DOW Makes New Yearly Low

On June 13, 2008 I mentioned that we were closer to the yearly lows than the year highs. I also mentioned that I wasn't going to predict that we will soon test the yearly lows. As it turns out we did begin to test the yearly lows.

On June 22, 2008 I stated, "I'm not going to make a prediction of a potential freefall here, but there really isn't much support below where we are now."

Well, today, June 26, 2008 we did actually have a bit of a freefall. The DOW closed down over 3%, 358.41 points. It was a classic dead-low close ( the low of the day and the close of the day were the same).

It will be interesting to see were we go from here.

I'm not going to make a prediction here but at the current price levels it would be easy for there to be further downward movement in the DOW.