The Dow has been making new lows for this bear market for a week now. Today the the Dow is headed for new lows that some analysts say could be a precursor to another 2,000-3,000 point drop.
The S&P is also headed for closing below its November low today. The day is not over yet and a rally could ensue, but over the short term it does not look good for the S&P. Some analysts are predicting 650 in the short term for the S&P.
I've been saying for some time that 6,000 on the Dow and 600 on the S&P are my minimum low predictions. Longer term I think the Dow could get to 4,000 and there is an outside chance the ultimate low could be around 3,000. That could mean the S&P could get to around 400.
When that happens there will be some great bargains out there, but stick to quality companies. That could be a challenge to find, what I may have considered a quality company a year ago, may not be today. Good hunting.