Agreed. I think 13 area will provide support. But the wreckage will not stop there. PRFT, rational or irrational, in this Bear Market will go into single digits before it ends. I truly hope I'm wrong, but I've been through 2 major Bear markets '70-'74 and the more recent implosion of the Nasdaq 2000-02. These bears don't die quickly or cleanly. In terms of time, looks like it is just starting. My guess this could be a secular Bear lasting years. That said, there will be very powerful rallies, some may last months and people will be declaring the end of the great Bear...don't get fooled. Use any and all opportunities in the next 12-18 months to protect your wealth during these temporary rallies. It is pitiful to watch a so called "conservative" president spouting worn out, proven wrong antidotes for recovery. He's lost his way and/or his mind. The truly successful policies are those that encourage savings and investment. Simply handing out money that burdens the treasury even more does nothing to create real capital spending and puts further pressure on an already weak dollar. If he had balls he would immediately declare a National Economic Emergency and do the following: suspend all taxes on dividends and capital gains for everyone, announce major drilling explorations for oil in our territories, declare a withdrawal of our troops from the Korean DMZ and most of our European bases, demand immediate congressional action to extend the tax cuts beyond 2010...no wonder the market is tanking, no one can plan past the next year or two. Yes people would scream like hell that declaring a National State of Economic Emergency would grant him virtual dicatator policies...but I think the time has long passed where we run this country pussy whipped by the Operah Winfries of the world and show some real fiscal leadership.
Sorry gang for the Soap Box speach, but I love what our REpublic stands for and can still be and I'm sick to watch how it is being morphed into a Socialist Republic too timid to even take out a flimsy motor boat threatening our mighty Navy. Where the hell is our pide and guts!??