As the Dow Jones industrial average plummeted past 7000 yesterday, the drop could lead to another round of mutual fund redemption and hedge fund sales.
That's according to Scott Powell, managing director of common stock and managed account investments at MEMBERS Capital Advisors in yesterday's MarketLine alert.
"While we have discussed the likelihood of equity markets being substantially higher by the end of 2009, we have tempered that with the reality that investors might drive markets to new lows during this economic troughing period that we are in the middle of. Unfortunately this is playing out and weighing heavily on investor sentiment and perseverance," Powell wrote.
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