Stocks fell to new 5-1/2 year lows today. People are losing faith in the survival of General Motors, the United Auto Workers, and Citicorp, as congressional Democrats talk about making cars greener. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ), dropped 577 points to its new bottom of -5,610 (index is 3 months old—we run the FOX INDEX whenever it hits new lows). It’s now 83% of the way from healthy to the bottom the market hit in October 2002, at the end of the last bust.
Wednesday, November 19, 2008
GM, Citicorp Troubles Cripple Market
Stocks fell to new 5-1/2 year lows today. People are losing faith in the survival of General Motors, the United Auto Workers, and Citicorp, as congressional Democrats talk about making cars greener. My FOX INDEX, which measures the distance to a healthy market (12,000 Dow, 1,300 S&P, 2,500 NASDAQ), dropped 577 points to its new bottom of -5,610 (index is 3 months old—we run the FOX INDEX whenever it hits new lows). It’s now 83% of the way from healthy to the bottom the market hit in October 2002, at the end of the last bust.
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