the market will open down to an extent equivalent to foreign markets, or about 5% to 8%. That would put the Dow Jones Industrials Average ($INDU) at somewhere between 8,836 and 9,124 -- around the level of the April lows -- and the Nasdaq ($COMPX) between 1,476 and 1,559. this will not be true panic selling, however, because the emotional component of surprise is missing. Rather it will be a pragmatic reaction to the real, fundamental losses and prospective losses to property any rally that materializes off the initial low will fail because there are so many sellers overhead. There will be margin calls and mutual fund redemptions that will cause institutions to sell whenever possible market âspecialistsâ will buy them initially because itâs their job to maintain stability, but they will be happy to sell them up a buck or two pros trying to capture a short-term market inefficiency and will sell them back out for small gains. Pros will wait for the first swing off the opening price to âfadeâ the next move â making what is known as a âcounter-trendâ trade.