Emergency meeting of the Fed tomorrow. Most likely they will cut. You just got kicked in the groin on your short. http://www.federalreserve.gov/boarddocs/meetings/2008/20080303/advancedexp.htm
The NYSE Composite Index shows a strong support level comprised of the lows of three of the last ten trading days just below Friday's low. You should probably pray that it opens below that support, because if it cannot break through then neither will your index futures.
Do you honestly think that they have any credibility at this point, or that additional rate cuts, which thus far have to produce tangible results for the consumer (mortgage rates have gone up), are going to save the markets?
If you don't think the markets will go up on a rate cut keep dreaming. Hold your short and get slaughtered. Fed trying to get ahead of the curve once the market perceives they are ahead and not behind watch out. Must admit love the fact shorts have been celebrating all weekend only get undone come Monday. I short at times but this time I am on the long side and about to get paid
I would be more impressed if you had written this a few days ago, when the S&P futures were trading around 1390. I would be looking to COVER Monday and go long. A nice gap down to scare the bejesus out of the weak longs sounds about right. I am long the S&P from 1323 after having gotten out of my longs over 1385 (I only made a little money going short--less than I should have).
Man, you bounce devotees are missing the intensity of the adverse fundamentals that are driving this now more likely than not secular movement.
you might want to cover http://www.federalreserve.gov/boarddocs/meetings/2008/20080303/advancedexp.htm could be a cut tomorrow