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. NetEase (NTES) fell as low as $116 (closing at $129.78). Sina Corp. (SINA) dropped to $42.3 (closing at $44.52), completely erasing the recent gain. Sohu.com (SOHU) went down to $44 (closing at $47.1).

Other Chinese names also fell sharply before cutting some of the losses. Ctrip.com (CTRP) traded down to $63, but, managed to close at $71.1. Baidu (BIDU) went down to $180.54, and closed at $187.54. Some stocks didn’t recover much. For instance, 500.com (WBAI) closed down 16.64%! Both Qihoo 360 (QIHU) and Qunar (QUNR) were down more than 7%.

These stocks could get pummeled again Wednesday. CTRP, in particular, only dropped briefly Tuesday before rebounding to opening levels. Autohome (ATHM) could have much more to fall as well. Alibaba (BABA) is now revisiting its all-time low, erasing all the gains since its IPO.

Good night and HappyTrading! ™