DOWn Jones

Its going down and under. The P/E ratio is still too high for the end of the bear market of single P/E ratios. Furthermore, there would be earnings downgrades in the next few quarters. It will go down further, a breach of a lower low is highly possible.

The $700 billion should have been used for other purposes because one of the problem is leverage. The leverage has to be unwind. Stock market prices have to go down too. It can't go up and up forever.

If the bull revives now, the next downturn would be more serious because it is unsustainable.