, 2011
David R. Kotok
“The jury is still out.” That legal term has been a headline for two centuries. In the 1940s, its usage morphed to a broader reference factual findings of all types. We will apply it to the stock market today.
The jury is still out but the evidence keeps coming in.
For the last several months, we posited that the August 8 bottom of the S&P 500 Index at the 1100 level was a robust selling climax. Whether it was an interim selling climax or a final selling climax is unresolved. That jury is still out.
The selling commenced at the beginning of May. It accelerated sharply to the down side at the end of July and into early August. The reasons that caused the sell-off are history now, and discussion of them is redundant.
We have written on several occasions that the 1100 level was established with intraday trading on August 8, tested twice in the futures market and held. In the subsequent rally and sell-off, the 1100 level was pierced on only one day. The 1100 S&P level has continued to hold and reflect a tentative bear market bottom. The most recent test that successfully reaffirmed this bottoming level of the S&P 500 Index occurred on October 3. Markets have rallied strongly since. The S&P 500 index is about 1228 in Asian futures market pricing this morning.
Many of our internal studies indicate that the potential for an upward move in stock prices is huge. We are positioning accordingly and have been since the sell off intensified in July. We have established this position s risk takers, not as history book writers.
On the other hand, there are conflicting and negative forecasts that argue the opposite of Cumberland Advisors’ position. The negative forecasts are usually coupled with recession forecasts. Readers see them every day on TV, hear them on radio and read them in the financial press. Harsh and negative forecasts dominate the media.
Meanwhile, the economic evidence is mixed. It does not support the recession scenario. The US economy is not shrinking. The economy continues to muddle along at a slow growth rate. There is no strongly robust, apparently upward, trend. There probably will not be one for several more years. Slow growth centered on 2% is more likely to be the norm.
Fears of a financial market meltdown or a repeat of Lehman Brothers/ AIG failures of 2008 continue. Very negative pictures can be painted on the outcomes of the European sovereign debt crisis. Other negatives can point to more deteriorating factors in the United States, such as the weak housing market and the high unemployment rate.
In our view, all of these factors are known. They have been established for some time. They have been mixed into the pricing expectations in markets. In essence, they are “old news”.
As investment risk takers, we believe the August 8 climax at 1100 level was a final climax. That determination is the basis for our investment posture. The climax is/was enough for us to take a position on markets. It is not enough for us to write a history book chapter. For historians, a candid assessment of the outcomes would suggest that there is no sure way anyone can know now. At the very least it was a robust interim climax and set the stage for the strengthening stock market that has occurred since.
For historians, it remains to be seen if the 1100 level was the final selling climax low in a market that peaked on April 29, sold down in August, retested the low in October, and is firmly in an uptrend. Historians will not know that until the market is much higher and more time has passed. Note that here is an important difference between investment risk takers and history book writers.
Historical studies suggest that there are two possible scenarios at work. At this point in time they would look alike so either one is possible.
Scenario 1.
History says that if there is a serious, prolonged recession in the next year or so, then it is likely that we witnessed only an interim selling climax on August 8. That means there is another leg down in stock prices ahead of us. That is the bear case promoted by numerous money managers and advisory firms who forecast an S&P 500 Index level of somewhere between 800 and 900 as a bottom.
That is not the perspective at Cumberland. We support a second scenario.
Scenario 2.
That history says there may not be a second leg down recession. Instead it calls for a slow but steady rate of growth centered on 2% in real terms. It will be accompanied by low rates of inflation and very low interest rates. This is likely to be in place for the next couple of years. This means the profit share to business will remain very high, and it means there will be a slow but steady growth rate of nominal GDP. From this rising nominal GDP, the earnings for American business are likely to stay high and continue to rise.
Furthermore, there is some evidence that the housing market is bottoming in some regions. This data is also mixed. However, there are gradual signs that a base is being formed in some housing sectors. The result of that is to ease the pressures on the banking system, and indicate that the credit problems attached to the housing debacle may begin to subside.
If this is so, and we believe it is, then the financial stocks, which have been devastated for four years, are currently positioned for a buying opportunity. In Cumberland’s case, we have scaled into financials several times and taken up the weights in the regional banks. So far, that is proving the correct course of action. We have taken the overall financials exposure above market weight. We continue to be a scaled buyer in financials.
For an excellent discussion of the banking sector, see Andrew Bary’s column in Barron’s this weekend. For superb detailed discussion about banks see Dick Bove’s research at Rochdale Securities. Additional excellent discussion is found in Jason Benderly’s proprietary work on the financials and markets.
Ten days ago, the entire banking system of the United States was for sale below its stated book value. One could argue it was for sale below its tangible book value, which means you could buy all the banks in the United States at stock exchange prices trading for less than their liquidation value. Clearly, that is an absurd pricing level.
Are banks now sound? Answer: some are, some are not. Are there still problems ahead in the financials and in the banking sector? Obviously, yes. Is regulatory change an issue? Again, yes. Are earnings derived from net interest margin an issue? Once again, yes. Does that mean that banks are dead forever? Our answer is a resounding no.
The time to enter a sector and start to take up the weights is when it has been devastated in a bear market for several years and priced to an extreme. When you price the entire banking sector below its liquidation value, below its tangible book value, you are seeing a pricing level in a climate where all the bad news is known or identified. Only then are you are defining an entry point. Further, the financial sector has lost ten percentage points of the value share of the stock market since its peak. Think about this sector where it once was 24% of the market weight and derived 40% of the market’s earnings. Now it is 14% of the market weight. Its earnings are substantially down from the peak earnings that were extant five years ago when everyone wanted to own financials.
In summary, we do not know for sure if the 1100 level on the S&P 500 Index was a final selling climax established level or is an interim selling climax level. It will take more time to write that history book chapter. We are basing our investment risk taking action on the likelihood it was a final climax. It will take months before that finding is firmly established.
We do know that, at least, we did have a robust interim selling climax. The 1100 level was tested several times and has demonstrated support. We do know that buyers are tepidly coming into stocks. There is a large amount – trillions of un-invested funds – that face decisions about whether to nibble at the stock market or stay in the bond market or cash equivalents at very, very low interest rates. In our view, the US stock market is currently a place of opportunity. We are in it.
Cumberland’s US exchange-traded fund accounts continue to be fully invested in diversified ETF portfolios. We are increasingly emphasizing growth-oriented ETFs at this time, and mixing the weights and sectors accordingly. We are gradually taking up exposure to the financial sector. We are targeting an S&P 500 Index level of 1350-1400 based on a high profit share derived from a GDP above $15 trillion. We expect that nominal GDP to rise at about a 4% annual rate or higher for the rest of this decade. We project that the GDP will reach $20 trillion by this decade’s end. Our longer-term target for the US stock market is the 2000 level or higher. If the GDP profit share rises to the level we saw in the 1950s, that stock market outcome could be much higher.
~~~
David R. Kotok, Chairman and Chief Investment Officer
Stock futures turn negative on Europe comments
NEW YORK (Reuters) - U.S. stock index futures fell on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming European summit would not yield a definitive solution to the region's debt crisis.
S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 21 points, and Nasdaq 100 futures were off 1.75 points.
NEW YORK (Reuters) - U.S. stock index futures fell on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming European summit would not yield a definitive solution to the region's debt crisis.
S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 21 points, and Nasdaq 100 futures were off 1.75 points.
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