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A tale of 1,000 points

The Dow reclaimed the 10,000 level yesterday, roughly a year after it last held that level, and more than 10 years since it first passed that milestone.

As David Callaway of Marketwatch points out, a look back clearly shows that it's anybody's guess what happens next:

When the Dow first closed above 10,000 in 1999, it only took another 24 trading days for it to close above 11,000, according to Standard & Poor's. It took seven years and a bear market after that for the Dow to achieve 12,000.

Which path will lead to the next 1,000 points? The 24-day path? Or the 7-year and a bear market path? Nobody knows.

But if you don't have your money invested, it doesn't matter either way. On the flip side, if you have at least a 7-year time frame until you need the money, you can take the risk that the next 1,000 points will take the wandering road. And hopefully you'll be pleasantly surprised by something closer to the 24-day path.

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