Last year on October 9 2007 the DOW hit a record, 14000
On October 10 th this year it hit "Art Hogan's Bottom" about 7700 (watch the video of his now famous forecast
What the Pros Say: Swap Jitters, Bottom Searches - Economy * Europe * News * Story - CNBC.com
So the DOW is about 1/2 in one year to the day! so now what, even lower?? think about it, that would make this bigger than the great depression. As I look at the USA I still see more Millionaires, Mansions, Lear jets and limos than soup kitchens. If it goes lower it sure is not on any fundamentals.
(btw did you know: On Nov 11 1929 the DOW hit its all time low -- 40 points. )
Since October 10th 2008 Art Hogan's bottom has been firm! (ha ha potty humor) The DOW did go briefly a few points below the Oct 10th level, for only a moment, but it was so close to the October 10th number you could say it was more of a retest than an new low.
So the question is does Art Hogan's bottom hold up or do we drop further. My bet is we go higher, but in listening to professional traders half agree with me -- the other half think this is another dead cat bounce, up for a few days then down more.
From my thinking, when you can buy a company like a stable insurance firm like Prudential for 1/4 the price it was 12 months ago, you got ask yourself is this cheep or can the price go lower? Is it unwise to buy Prudential at 1/4 when you might get it for 1/8th.?? I think the market is dirt cheep. How cheep is cheep?
This recession started in the fall of 2007 and should go two years, the stock market tends to turn around half way though a downturn. Also historically December is an up month for the market. It sounds like Art Hogan's bottom really is the bottom of the crash of 2008. The current bounce also is accompanied by good action on the advance decline line and mounting volume, to me that says the trillions of institutional smart money is returning to the market. Even if it is not -- the very gloomiest prediction I heard was dow 6500 and if the market goes there it is bound to bounce back to the current level very quickly.
What do you think?
On October 10 th this year it hit "Art Hogan's Bottom" about 7700 (watch the video of his now famous forecast
What the Pros Say: Swap Jitters, Bottom Searches - Economy * Europe * News * Story - CNBC.com
So the DOW is about 1/2 in one year to the day! so now what, even lower?? think about it, that would make this bigger than the great depression. As I look at the USA I still see more Millionaires, Mansions, Lear jets and limos than soup kitchens. If it goes lower it sure is not on any fundamentals.
(btw did you know: On Nov 11 1929 the DOW hit its all time low -- 40 points. )
Since October 10th 2008 Art Hogan's bottom has been firm! (ha ha potty humor) The DOW did go briefly a few points below the Oct 10th level, for only a moment, but it was so close to the October 10th number you could say it was more of a retest than an new low.
So the question is does Art Hogan's bottom hold up or do we drop further. My bet is we go higher, but in listening to professional traders half agree with me -- the other half think this is another dead cat bounce, up for a few days then down more.
From my thinking, when you can buy a company like a stable insurance firm like Prudential for 1/4 the price it was 12 months ago, you got ask yourself is this cheep or can the price go lower? Is it unwise to buy Prudential at 1/4 when you might get it for 1/8th.?? I think the market is dirt cheep. How cheep is cheep?
This recession started in the fall of 2007 and should go two years, the stock market tends to turn around half way though a downturn. Also historically December is an up month for the market. It sounds like Art Hogan's bottom really is the bottom of the crash of 2008. The current bounce also is accompanied by good action on the advance decline line and mounting volume, to me that says the trillions of institutional smart money is returning to the market. Even if it is not -- the very gloomiest prediction I heard was dow 6500 and if the market goes there it is bound to bounce back to the current level very quickly.
What do you think?