I’m not sure if other people think will think this is significant or not, but this could be the first time since last November that the DOW will close beneath 8,000 for two days in a row. My feeling is that this will be another psychologically important event. When traders, retail investors, and institutional investors realize that DOW sub 8k is more and more a reality, I think they will begin to worry about DOW sub 7k and that is where we will go. If the DOW closes beneath 8k today, this will dramatically increase the odds that the DOW will dip below 7k within the next year.
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