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More financial pain to come

Sun Jun 29, 2008 11:06PM | By Tony

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On Thursday the DOW fell 358 points to close at a new low for the year and the NASDAQ dropped 80 points and the S&P 500 gave up 39 points. Then on Friday the DOW went down additional 107 points, while NASDAQ and S&P 500 fell only less than 6 and 5 points respectively each. In my opinion, there is no bottom in sight. Sure markets will rally a bit, precisely because so many fund managers think that bottom is here or at least near. The market will bottom when a real panic sets in. You will, just like in 2000, see the DOW dropping 300 to 400 points a day or two in a row, then a bit of a breather, and then again. DOW can go below 10,000, NASDAQ may fall as low as 2,050 and S&P will likely test 1,100. Many of you will say that I am crazy, but we shall see.

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