(as of 7:15 AM PST)
Strong housing data and positive earnings reports were not enough to maintain momentum this morning with stocks opening down moderately. One gets a feeling that markets are just plain tired after the strong run-up of the last few weeks. There could be some consolidation at this level while the market looks for a catalyst to keep the Santa Claus rally rolling. Both oil and gold are down slightly and the US dollar is mixed against other world currencies. Nice profit reports from two of our key holdings, Target and Staples, have our accounts bucking today's negative trend. Overall, however, it looks like profit taking is the order of the day.
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