Dow fell 153 to 11,740. The losers lead advancers better than 5-1 & NAZ was down 43. Last week, an analyst from Asia said 1270 was an important resistant level for S&P 500. It closed at 1273, can you spell uh-oh? The Alerian MLP index (on the right side of this page) fell to 281, another new low for it. Meanwhile the Treasury bond rallied, reducing its yield to 3.44%. When stock are sold, money goes into bonds.
Negative news keeps coming. Thornburg Mortgage (TMA) is at 1 (not down 1 but at 1). It looks like billions more will have to be written off the books of it's lenders. The head of OPEC gave a gloomy outlook for oil prices as oil reached 108. Texas Instruments (TXN), up 35¢, reduced forecast for Q1. Bear Stearns (BSC), down 7.58, dropped as Moody's downgraded BSC securities backed by Alt-A mortgages (home loans given to people lacking proof of income or with minor credit problems). During the financial crunch in the summer, there were all kinds of worries about BSC & its survival. BSC survived but the stock is almost 40 points lower.
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