Thursday, December 20, 2007

Another day of sideways trading

Another sideways day, not a lot happening in the averages. Individual stories were interesting. Research in Motion (RIMM, the maker of the BlackBerry)) reported 3rd quarter profits more than doubled, up 5. Master Limited Partnerships (MLPs) Alerian index was down 2 , on it's low for the last five months. They're testing! Banks were weak for the usual reasons. Bank of America (BAC) is hovering just below it's critical 42 level. Testing again! Countrywide is under 9, same reasons there. Interesting fallout from the bad loan mess at banks, SunTrust (STI) sold about 10% of it's almost 50MM Coca Cola shares, it's held for almost 90 years, to protect investors of 2 of it's funds. Coke was down 57¢ & SunTrust was down $2.40. Ugh!! Year end is approaching but with uncertainty about loans, the economy, inflation, the FED, etc. being so high, I think this market will continue in Jan.

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