Is It Dow 8,500 Now?
Back in July I referenced the old journalism joke about two-points making a trend and pointed out two experts mentioned Dow 9,500. I sort of laughed it off at the time but, well, what a difference a couple of months makes, huh?
Well, one of those same experts, Ben Lichtenstein of TradersAudio.com, this morning suggested Dow 8,500 is the next "big" support level, with Dow 9,000 maybe acting as a psychological level.
"This market, I think it goes without saying, is way over-sold," he said on CNBC's "Squawk Box." "But as I mentioned a while ago and a good friend of mine says, and I think he's right, markets crash from over-sold conditions, not over-bought conditions."
You can catch his full comments in the video. Meantime I'm keeping an eye out for another expert to make a trend.