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Sub-7000 DJIA

Financials Weigh on U.S. Futures –

U.S. stock futures dropped on Monday after American International Group and HSBC Holdings took steps to raise more capital and Warren Buffett said that the economy would be in “shambles” this year.

About an hour before the start of trading in New York, futures on the Dow Jones Industrial Average were lower by 115 points, indicating an early retreat below the 7000 level for the blue-chip measure. Futures on the S&P 500 and Nasdaq 100 were also substantially weaker. Changes in futures do not always accurately predict early market moves after the opening bell.

I never thought I’d see it, and if it actually happens (it’s currently 12 minutes until the market opens), then I will have to admit that A-Train was correct. I can’t find it, but somewhere back then, when the Dow was still above 9000, he said that the Dow would crack 7000 before it broke back above 11,000.

I don’t like admitting I’m wrong, but when I definitely am I will certainly do so.

I still think that our economic situation would be much worse without the government invention that we’ve already had, and that which is currently planned. We have yet to see who is ultimately going to be correct there.