Dow Closes Below 10,000, First Time Since Feb

The Dow opened strong today, trading in positive territory throughout the morning and into the early afternoon. It began trending strongly downward in the last 90 minutes of trading to close down 69.30 to close at 9974.45.

Closing below 10,000 is an indicator that the market may be shifting to a bear mentality and therefore could presage a descending market over time.

Could, might, may.
http://money.cnn.com/2010/05/26/markets/markets_newyork/index.htm

Stocks erased gains by the close Wednesday, with the Dow ending below 10,000 for the first time in three months, as worries about global growth and a slide in the euro overshadowed upbeat economic news.

The Dow Jones industrial average (INDU) lost 70 points, or 0.7%, the S&P 500 (SPX) index lost 6 points, or 0.6%, and the Nasdaq (COMP) lost 15 points, or 0.7%.

A global market rally and a strong housing market report gave stocks a boost in the morning, but trading was choppy through the rest of the session as the euro weakened. Stocks slipped in the last hour of trading.

Stocks have tumbled in May, with the three major indexes all losing more than 10% each, falling into "correction" mode as investors have worried that Europe's growing debt crisis is going to cut into U.S. and global economic growth.

I think the word to describe the stock market is "unstable." Because of that, traders are jittery, which makes the instability worse.


It all makes for an interesting ride, but definitely not in a good way.