For the first time since October of 2004, the Dow Jones Industrial Average has dropped below the 10,000-point mark. It has dropped as many as 700 points today.
Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash. European governments also took steps over the weekend to limit the damage from the growing global financial crisis.
DOW 10,000 BASEBALL CAP PROVES PROPHETIC
Earlier in the day, a trader appeared on CNBC wearing a prophetic baseball cap, bearing the words "DOW 10,000." Both Mark Haines and Erin Burnett made mention of the hat, and of course later in the day, the Dow indeed hit and sank below 10,000. Here's the video of the trader with the hat:
DOW 10,000 NOT LOW ENOUGH?
Last month, Howard Lindzon predicted here on the Huffington Post that 10,000 could be coming in his post "Dow 10,000 -- What Happened, Who Can You Trust and Investment Banking 2.0." See who he recommends around the web for up-to-the-minute information in fast-moving times like these:
These are fun days for the mainstream press as they sink their teeth into the action of the day, but it's in the blogosphere that you will find the best discussions on the subject and find personal accounts of the struggles of the people most affected.
I have been writing (blogging) in the financial/stock market space since late 2005 and developed a great list of 'experts' in certain areas. I believe in the 'less is more' theory of news. If I can cull smart minds of a few people that I trust read just about everything, then I can get more done.