Wednesday, January 2, 2008

Worst opening day since 1983

Today was the worst opening day since 1983. Dow dropped 220 & NAZ was down 43, although decliners were ahead of advancers "only" 3-2, not so bad. The big news was oil touched $100, but pulled back a little in the afternoon. The manufacturing index falling back to 47.7%, down 3 points probably hurt more, saying the economy has problems. Banks led the way down. NYSE had 243 new lows, however 59 reached new highs. The MLPs were up slighty as pipeline businesses are looking good with more cold weather. Dow is just above 13K. It's held that level pretty well in the recent past, this time should put it to the test again. Prepare for a rocky road ahead!

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