Is The Dow Headed Below 6,470?

Marketwatch's Paul Farrell wrote an incredibly bearish article today titled

. Farrell said that he thinks the stock market and the economy are headed right off of a cliff. He sees the Dow headed below 6,470 and said that the imminent crash will be worse than 2008. Farrell cited recent comments by Jeremy Grantham, who said that the market is overvalued by 40%, and George Soros in laying out his argument for a market crash. Last week, Soros was quoted in a Reuters article saying "the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis."

"The clock's flashing. Huge point spread. Think bear, think crash, think end of capitalism, think Great Depression II ... This is no buying opportunity, this game's in the refrigerator, call it."