Monday, October 19, 2009

Dow hits a new level, marking a 52 week high. So what!

I'm sure many of you didn't notice this today unless you follow the market daily. But I said last week that this was going to happen and today it did. All 3 Indexes, the Dow, the Nasdaq Composite and the S&P 500 all made 52 week highs today. Over the next few months, you may her that these indexes hit new 52 week highs. But don't fall for the hype as we would have a long way to go in each index to reach new highs. For example, the Dow hit an all time high of 14,164 on Oct. 9th, 2007. The S&P 500 hit an all time high of 1565 on the same day. So closing of the Dow of 10,097 and the SP500 at 1097 have a long way to go before we set a new record. And chances are better than 50% that we will go down to 9,000 before we go to 11,000.

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