Yesterday, during Lehman's conference call I posted a note on the portal calling out "$28.15 as important short term resistance. How LEH is trading now doesn't matter; how the stock closes does."

The stock did test my level intraday yesterday, but failed right at the goal line, and closed lower than its intraday peak. Today, the stock opened at $27, but closed miserably, down another -7.6% at $25.14. This chart remains as bearish as any high profile name I follow. Unfortunately, Lehman's hard working faithful have not yet seen the end of the doubt that the Street has in their CEO's ability to deliver on expectations.

The question now is does the stock hit my target of $20.44 before or after the Board is forced to fire Dick Fuld?

(chart courtesy of