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Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Dow below 12,000 = Sell Signal

March 7, 2008 by Thomas Mullooly

The Dow Jones industrial average dropped below 12,000 today, March 7. In technical terms, this is a significant move. On my point and figure charts this represents another sell signal and tells us that the average may have further to fall. Not that I want to be in the prediction business, but it appears there may be at least another 5% fall coming our way.

Additionally, the S&P 500 index also gave a sell signal when it broke below 1300 today. Remember that a large percentage of the S&P 500 index is made up of financial stocks and technology stocks, which have both been taking it on the chin.

It’s important to remember that “market bottoms” are a process — not an event. It’s very rare that the market will go down and snap right back. And when you consider some of the news headlines that are driving this market lower and lower, I don’t think we’ll get a turnaround anytime soon.

We are on defense, it’s time to focus on asset protection.

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Filed Under: Point and Figure, Stock Market Comments Tagged With: Dow Jones, market conditions, S&P 500

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

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Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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