Stocks decline on mixed economic data

Stocks down after mixed economic news. Dow was down 70, decliners ahead of advancers better than 3-1 while NAZ pulled back 23. Wholesale prices spiked up 3.2% & there was more uncertainty about plans to ease tightness in the credit markets. However retail sales were up 1.2%, the largest gain in 6 months. Worries about price increases may give the FED thoughts about being careful when lowering interest rates. Plus the plan by the FED & other central European banks to combat what they describe as elevated pressures in the credit markets is causing a lot to scratch their heads, i.e. more uncertainty.

Dow	13,403.50	-70.40	-0.52%

Financials continue on their bumpy road. Washington Mutual (WM), Citigroup (C), Countrywide (CFC), Bank of America (BAC), JP Morgan Chase, (JPM), Wells Fargo (WFC), Wachovia (WB) are all selling off today. Countrywide, the nation's largest mortgage lender, has a ton of problems. Today the Attorney General in Ill. announced an investigation into their lending practices. Their stock is back below 10, yielding 6% assuming the dividend continues.

Meanwhile oil pulled back to 93, still quite high. The long Treasury bond yield is up to 4.14% (bonds are being sold). It looks like the next 2 weeks will be bumpy for stocks if not down & I have a feeling Jan will not give us the traditional rally many expect.