Back in July, John Carter, president of Trade the Markets, predicted that the Dow Jones Industrial Average would dip below 10,000 by year end. Another unscientific Industry Standard poll finds that 85% of respondents think the Dow will go below 10,000 by December. (Even though it has happened, the poll is still open so cast your vote if you like feeling superior.)
Well, today is the day of reckoning. The Dow dropped below 10,000, a level it hasn’t seen in nearly four years. (The Dow first hit 10,000 at the end of March, 1999.)
Is 10,000 merely a psychological threshold, or is this just another nail in the bear market’s coffin?