Contemplations on Finance and Economy
Dow at 7,000
Dow and S&P 500 Broke 8,000 support and plunge down. Dow is at 1997 level now. Way to go, maybe even to 6,000. Obama and Geithner are either hiding something or are failing miserably. No light at the end of the tunnel. Everyone just gave up, no enthusiasm whatsoever.
Market is at a crossroad now. Tight range it has been following since the beginning of the year, or even since December 2008 is closing up. The market should get out of the range. Judging by the ineptitude of Obama cabinet it should break down. If it breaks down it will be the time I will put my idle capital at work.