Stocks Fall To 1997 Levels

Stocks continued the slide Monday, as they reached 1997 levels with still very few buyers to be found. Pessimism has taken hold and it appears that the Obama honeymoon will soon be over.  It feels like just a matter of time before the 7,000 level will be breached as there has been very little support after 8,000 was broken. The unfortunate thing is there seems to be very few safe havens now as its not just the financial sector being taken down anymore.

Historically the first year of a presidency tends to be poor in terms of financial performance for the stock market as a newly elected president tries to bring in all the unpopular policies right away. History definitely seems to be repeated itself. The bailouts have not been embraced by those on Wall Street or those on Main Street. It does not appear more funds will be needed for the bailout as companies like AIG are already asking for further funding.