SHORT TERM: stocks mostly lower in light trading.
The market opened mixed this morning as the light volume continued in this holiday week. Within the first few minutes, the DOW made a marginal new high, as most of the indices made their highs for the day. The rest of the day was a gradual slide to the downside. At the close the major indices were about 0.33% lower, but closed higher for the week. As we wrap up 2006, it was a good year for stocks, especially the cyclicals. The DOW rose nearly 17% and the SPX 14%. The growth sector lagged as the NAZ rose 10%, and the NDX was up only 7%. I am fairly certain, this is the first year since the bear market that the cyclicals have outperformed the growth sector. Nevertheless, 2006 was a good year to be bullish, as several stock indices made all time new highs both here and abroad. 2007 should offer even better opportunities. Enjoy your New Year festivities, as I wish all of you a Healthy and Properous New Year! Thank you for making 2006 a fun year.