Friday, February 20, 2009
The DJIA seems to have been sitting comfortably in the 7000-range this week. The last time we saw major movement was right after the TARP was signed in October—when it collapsed from the 10,000s to around 7500. It recovered into the 8000s—where it has magically hovered since despite an endless onslaught of economic contraction and pessimistic financial figures. The signing of Obama's stimulus package may have finally broken the 8000 barrier as the DJIA sank deep into the 7000s this week, seemingly without much energy to reverse course.