17 March 2009

Nasdaq 100 Futures Hourly Chart Into the Close

The market went out on its highs suggesting that we will get a strong opening tomorrow for the FOMC announcement at 2:15 PM EDT.

As a reminder, this Friday is the 'triple witching' option expiration. The markets are frequently volatile as the big players squeeze the overleveraged option speculators.

Adobe reports tonight after the bell.

To say that the better-than-expected housing start numbers ignited hopes for the economy and triggered today's rally is ludicrous rationalization.

This was a short squeeze for option expiry week, pure and simple.

Alcoa and Nucor announcements show how dire the economic situation has become.