KING KONG BEATS HIS CHEST
The headline: Dow Sheds 4% This Week As King Kong (Financial Distress) Edges Out Godzilla (Global Growth); Tightening Credit Sparks Fear That Dealmaking Is Dead For Now
Guy Adami thinks the Dow has another 500 or so points of downside left in it. 12700 is his target before everything is said and done.
Stacey Briere Gilbert, filling in for Eric Bolling, says she wouldn’t be surprised if the market erased its losses for the year in the “next month or so.”
Jeff Macke agrees the market’s going lower – 1,460 on the S&P to start, he says – but it’s the “end of the beginning” for this sell-off. He thinks there needs to be some fear instilled before you can even start to think about getting long stocks.