Bearish Breakout!

Both the Dow and Nasdaq composite broke out of their support levels downwards today in a continuation of their primary bear trend. In fact, all of the gains by the Dow since Nov 2005 have been wiped out. Yes, if you have merely bought the DIA and held it since late 2005/early 2006, all your profits would have been wiped out. Long term support for the Dow is now at about 9000 points. Yes, the 2003 level. If it happens, it would be like that 4 years rally never happened. Don't be surprised to see a relief rally at about 1000 points. The quality of that relief rally would determine if the Dow would go for the 9000 mark.