DOW: Where's the Floor?
Events are happening fast! Another 679 points lost on the DOW today -- a 7.3% hit.
So when will this rout end and where's the floor? Well, we've fallen through ALL resistance levels as shown on the weekly DOW chart below, so we've got to use a different chart.
Yes, 7,200 is the next downside support level (last seen in 2002). If we happen to fall through that support, the next stop is ~ 6,500 (last seen in 1997) followed by 5,000 (last seen in 1995).
Certainly seems like the wings have fallen off our economic plane, and with Pilots Paulson and Bernanke now yanking at the many useless levers, looks like the only likely outcome will be a massive fireball of a crash landing.