Totally agree.
I expect there to be a short lived but quite sharp war rally (10% to 15% over a month or so) before the big bear reasserts itself to drive the Dow to 6000 points or so (imo).
At 6000, the 30 stocks that make up the Dow would be trading at a collective pe of about 15x. As an aside - our market (All Ords) currently trades on a pe of about 14.5x and the ASX S&P50 just a tad higher.
Regards,
Jaysee
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