How low can the Dow go?

As the "mental recession" talk continues among the UBS elite, the debate in the real world of focused on where the Dow is going. The current trend is going downward with most analysts watching for support at 11,000 or roughly 130 points below where it started today. Failure to stay above 11,000 could easily trigger the hard fall that is being predicted, possibly down to 9,500. At the start of the day it looked as though we would safely stay above but as of 12:57 the Dow has tested 11,000 five times going as low as 10,980. The first four tests it managed to bounce back but this time it's struggling to bounce back above 11,000. Failure to stay above 11,000 opens up the gates and that won't be pretty for anyone.

A severe decline increasingly is turning to when, not if. The only people who don't think it's a problem are McCain and Phil Gramm, but then again, neither can relate to this situation. When you sit on the board of one of the world's most elite and largest banks or you marry into $100 million, you can't relate and they don't.