Friday, November 21, 2008
'The bottom might be a Dow Jones industrial average at 7,000'
The above was written Oct. 10. It's stuck in my mind ever since. ... Andy Kessler thinks you should just stay away from stocks until February. Makes sense to me. Everyone should chill a bit about the markets until then -- just a bit. ... Kessler via Glenn.
Update -- Someone asked me if I think the Dow will really hit 7,000. My answer: Why not? I've had a number of conversations about the markets in recent weeks. They usually go something like this:
Hub Blog: I think the Dow is probably going to hit 7,000
Incredulous Friend: How do you know it's going to hit 7,000?
HB: I read about it in the New York Post.
IF: Huh? What?
HB: I read about it in the New York Post.
IF: Where?
HB: The New York Post.
Then I explain the article to them, how I can't get it out of my mind and how events since then have only tended to confirm the likelihood of a 7,000-point bottom. The incredulous friends look at me like I'm crazy, but they can't argue the point. How could they? Who knows where the market's going? The Post's scenario is as good any other prediction. Right?
The above was written Oct. 10. It's stuck in my mind ever since. ... Andy Kessler thinks you should just stay away from stocks until February. Makes sense to me. Everyone should chill a bit about the markets until then -- just a bit. ... Kessler via Glenn.
Update -- Someone asked me if I think the Dow will really hit 7,000. My answer: Why not? I've had a number of conversations about the markets in recent weeks. They usually go something like this:
Hub Blog: I think the Dow is probably going to hit 7,000
Incredulous Friend: How do you know it's going to hit 7,000?
HB: I read about it in the New York Post.
IF: Huh? What?
HB: I read about it in the New York Post.
IF: Where?
HB: The New York Post.
Then I explain the article to them, how I can't get it out of my mind and how events since then have only tended to confirm the likelihood of a 7,000-point bottom. The incredulous friends look at me like I'm crazy, but they can't argue the point. How could they? Who knows where the market's going? The Post's scenario is as good any other prediction. Right?
