Dow Jones 13,000 Crossed 52 Times in Past 3 Days, Wreaks Havoc With Retirement Plans Of Trader Community
Since the amount of coverage the Dow 13,000 has received on CNBC indicates that it is clearly the indicator for half of the actively trading population in America to hang its hat and retire, we can only commiserate with the retirement planners of America who have had to do only to undo retirement plans for all of 7 people give or take (as we said, half the entire active trading population of America, although we should clarify of the carbon-based variety) a whopping 52 times. Yup: that is the amount of times the 13,000 barrier has been crossed, and uncrossed in the past 3 days alone. We fail to recall any other Dow milestone that has been proven such a technical problem for the market to succumb. And that it closed below it after the second LTRO, and after today's Bernanke testimony is certainly not a good sign. On the other hand, all those people who are going bald from putting on and taking off the 13K hat, can finally take a break.