Friday, October 16, 2009
Morgan Housel :: Townhall.com Columnist
Where You Think the Market's Heading Next
by Morgan Housel
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One thing's for sure: Dow 10,000 is meaningless. Like Dow 9,867, it's just a lonely number, no more important than the 9,999 that came before it.

What isimportant, though, is investor psychology. And it's hard to deny that a nice, cozy, round number like 10,000 gets people's attention and brings new interest to the market. That's why on Wednesday, we askedyou what you thought awaited Wall Street after Dow 10,000. More than 5,000 of you responded, so it's worth analyzing what you had to say:  

Question

Percentage Picked

Still Going Higher

19%

Expect a Big Correction

27%

Drift Back and Forth

42%

Don't Know/Don't Care

12%

Compare that to a similar pollof nearly 23,000 respondents we ran in early March, when Dow 5,000was on people's minds:

Question

Percentage Picked

We're at or Near the Bottom

11%

Still Going Lower/Dow 5,000

78%

Don't Know/Don't Care/Clinging to my Gold

11%

And almost exactly a year ago, with the Dow at 8,500, we asked how low it would go:

Question

Percentage Picked

Already Bottomed

10%

7,500

54%

5,000

24% Continued...

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About The Author

Morgan Housel is a Motley Fool contributor.

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