Here we go again. The Dow is down 239 points and it doesn’t look like there’s any relief in sight. It looks like the markets will stay in this area for quite some time. The financial’ look to be the fault for today’s action and with the possibility of the FDIC closing the doors on more banks, it doesn’t fair well for the markets.
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I’m just going to sit back for awhile and see what’s to come. Last October I was listening to CNBC. They were interviewing a gentleman(I can’t remember his name and I wish I could) who said that the DOW sitting at 14,000 was overly inflated and that the true level should be 11,500. He had an insight that I wish I had. With oil coming off it’s high, one would think that the market would do better, but I’m beginning to think differently. Like I said I’m going to take some off the table and sit back for now.
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