Nasdaq: How Low Can It Go?

OK, now I’m getting worried.

The Nasdaq Composite today got clobbered yet again, for all the usual reasons: investors are still freaked out about the financial crisis, have little faith that the congressional bailout package will accomplish anything, and now await the start of what will undoubtedly be a miserable third quarter earnings season.

The Nasdaq today fell 108.08 points, or 5.8 percent, to 1754.88. That was the 65th worst day ever for the index in terms of points; the 22nd worse on a percentage basis.

The index is now down 15.7 percent in the last five days, 19.6 percent in seven days, 23.5 percent since the end of June and 33.8 percent for the year to date. The index today closed at the lowest level since August 2004.

In fact, the index is now one lousy point above where it closed on March 6, 1998.

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