Thursday, June 12, 2008
It certainly looks like it will be. Futures were set to gap up right to the resistance levels I mentioned last night - around 1350 on the S&P and 2430 on the Nasdaq. Then Lehman comes out with news of letting two of their top officials go. How the market will take this news will tell the story? Futures sold off a bit on the news, but now seem to have stabilized a bit. I think we either get a gap and fade today, which could be a great shorting opportunity for those that are not short, or a massive short-covering rally if we move higher past those levels. I don't know which one it will be, but I lean to the former of those two. At least I am hoping for the former. I will not be at my computer during the open, but I am interested to see what happened when I get back to it. Good luck.