Weekly Market Overview - 1/4/2008

All the major US indices were negative. For the week the Dow Jones Industrial Average dropped 464.64 points, or 3.50%. The Standard Poor's 500 Index dropped 56.73 points, or 3.86%, while the Nasdaq Composite dropped 147.63 points, or 5.57%. The Utilities sector was the strongest sector last week followed by the Health Care sector. The Technology sector was the worst performing sector of the week followed by the Consumer Discretionary sector. For the four weeks in a row the Basic Materials sector is the most overvalued sector followed by Conglomerates while Industrial Metals/Mineral, Major Integrated Oil/Gas, and Independent Oil Gas are among the most overvalued industries. The Financial sector was the most oversold sector for two consecutive weeks followed by Health Care, while Regional-Pacific Banks, REIT - Diversified, and REIT - Hotel/Motel were among the most oversold industries.

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