really sucked…
PALMETTO C ~ 16’ Sea Fox
The Morris Island Lighthouse web page
www.savethelight.org
Skinneej, when you said “I smell another bear market rally…”, was this what you had in mind:
July 15 Dow is 10962
August 12 Dow is 11642
September 15 Dow is 10917
The good news is now after 8 years of supply side reality, or 5 years after the famous line by Cheney to Paul O’Neil that “Reagan proved deficits don’t matter”, the republicans are now concerned with the budget deficit. Can you tell its an election year?
The economy still isn’t done washing out the bad stuff. Nouriel Roubini thinks we are in the 3rd inning of a 9 inning ballgame. Since this is the worst crisis since the great depression, many think that the bottom is still further down there somewhere. With just an average recession, we could see a 28% drop which would put the DOW around 10,100 at the low point. It could be as much as a 40% drop some think which would put the DOW around 8400. My 401K is still about 75% in money market.
I would imagine that this 504 pt drop would set us up for another market rally though.
Now you can see why I told people to “be careful” when looking at the financial stocks. I can’t remember who it was, but someone on this board was telling me how dirt cheap wachovia was at $25 a share.
PS. I haven’t heard any good news yet that would cause me to want to rush back in.