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When will stock market selling end?
All year long, as I guided my subscribers into the intermediate-term rallies and then the subsequent corrections, I said in these columns that the rallies would be worth going after but should be sold into as they failed, and downside positions should be taken, as our work called for "the market’s low for the year to take place in the Oct/Nov time frame."
But this far down? No, I did not expect this. Our downside target for the Oct/Nov low was the lower limit of the Dow’s bear market trading band, which was around 10,250. That would have been a serious…
15Oct2008 | Street Smart Report | Comments Off | ContinuedIn the Long Run, the Dow’s 40% Nosedive May Actually Turn Into a Safe Landing
By Martin Hutchinson
Money Morning
With the near-record 678-point plunge yesterday (Thursday), the Dow Jones Industrial Average has plunged from its all-time-record high of 14,280 to below 8,600 in just one year’s time. To those accustomed to a five-figure Dow, this 40% freefall represents the unexpected descent of the stock market into a gigantic pit that signifies the dawn of the second Great Depression and an end to the free market system.
However, for those of us who believe in fundamental stock-market valuation, the outlook isn’t dire at all – indeed, the stock market’s long-term outlook is as upbeat as it’s been for…
13Oct2008 | Money Morning | Comments Off | Continued
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