Stocks fell Friday as the US dollar strengthened, after having opened higher on "quadruple witching": the expiration of four key futures and options contracts. Jack Bouroudjian, chief executive of IndexFuturesGroup.com and CNBC market analyst, discussed his outlook.
“What we’re looking at is the end of what this expiration period has brought us and that is a big buy,” Bouroudjian told CNBC.
“There’s been someone sweeping the Street putting a lot of money to work—it will come to a head today.”
Bouroudjian said markets are likely to drop whether or not the health care bill gets passed this weekend.
“If they change the laws and rules and push it through, it’s not going to be accepted well by the markets,” he said of the bill. “On the other hand, if there seems to be a compromise—I don’t see a problem with starting over when you’re talking about one-fifth of the economy…It’s a sell-sell scenario.”
Watching the Banks
Meanwhile, Bouroudjian told investors to also keep an eye on Libor rates.
“It’s ticked up a point and a half already also because of the TALF ending and because of the health care debate—a lot that’s going on that we have to put on our radar screens,” he said. (Libor, Credit and TED Spreads at a Glance)
- Watch Bouroudjian's Previous Appearance on CNBC (Mar. 16, 2010)
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No immediate information was available for Bouroudjian or his firm.