stock market

[rm]

A couple of months ago I called the market bottom at 6300.

Today we're at 6,594 and Citigroup closed at $1.02. I expect tomorrow to have "modest" losses (80 - 120 points? -- that's modest at this point).

When I called 6300, it seemed drastic. Now I'm questioning if we can hold the 6000 barrier. I'm tempted to stand by 6300, but 5900 would no longer be a surprise. I worry, however, that if we go below 5900, we go into free fall, that there are no more solid psychological barriers in place at that point.

Comments

[rm.livejournal.com]

6000 is a psychological barrier. If we dip below it, we should bounce back in session or the next day, if we don't everyone will do what you just did -- half the market's value has been erased, nothing has any rational value, even people in their early 40s will wonder if they'll live long enough to make their gains back, people will panic.