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  • bigbucksfreddy bigbucksfreddy Nov 2, 2008 12:25 AM Flag

    Here's why DOW will hit 5000-6000 level

    And one last note on the Chicago PMI from the Chicago Tribune:

    "Economists had been expecting the Chicago Purchasing Managers Index would fall in October to 48.0 from September's unsustainably strong 56.7 reading.

    But instead, the Chicago PMI nosedived from 56.7 to 37.8, to hit the lowest reading since May of 2001, when the nation was mired in the last recession.

    The PMI data, particularly the declining employment trends and the huge falls in production output and order backlogs, are "deep recession readings," said High Frequency Economics' Ian Shepherdson. The "horrific" results, he said, make it clear that the Chicago PMI has been pole-axed by the meltdown in the financial system."

    Yep, keep hiding your head in the sand and Buy, Buy, Buy!

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