In my office in 1999, most people missed out on the opportunity of a lifetime because of this reason, myself included.
i think what people aren't calculating is we've been in 13 quarter unmatched profits boom and the chances of that continuing are very slim. put to call is coming down hard,bullish sentiment is skying no matter what the clowns say on tv as i haven't seen a bear on tv in weeks and all i here is 13k or 14k. sure earnings have been good but with 2.6% gdp the chances of earnings turning down in thext 2-3 quarters is very high. an of course iran is going to pop back out of the box in the next 6 months as a showdown looms. the us's reputation is on the line and they'll attack int he next year as iran will never back down
I wouldnt go that low, if we were to go into recession in 2007 I would aim for a low of around 9200-9600 range. Even that seems a bit low.
The big difference here is that 1999 is still fresh in peoples minds. Much easier for the fear factor to creep in, imo..
I have heard for weeks that the Democrats winning the elections wouldnt be a good thing for the markets. Now it seems everyone is changing their opinion and that the Democrats winning would be great for the market. I think they are using any excuse to drive this market higher.