I know everyone is a bit burnt out on miserable stock numbers, but sometimes the medicine is painful:
In February the DOW had its worst month ever percentage-wise. From the Wall Street Journal:
The Dow Jones Industrial Average dropped 119.15 points, or 1.7%, to end at 7062.93. The blue-chip benchmark ended down 937.93 points, or 11.72% on the month — the worst percentage drop for February since 1933, when it fell 15.62%. The Dow industrials have fallen six months in a row and are now more than 50% off their record highs hit in October of 2007.
Ok lets not get all Chicken little here. It wasn’t really the worst month ever, but it was the worst February ever.
Lets have a little more fun and take a look at the DOW chart for the last year:
That looks a little bit like a black diamond ski run at Tahoe. Ok, now lets look at the 5yr chart:
It looks like a nice steady rise from 2004 to 2008 and then some just pulled the carpet out.
So this means the bottom has to be close…right? Right? Of course, we passed many comentators bottom’s months ago. At this rate it looks like we’ll dip into the 6,000s this week, but the question is: can it possible go much lower? And: can we possibly have any more fun?