Stock Indexes Lower Amid “Quadruple Witching”
By Kristina Zurla Landgraf • Jun 20th, 2008 • Category: Broker Commentary, Market UpdatesIt’s “quadruple-witching” day, marking the expiration of June stock index futures, stock index options, stock options, and single stock futures (SSF). Senior Market Strategist Jeff Friedman says these types of expiration days can be volatile, so watch your back. Stock indexes may be headed for their third weekly decline amid more negative news in the financial sector this morning. September S&P futures were last down 14 at 1327.60.
Technically, Jeff said momentum indicators, Stochastics and the Relative Strength Index (RSI) are neutral but remain bearish. He sees support at 1325, and while he doesn’t feel the market will retest the year’s lows, he’d like to see S&Ps move above 1371, the 20-day moving average “to feel warm and fuzzy” again.
