Stocks higher in light trading

Dow rose 31, advancers 25% ahead of decliners while NAZ was down 3, all in light trading. Other indices I follow are little changed, although Lehman High Yield Bond ETF (JNK) retreated 2% after its recent run-up. Dow has pretty much been trading in a sideways band near 8½K this month, some call that "base building." Note volume trailing off in the last few days.


Dow Jones Industrials --- 1 month




Oil is up a few pennies, again in holiday kind of trading

It looks like consumers spent 20% less in holiday spending, making this probably the worst holiday season in 40 years. Now retailers head for post holiday business which traditionally brings lower sales levels.

•Holiday Sales Tumble as U.S. Consumers Scale Back on Jewelry, Electronics


The finance arm, GMAC, of General Motors (GM), still a Dow stock, won approval to be considered a bank enabling it to qualify for federal aid. GM was up 44¢ (over 10%) on the "good" news.

•GMAC May Get as Much as $6.3 Billion From U.S. Bank Approval, Analyst Says

Today should be a good time to look for bargains in stores which will help retailers.