The U.S. stock market is poised to end the year with a comeback of historic proportions, with the Dow Jones Industrial Average up 61% from its March nadir and 20% on the year…..
With one trading day remaining in 2009, the Dow is on track for its biggest annual gain since 2003, when it rose 25%. It finished Wednesday up 3.1 points, at 10548.51, a fresh peak for the year and the highest since October 2008.
Dow 30,000 : Zuccaro, 2008.
Dow 30,000: Sharma, 2008 (astrological finance).
Earlier estimates were overoptimistic, though Glassman wasn’t too far off:
Dow 100,000: Kadlec, 1999.
Dow 40,000 : Elias, 1999.
Dow 36,000 : Glassman, 2000.
In fairness, even the WSJ felt the need to insert a hedge:
But the history of such comebacks suggests the biggest gains may already be over, making it hard to expect a blockbuster 2010.
This year, next year, Santa Claus bring cargo. Trust me. Happy Holidays.
P.S.: Frum cargo cult. David denies involvement, just like he always does.