>>Looks like we are going to retest the lows, if it doesn't hold there is no support in sight.
>>
>>3800 on the DOW by the end of the year is my estimate, Obama's team is not inspiring confidence.
>>
>>Personally my holdings are up, Cash, TIPs and Gold
>>
>>It won't end until the banks and gov't stop lying to us (and each other) about the crappy assets on their books which doesn't seem to be in the cards.
>>
>>But you guys in the UK aren't doing any better
>>
>
>The world is a village so no one escaped when the cr@p hit the fan.
>
>"Support" is such a funny investing concept - "if it holds at X then there is support otherwise it will fall further" - sort of states the obvious. There is no "support" in the market for a particualr index value - the market simply reflects the net buying and selling action of all investors, who trade for a million and one reasons, at a moment in time. Looking for support is a suckers game.

But don't you think that certain number have psychological significance. So all the investors will be affected (slightly and subconciously) to feel optimistic or pessemistic.

As Robert said until all the banks can be accurate about what they owe and about how much what they own is worth the whole thing could go in either direction.
I wish I had recorded the senior banking figure I heard on BBC Radio4 when the Northern Rock queues started assuring the interviewer that there was no problem in the banking sector.