The Ignorant Investor

The market has spent two days heading downward, and it seems like the traders didn't like Mr. Greenspan and his posse saying they're going to keep raising rates to fight inflation. Forget all the talk about market efficiency and free enterprise and the merits of good old fashion American capitalism. Traders just love it when the government lends them a hand by pumping money into the system.

Yet for all the bellyaching the fed move generated, I don't see it as a real surprise to anyone. My guess is that what is really making the market anemic now is just pessimism over earnings in 2006.

I don't often like to make predictions, but since I'm the only one who reads this stuff, I can't see the harm making one here (I'm curious to see how it turns out): By the end of the first week in October, the DOW will be just below 10,000.

If that doesn't sound like a very bold prediction, sorry to disappoint. It's my first prediction, dammit. I'm still inclined to be cautious.