Stocks are having another pullback. Dow is down 71, decliners ahead of advancers 3-2 & NAZ down 21. No special news, just a feeling of a weak economy so buyers have started on a long weekend. The Alerian MLP index has slipped back to 290, the low end of it's trading range for the last 8 months. The market is looking for reasons to go up but can't find them & the MLP index suggests more declines are ahead..
Weak manufacturing numbers just released are convincing a lot that the economy is already in a recession. I heard an analyst this morning saying that he's looking for a further pullback of 5-10% in the markets which would set up a buying opportunity.
Intuit (INTU) is down 3.62 on weak earnings announced last night. Today's corrected AP story tells of another significant company lowering it's goals for 2008. Not good.
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