On Friday (June 12th), the Dow Jones Industrial Average marched into positive territory for the year when it ended at 8,776. Despite all of the carnage and the approximately 30% decline in value that climaxed in early March. In the past 52 weeks, the Dow Jones Industrial Average has dropped preciptuously from 12,322.82 to a low of 6,469.95. After hitting that low, it has climbed all the way back to January 1st, 2009 levels of 8,776.

Yet today the dramatic climb seems to have stalled. As of this post, the DJIA is currently at 8607.07 with the S&P500 giving up 2-3% as well.

In my opinion, the losses below this point were mainly the result of momentum and not due to adverse market conditions. I believe the DJIA will settle around 8500 and it will take until September or October for it to peak above 9000.