Thursday, February 19, 2009
No Trades, Just Popcorn
While the Dow made a new 6-year low today, the S&P 500 is still above its November nadir of 741 and the NASDAQ-100 is quite a bit north of its 1295 November bottom.
Don't watch the Dow too closely now. Even if Bank of America, General Motors, and Citigroup went to zero tomorrow,.....due to its price-weighted composition, the Dow would only drop about 50 more points.
And, of course, if those turds doubled tomorrow, if they went up 100% apiece,....it'd only raise the Dow about 50 points!
For my last trading update, click here.