Futures for America's financial markets point down again today.
Yet while they are not as bad as yesterday, they are bad enough I believe to set the Dow Jones Industrial Average down at least another 250 points and the overall count closer to a shocking 8000.
Don't expect the Dow to trade above 9000 for the rest of the year. Chrysler was the latest big employer to announce layoffs today. These cutbacks will continue in the coming week, creating an incredibly depressed holiday buying season. An Obama victory Nov. 4 also is expected to increase selling in the stock market.
So please, do NOT get into the stock market now, unless you want to forgo any profit in your investment for the next several years.
One CNBC anchor said talk on Wall Street now is of a S&P 420. Incredible. I got out of the S&P when it was above 1400. Now it is well below 1000. This index of 500 stocks traded in this country is composed more heavily of the nation's financial firms. And those firms continue to be in trouble.
I'm very sorry for the bad news. I do not want to be right. I really worry for people who have lost so much in this market. You deserved better. So did this nation.
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