Thursday, October 23, 2008

What's 200-300 Points Between Friends?

I am really upset about the Dow close today. Don't get me wrong, my portfolio is fine. (I don't have one.) I'm just bummed that I got it wrong today. Yesterday I boasted to my boss that I'd guessed right (more or less) every day since the Lehman thing weeks ago (not that that's hard), he suggested I point that out. I did. And what happens? I guessed wrong.

In the Morning Roundup we guessed the market would be off 200-300 points. Turns out we were only half right. Today the markets got trashed across the board.

The Standard & Poor's 500 Index fell fell 6.10 percent to 896.79. in New York. The Nasdaq was down 4.77% to 1,615 and the Dow Jones Industrial Average sagged 514.45 points, retesting the 8500 bottom. New prediction: the next bottom if this one doesn't hold (and it won't) will be 7500).




[Source: The Latest on Air America