On Friday the Australian all-ordinaries stock index fell to 5,200 putting it more than 1,600 points lower than the market prior to the 2007 Global Financial Crisis (GFC). For eight years now the Australian stock market has been trying to pull itself back up to pre-GFC levels.
At the start of each of the last three years the experts have confidently forecast that the market would make it back to pre-GFC levels by the end of the year. At the start of 2015 they were particularly confident that this year the market would finally make its 'full' recovery. And with the market being up in the 5,800s in January it even seemed possible that the market could make it to 6,800 level by the end of the year.
But here we are in late-August and the market is more than 600 points below where it started the year, and now there are market experts suggesting the market may fall below 5,000 in the next three months.
This suggests that the likelihood of the Australian stock market getting any where near the pre-GFC peak is very close to zero.
I might put this graph in the sidebar and update it from time to time; just to track how the market is going compared to the pre-GFC marker.