In times when everyone is focused on minute by minute moves its sometimes good to a step back and look at the longer term picture. Here is a chart going back to 1982 and long term trend line in red calls for a move to around 7,000. Whilst no one can say for certain 7,000 should hold up and produce some sort of a bounce, however this does not mean its the start of a new bull market, its just some temporary relief. 2009 could easily see whatever lows we make now being retested and broken. It will be at least 12 months before I can consider a new bull market starting.
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Dow with long term trendline
