Dow Wreck Continues: Below 7000
March 2nd, 2009Via: AP:
The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the health of banks, and in turn the economy.
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And yet it’s all still so orderly, that’s what get’s me. Evidently this market still wants to continue bearing on down lower and lower from here. Why haven’t we seen a resounding meltdown this past week or two? At least then there’d be some justification for bottom-fishing or holding-on. But no… It’s still a fool’s market, plain and simple. Which I guess means the fools still have some money to be parted from.
Well, they’re certainly not moving their money into gold (now at $925).
As Edmund Burke put it, “No passion so effectually robs the mind of all its powers of acting and reasoning as fear.”