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Mar. 5th, 2009
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stock market
Mar. 5th, 2009 06:52 pmA 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.
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.