Sunday, 26 October 2008

Dow Average May Sink to 5,000, Boockvar Says: Chart of the Day

The Dow Jones Industrial Average may sink as low as 5,000 next year, a 41 percent decline from its current level, according to Peter Boockvar of Miller Tabak & Co.

``The market's going to overshoot on the downside,'' Boockvar said in a Bloomberg Radio interview yesterday. ``When that occurs, I'll be a raging bull.''

The Dow could fall lower since many US economic figures are cooked. When things disintegrate, the damage will be worse than predicted. This 5000 figure could easily be breached.

[Posted at the SpookyWeather blog, October 26th, 2008.]

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