12 March 2007

The New, New Thing

Looks like the end is near for New Century Financial (NEW:NYSE)...lenders starting to pull the plug and the stock looks to open down yet another 50% lower...futures getting crunched with the Dow -26, S&P -5 and NAZ -5 @ 1763.25...

The 1755 support level on the NQM7 (tagged on Friday) comes back into play here with 1740 and 1725 below...to the upside is Friday's pre market highs @ 1787 and 1780.
Probably going to do a lot of nothing at the open other than sell what's left of my QQQQ call position and cover some shorts if we break below that 1755 pivot. Kind of a late start for me today as yesterday's golf outing led to a bar hopping expedition and crawl into bed...so let's watch the internals and volume levels around those pivots and see if we can fire off some good trades to start the week...jfg.

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