DJIA needs to reach 7000 to reach trend line?

[turkeyneck]

Oct. 10 (Bloomberg) -- The Dow Jones Industrial Average would have to fall about 18 percent more to reach its ``trend line'' since August 1982, when the 1980s bull market started, according to Peter Boockvar, an equity strategist at Miller Tabak & Co. in New York.

http://www.bloomberg.com/apps/news?pid=20601109&sid=amX076XhpyXk&refer=home

 

[Bootsie]

Quote from turkeyneck:

Oct. 10 (Bloomberg) -- The Dow Jones Industrial Average would have to fall about 18 percent more to reach its ``trend line'' since August 1982, when the 1980s bull market started, according to Peter Boockvar, an equity strategist at Miller Tabak & Co. in New York.

http://www.bloomberg.com/apps/news?pid=20601109&sid=amX076XhpyXk&refer=home

I couldn't agree more.

B

 

[Cariocas]

more like 5600-6200 area

 

[Lucrum]

Quote from Cariocas:

more like 5600-6200 area

Based on his description I came up with the 5100 area, more than 40% below where we closed.

Personally I wouldn't use that as a valid TL though.