It is those “Dow 10,000” hats CNBC got for all the on air anchors way back in 1999. They sure got a whole lot of use out of them.
The Dow is 9,868 as I type this.
GE breaks syndicate price of $22.20 secondary, and its now off by a full 10% — at $19.95.
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Dow Industrials, 10 Years
Chart courtesy of FusionIQ, Bloomberg
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As to forecasting forward from here, there are simply too many unknowns and moving parts to say anything with a high degree of confidence. A lot depends upon the govt response to the credit crisis, to the recession, and other elements
We could theoretically find support between 9,500-9800, or we could see the bottom drop out any day now
With the VIX now over 50 — the Dow is now off 30% In one year — I would imagine we are closer to the bottom than to the top.
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