By Dan Dorfman
January 7, 2008
“Prophetic Friday” is how Los Angeles money manager Arnold Silver labels last week’s final market session. He sees the Dow’s 256-point dive as a flashing sign that Wall Street’s predominantly bullish party line, as was drummed home time and again in sunny new year’s forecasts, seriously lacks credibility.
That decline was spurred by news of December’s jump in the jobless rate to a two-year high of 5%, raising recession fears anew. Significantly, it was the third triple-digit tumble in the past five trading sessions, adding up to a total three-day Dow loss of nearly 600 points.
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http://www.nysun.com/article/69029
