Dow Below 8000

Closed below 8000 today, with no revival from bottom-watchers like the last time it dipped briefly below 8000.

That's cause it looks like the Big 3 aren't getting their loans.

This time we're headed for a new bottom. My target for getting back in was 7400. If the auto industry goes under, though, I'd revise that to 7000.

Still think we'll be there by January.