700 points down. Monday. Four days to go.
Bluntly, I don't see any change coming this week. Congress won't pass the bill....and the drop will continue through Friday. I'll make the prediction of the market settling on Friday between 7,000 and 8,000. There will likely be no bailout.
Bush can chat all he wants....the votes in congress simply aren't there. Pelosi can chat in front of NBC all she wants.....the votes from her own party aren't coming. Its both Republicans and Democrats voting against the $700 billion package.
Somewhere by next Monday....the slide will halt, and folks will step up with cash to buy cheap stock. We will have lost 2,500 points by that time. It'll be a massive loss and we all will suffer via our 401K plans. Our retirement plans for 2012 are dismissed. Our dreams of sending the kid to UCLA....tossed....the kid is going to Mississippi State. The idea of buying a new car this year.....will not happen.
Will this be the end of "Lost"? Nope. Will this end the Dodger's season? No. Will this be the end of Ford? No. Will this halt global warming or increase it? No. Will this bring McDonalds to financial end? Nope. Will this help Bigfoot, aliens, or loch nessie? Nope.
After you sit and think about it....life kinda goes on. It'll be hard for the media to talk us down and convince us of a depression. It'll be hard to stop the country in its tracks. So next Monday will likely come and go.....and life will go on. And eventually.....we'll recover our losses....maybe in four years....but it will come back.