Wednesday, December 26, 2007

Little movement in stocks, but plenty of retail worries

Stocks hardly moved in very light trading, many investors & traders were away on holiday. Dow was essentially even with advancers equaling decliners, but NAZ was up 10. Tech looked good today. Target (TGT) & Macy's (M) declined by more than 1 each. Retail sales were not strong & margins look to be weak, investors worry final numbers may not be pretty. The next 3 days should feature light volume. Junk bond funds & REIT's pulled back while MLPs were up (less affected by tax loss selling). At least tax loss selling should be over although year end portfolio adjustments (i.e. selling) is an unknown always out there.

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