WTF just happened?
Okay, our Dow 10,000, 9500 and now our Dow 9,000 targets have been hit.
Where do we go next — are we close enough to a bottom to buy, or are we heading much lower?
Dow is now off 39% from its highs.
This cascading waterfall selloff is ugly. Next key level of support is 8750, where we would again be buyers of the market.
If that does not hold, then we are looking at no support until the 2002 levels — about 7250. (I may have to dust off that Dow 6,800 call).
As we noted earlier, tomorrow is that huge Lehman derivative settlement, and I wonder how much of this action is due to that.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.