Economic update - DJIA

[latenightcoder]

The Dow Jones Industrial Average ended at 7,997 today, having fallen 427 points.  The Federal Reserve lowered its projections of economic activity for the rest of this year and next, and hinted at another rate cut.  I expect a small rebound tomorrow (and transferred some of my liquid funds into stock in anticipation of it), but I also expect a

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Can't win them all.

[latenightcoder]

I was (kinda) wrong about the rebound. There was a significant upswing by mid-day (my picks up 5%), but announcements about the automotive bailout sank the DJIA down to 7,552. I would have sold off my block of shares on the upswing but the particulars of my account only let me cash out at the end of the day.

The Detroit 3 are supposed to come up with a business plan and present it in early December before they will be granted government money.

-LNC

...but it looks like I win this one.

[latenightcoder]

So today we had the stock rebound that I expected yesterday. DJIA closed at 8046. I sold my block of shares from Wednesday and made a modest sum. I still expect the market to reach 7500 in the next few months, and I still expect no major rebound until after the holiday sales numbers come in, though this is being pushed off a bit because the government is extending unemployment benefits for 13 weeks to get many people through the holidays.

-LNC