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I called Today On The Money Almost Exactly

March 31, 2008 7:50 PM

I called today exactly early on. It went to the 1330 area on the futures…as I mentioned hours earlier…backed off…and never saw it again. I said careful long early pre-open…it sold down to just below yesterday’s low before moving up…and backed off where I said…That was the end of the month and end of quarter. Hard to say what will happen from here. But I have made it clear many times, history strongly suggests we have not seen the bottom, regardless of the talking head hype.

Lehman has caused some concern after hours in that they sold 3 million shares of preferred to raise money. While that isn’t a reason for the market to panic, it certainly does raise questions. Did they need the money because of liquidity issues…. I would say most probably yes. I don’t think it is a huge issue for now….as they did raise the money.

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