BEHIND THE MONEY: Will 'Lehman Lid' Keep This Market Down?

Traders will be cheering technology stocks next week as they fight to become the first sector of the market to return to pre-Lehman levels.

The great research folks at Bespoke Investment Group noted this morning that the index making up IT shares in the S&P 500 got close to that milestone on Thursday, but failed intraday. Perhaps this was no coincidence as to how psychologically important it would be for at least one part of this economy to permanently erase Lehman's demise and the financial calamity that followed.

I ran the numbers and as it stands right now, the Technology SPDR ETF is about a half percent away from breaking back above it's pre-Lehman close. Apple bucking the recession with its innovative, must-have products and Google approaching $500 on its superior ad technology continues to keep this sector moving.

It's no surprise that the next closest sector to the pre-Lehman mark is health care, with the Health Care SPDR about three percent away from its close on Sept. 12, 2008. This industry has been pretty much insulated from the financial sector, has scored a few biotech breakthroughs and gotten some relief from fears of a single-payer reform option. Not to mention some juicy M&A activity has taken place with the Merck and Schering Plough deal.

The farthest sector from pre-Lehman is obviously financials with that particular ETF needing a 40 percent gain. Don't hold your breath. The overall market, going by the S&P 500, needs a 17 percent gain to close above its last trade on that Friday before the crazy Lehman weekend.

So watch to see if tech and health care breakout or breakdown next week as a future sign that this economy has truly started to heal itself from the Lehman wounds or not.

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Trader disclosure: On Sept. 18, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AA); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (NOK); Finerman's Firm Owns (BAC) Preferred Shares And (BAC), Finerman Owns (BAC) Preferred Shares; Finerman's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (USO); Finerman's Firm Owns (APC); Finerman's Firm Is Short (BWA); Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (WMT); Finerman's Firm Owns (ARO); Terranova Owns (AA) Puts; Terranova Owns (CAT) Puts; Terranova Owns U.S. Dollar Futures; Terranova Is Short (WFC), (HST), (JWN), (FCX)

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