http://finance.yahoo.com/tech-ticke...Dow-7000-Likely-'Sometime-Next-Year'?tickers=^DJI,^GSPC,^IXIC,SPX,DIA
As much as I disagree with most "Econ/professors". This guy may nail it. Todays action was to prevent a "Crash" or Panic Flush that is needed to really shore up a bottom. The selling has been orderly, these are hedge funds unwinding positions. Short ban is still in, so could you imagine if the Short ban was not in? IMHO we will break 911 lows, when, I have no idea. Panic has yet to set in. Game over for the markets. A major snap back is not even on the radar. Next game, Micro and Macro numbers. Today's numbers in housing show bargin hunters buying. So, we will see if we enter a Recession or a Depression in the next few quarters. IMHO, we are in for a long deep recession with the Markets finding a bottom and staying there, not to rebound for years if not decade to come. This is not a 'Fantasy" this is a real possibility.
every blog in the world now will pretend they saw this coming. it will be a battle on whos the biggest bear
Just by looking at the DJI chart over the past 9 months, the 7000 range does not seem impossible. Take the High and Low of the last slide on the daily charts and you can see the retrace back to 38.2% line the continue sideways before going downward. The fibonacci Retracements are pretty good at the trend projections. There is a high probability of a rebound in the -132.8 and -161.8 range. Just my opinion....
The good thing is the only thing that matters is how much money they made, not how loud they were screaming about a crash.
Agreed. I have had my 401K funds in US Govt Bond funds since July, so I have actually come out ahead during this fiasco. But, I am going to switch back to stocks "If" it falls into the 7400 area. As for my Daytrading, business as usual...take what the market gives you each day.