Although the Dow made a new multi-year low, the S&P 500 hasn’t yet. Yesterday, the S&P 500 got down to as low as 742.37 which was just above the November 21 intra-day low (note the red line on the chart below).
Anytime newspapers have the stock market on the front page, it’s a great buying opportunity. Bernanke is also helping today, since unlike Geithner, he’s not in hiding. Let’s hope President Obama gives an optimistic speech tonight.