My last market call was 7,000 for the Dow back on November 19, 2008. Today, I’m calling 6,500 as a potential bottom.
You might recall that last week, Jim Cramer, host of CNBC’s Mad Money, and a very fine guy, said, “Time to buy the Depression is over.“ If you listened to or watched CNBC throughout the work day last week you heard many hosts and invited talking heads saying the same basic thing: It looks like we’ve found the bottom, some day we’ll look back at the first week of April or final week of March 2009 and say that’s when the recovery began.
Fed Chairman Ben Bernanke began the recovery talk on March 15 on CBS News’ 60 Minutes, when he spoke of “green shoots” of economic recovery.
“And I think as those green shoots begin to appear in different markets, and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back,” Bernanke said.
Larry Summers, Timothy Geithner – all the government heavy weights – have sung from the same hymnal recently. Frankly, it’s a little disconcerting.