Visualize the DOW at 6000

Oh God !! Please no !!

Back in July of 2008, Mike Whitney wrote a piece called Crystal Ball Gazing: Visualize the Dow at 6,000. 

Is it possible? And what would that mean to what we call today ‘Capitalism’. 

Stock market mayhem is just around the corner. Visualize the Dow at 6,000 and then hang on for dear life. The indexes will tumble and Wall Street will be reduced to Dresden-type rubble, nothing left but toxic fumes and twisted iron. By the end of 2009, the last few bulls will be driven out of the exchanges and onto the streets where they’ll be slaughtered one by one. It won’t be pretty. 

But no matter how bad it gets, the media will still bang-out its “Sunny Jim” market-forecasts while reiterating every mangled phrase and muddled thought from our alcohol-addled Dear Leader (referring to Bush now cocaine –addled Obama). The lines from the shelters, pawn shops and soup kitchens may stretch from the Golden Gate to the Statue of Liberty. 

He wrote that in mid-2008. It’s true now as much then. 

Obama’s cheerleaders point to the latest polls pointing out that his poll numbers are still above 50%. I guess those are the people who voted for him. 

But there is only one poll that counts and it’s not ABC, NBC, CBS, USA Today, Gallup or even Wall Street Journal’s poll. The only poll that counts, the one that supplies the capital for Mr. Obama’s grand social experiment, is the DOW, S&P and NASDAQ. 

And they’re saying NO !! 

According to some technical analysts, next stop after 6000 is, GULP- Oh God !! – 4000 on the Dow. 

In the 1980s there was a popular commercial that went, "When E.F. Hutton Talks, people listen”. Every time Obama speaks, the Dow listens – and DROPS. 

• Jan. 9, 2009 (one day after Obama speaks at George Mason University on “need” for $800 billion stimulus package): -143 (1.6%)
• Jan. 20, 2009 (Inauguration Day): -332 (4.0%)
• Feb. 10, 2009 (one day after Obama declares that without a stimulus, “an economy that is already in crisis will be faced with a catastrophe”): -382 (4.6%)
• Feb. 17, 2009 (market opens for the first time after Congress passes $787 billion stimulus on Feb. 13; Obama signs bill into law, declaring, “The stimulus lets Americans claim destiny.”): -298 (3.8%)
• Feb. 19, 2009 (one day after Obama announces potential mortgage relief plan): -90 (1.2%)
• Feb. 25, 2009 (one day after Obama’s first speech to the full Congress): -80 (1.1%) 

Is it time for Obama to shut up for the good of the nation? 

Talking about fiscal responsibility and cutting the deficit when he is responsible for the biggest spending bill in history. Its all appears to be "do as I say not as I do." Is he deliberately trying to destroy our wealth? 

Or perhaps he and the Democrats are deliberately making war on Wall Street? You know, those that have IRAs, Keoghs, 401ks, Pensions, Roth IRAs, individual investors? The sector of society that works for their money? 

Perhaps by killing capitalism, socialism will win by default.