All hail Geithner!
Seriously, though, this was well-timed relief.
I don’t like being below 8000. It’s a complete arbitrary number, but it feels really wrong to go below it. When we’re there, I fear that there is nothing stopping us from Dow 3000.
Let’s just tread water for a while at around 8000 (Citi, what say you?). We’ll call a market bottom at 7,200 at some point in the future and never go below that number again.