Monday, December 31, 2007

Stocks closing 2007 on a down note

Stocks pulled back on the last day of 2007. Volume is light but decliners outnumber advancers 2-1. A lot of NYSE stocks are hitting new lows:

new highs 24
new lows 223

On the new lows list look for: Citigroup (C), Washington Mutual (WM), Macy's (M), Ann Taylor (ANN), etc. Banking & retail remains very weak.

The Dow had a great first half, but after reaching new highs early in the second half of 2007 flattened. For much of the last 6 months it has been kicking around the mid 13s, going nowhere. It probably will continue this pattern (at best) into 2008.

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