Cramer was talking about DOW 8300 a couple of days ago, but I wonder if even that isn't a bit optimistic. Today he even said that (paraphrased)everyone should sell all their stocks now. Sounds like he's lowering his estimates too.
I'm still thinking that the housing crisis is the key, and so far I've heard that "it'll take 2 weeks for the fed to get organized enough to start buying up the toxic mortgages". Then I heard it would be a month, and today I heard it would be 2 months before they can even get their act together enough to BEGIN to deal with the problem.
Next I expect to hear "it'll be sometime in mid 2009..."
Things can go a lot lower in 2 months.
And I wouldn't be fooled by todays big dip and rebound. The volume wasn't anywhere near a "capitulation" selloff.
I expect we'll dance around 9-10 thousand on the Dow for a day or two, but 10k seems like it's going to be a psychological ceiling for the foreseeable future.
McBUSHIE'S choice of Palin was irresponsible, dangerous and insulting to America's intelligence. That choice and his continuing smears/lies prove he'll do anything to win this election even to the point of endangering his own country.DEFEAT HIM!
