Thursday, January 13, 2005

Thursday's Action

Dow Jones industrials fell 112 points because of higher oil prices and a really bleak outlook from GM on Thursday. One Wachovia analyst observed:
You get a little bad news, and there's nobody willing to step up and buy on the dip...It's the same pattern we've seen nearly every day this year. Investors are being very conservative and playing this day-to-day. It's not new to the market that GM's robbing Peter to pay Paul, but it was enough to trigger some sell programs.
In other news, Verizon fell hard as analysts--citing an increasingly oversaturated VoIP market--thought VZ would fall behinds its peers. And Pfizer fell because of advertisisng irregularities. The market has done nothing but taken a beating since the year started and I'm relying strictly on technicals before I go long again.

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