Dow 7300

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Market Update

INDU 7,300.60 -65.07
SPX 761.40 -8.65
NASDAQ 1,417.93 -23.30
RUT 402.97 -7.99
DJT 2,651.09 -47.78
DJU 334.73 -1.16


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[closeupready]

1. Horrible number.

Unreal how low its going.

[FirstLight]

2. Weren't folks here saying it would "bottom out" around 7000...

What are we REALLY looking at, here? and at what point does the number get so bad that we feel/see it directly in the streets, grocery stores, etc? Does everything just grind to a halt or what?

[DeschutesRiver]

4. A few months back, I bet my dh that we'd hit DOW 6000 in 2009

I didn't think that it would be unrealistic either to see DOW 3000, given what I've seen in the historical charts, but I wanted a safe bet.

It won't make everything grind to a halt overnight, but it won't take a lifetime to realize the effects either. The domino effect could at least temporarily rearrange society in unexpected ways. Example: all the 401ks in stock mutual funds have already lost tons of $$. The lowered DOW could at worst result in another 50% drop in what those people have left, ie they no longer have enough set aside to retire safely. For those only a few years from retirement, or those retired already, this would mean they need to keep existing jobs or get a job. When all the recently retired folks hit the job market, it might be harder to age discriminate against a mass of 55+ job seekers. And they will likely get militantly serious about getting those jobs.

Which means younger people will have much more competition from those they expected to be retired and out of the work force.

There are a lot of dominos out there. Things that will have either unintended consequences, or just ones we didn't see coming and won't see until every layer of the onion is steamed off.

[phantom power]

7. I favor 5000 as a plausible bottom.

It's what the Dow was at just prior to the dot-com boom. And as I recall, back then there were some people complaining about how it was over-heated at 5000.

[tama]

12. 4000

for the dead cat bounce, then rock bottom of 0. Touching the ground. It feels good, fingers in dirt. Grounded.

[phantom power]

13. Heh. you can't fall off the floor.

[GliderGuider]

3. It just dropped through 7200.

What counts as a capitulation? :scared:

[Joanne98]

5. Next support level 7141

http://www.cfdtrading.com/article.jsp?name=Equities_Reports/US_Equity_Markets/Technicals/After_Testing_November_Lows__Dow_1235393438389.html

[FirstLight]

6. I se the graphs & numbers, but what does it MEAN?

sorry for my econ ignorance....but what are those levels about?

[truebrit71]

8. It closed lower than that....

...who knows where the bottom is?

[wimpy77]

9. mr geithner imo opinion is the problem right now

the dow will not go to 3000. all mr. geithner has to do as this point is get off his butt and say something to the public besides talk to a handful of reporters and stop changing his mind every 5 secs.

[westerebus]

10. Welcome to DU. n/t

[notesdev]

11. There is no bottom

to a politically manipulated market. Nobody wants to put money in, since they don't know what the government will do next, and if that will tank the value of their investments. And the more the government tries to do something the more surely they will screw things up.