7:00pm (EST)
We wanted to give everyone a quick update on the futures market. As you probably may have heard by now, Standard & Poor cut America’s triple AAA credit rating on Friday night, after the market closed.
Futures are already pointing towards a nasty Monday and we will be releasing our Weekly Wrap shortly. In it, we go over critical support levels for the Dow, S&P 500 and the Nasdaq; earnings; and what lies ahead for the week. We will also be profiling two stocks that will look good after the market settles down.
We also have some Europe news that will be in the mix as well.
We mentioned last week do NOT be afraid to make money when the market is tanking and people are panicking. And at some point, there will be a rebound but it looks like we can continue to play the downside. It may take weeks, or months, but as option traders we want volatility and we told you this would be one of the best times ever to play the market.
As we head to press, Dow futures are down 264 points to 11,138 while the S&P 500 futures are lower by 28 points to 1,170. Nasdaq futures are off by 47 points and are at 2,140. If things hold up, Wall Street is looking at a 2% drop, maybe more, at the open on Monday morning.
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