Markets down for 6th straight day!

Stocks are down again although they bounced back from the opening when Dow was down 300. Now Dow is down 190, decliners are ahead of advancers 3-2 & NAZ is getting hit hard, down 62. Lower interest rates are bringing buyers into financials but the rest of the market is weak. On the good side, Pfizer (PFE), up 20 cents, reported favorable earnings & an improved outlook for 2008. However, Motorola (MOT), & Apple (AAPL) are getting most of the attention. MOT gave a very gloomy forecast while AAPL gave a very bearish outlook with a forecast much worse than analysts had predicted. Each one is down almost 20% adding fuel to the argument that we are already in a recession.

While banks & REITs are doing well, MLPs continue to pull back to new 52 week lows.


These are a favorite of mine but have fallen on hard times related to recession worries. This is the 6th straight day of declining markets (down 1000 in just 6 days) & the worst start for a new year in history. Unfortunately fundamental conditions are not changing, more bleeding is expected.