Well, that didn’t last long.
Thirteen days after I predicted we’ve seen the stock market bottom of 7,949.09, the Dow Jones Industrial Average dips under it at 7,936.75.
Sigh.
Only 12 points lower, but lower still. It’s the new low for 2009. Dare I suggest it won’t close lower the rest of this year? I do think we’ve seen (something close to) the bottom this year. I maintain we’ll be higher on January 1, 2010 than we were on January 1, 2009. (That would be anything above 8,776.39, or 839 points to the upside. Whew.)
Of course, it just might be easier to test the 52-week low of 7,867.37.
But ya gots to be optimistic about something in this world.
I was told the low would come this summer. January would be bad because of reports of a miserable shopping season, then quarterly reports would prove it. Then lots of layoffs would drive up unemployment rates followed by another bad quarter. Then summer would get here, we’d be at the bottom and have nowhere to go but up.
I tend to believe we have two more bad quarters coming.
I hope “they” are wrong, but if they are, that’s two more quarters for me to get into the market in a way I wished I had five years ago.