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Monday, February 23, 2009

New low in the DJIA Friday

Though tech has remained stronger than the rest of the market, the Dow Jones Industrials put in a new low on Friday, closing below the prior low established in November of 2008.  This sell off has been much more consistent, measured, restrained, almost… the kind that hasn’t hit its feverish selling pitch yet.  I assume we are headed meaningfully lower.  The Fed and Treasury cannot expect to jawbone the banks higher – the jawbone is perhaps the weakest and most overly worn tool in their arsenal.

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