So. The sky is falling, after all…

Posted on Feb 24, 2009 by in Letters

Frankly only an Obama miracle can stop the sky from falling now.  Monday's action was so damaging that it raises the very real prospect that the market could fall to the 5800 level.  The previous November low is taken out by sufficient margin that the previous trading range is ended and the broad downtrend reaffirmed.  At this point only issues with strong charts should be held.  Here is the immediate picture:

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