With the 8000 support level succumbing to downward pressure, the bottom targets for all 3 major indicies has to be revised downward. In my article "When Will the S&P 500 and Dow Jones Bear Market Hit Bottom?," I made the predication that the bottom would come around May, 2009. I made that prediction with the belief that [...]
In the last State of The Dow this past Friday, 08/02/2008, I predicted the DOW would have a relief rally and test the 38.2% retracement level at 11724. Following todays FOMC minutes, the DOW proceeded to climb 331.62 points to 11615.77, only 16 cents off of the daily high.
After bouncing off of a major support level around 10,800 and rallying 900 points, we have seen 2 straight weeks of decline in the DOW. Selling on narrowly out paced buying this week, leaving us stuck between the 0% an 38% retracement. Considering the poor GDP and Unemployment numbers this week, the market held up pretty [...]
