The president gave a speech today on the economy, and in response, the Dow dropped over 600 points. Now that's what I call a big Bronx cheer.
Past corrections have run as much as a 25% loss to the 30 industrials. Anyone care to make book on how big this correction will be? The index has dropped 15% in the last 2-1/2 weeks, so how about another 10% in the next 5 days. Dow opens Aug 15 at 9555?
Some time between now and then might be an opportunity to get in to the market. Along about Wednesday, if you buy Bank of America, you may find out that your modest investment bought you the whole bank.
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5 comments:
"Dow opens Aug 15 at 9555?"
It opened at 11,269.85 this morning.
The lowest it had gotten in the past week was 10,604.07 , on August 09, 2011.
www.google.com/finance/historical?q=INDEXDJX:.DJI
The conservative blogosphere has as much predictive power as the left-wing global warming alarmists.
So I was off by a piddling 1100 points. There's always next week.
Actually, you were off by 1,715 points.
1,715 is 18% of 9,555
I suppose I should be as forgiving of the left-wingers when their predictions of, say global warming, are just as wrong?
Giving myself the benefit of the doubt, to my own best advantage of course...
10604-9555 = 1049, so I'm not as far off as I thought. Still, I suppose that's why I don't make my living calling the market.
Your prediction on August 08, 2011 was "Dow opens Aug 15 at 9555?," not "Dow will reach a low of 10,604 tomorrow (August 09)."
On August 15, 2011, the Dow opened at 11,269.85
11,269.85 - 9,555 = 1,7814.85 (round up to 1,715).
Not only did the Dow not open at 9,555 on August 15, the Dow never reached a low of 9,555.
I'm not sure what kind of math they do at the Conservative Research Unit (CRU). There's probably an inverted hockey-stick graph that, although they can't show it to us, proves their point.
Because even giving yourself the benefit of the doubt that only conservatives are entitled to, 1,049 is 11% of 9,555.
If a liberal made a prediction that was off by 11% to 18%, you'd be touting it as evidence that their ideas are wrong.
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