Wow LEHMAN going to file for BK. Wow this is great lets just make JP Morgan take over everyone and run the country :) just joking. We are in serious trouble here folks economically, futures are down over 320 points on the DOW as of 8: pm sunday night. What do we do? Well I have been saying for awhile DONT touch financials, I am sure many will say this is the bottom but I think the financials are dead and wont make money for another 3-4 years.
I am think for sure after tomorrow everyone will come out and say we will test the July lows but I will say this again we will see and blow through the July lows, as it is my opinion we are going much lower.
I have some TWM (Russell ultrashort) and SKF (very small) and a few options which should open up nicely tomorrow. I might consider taking 1/2 off as the fast money might want to try and pick bottoms here.
Tomorrow should be crazy that's all I know :
MARKETJEDI
Sunday, September 14, 2008
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