Wall Street Return Slipping

Stocks on Wall Street slipped back, for three consecutive days. It was at once a marker that the stock index on Wall Street is not likely to rise sharply through the highest point towards the end of 2010.
Investors began to consolidate after Wall Street has increased to 11% so far this 2010 trade.
"There are signs the market makes its highest point at the current level and people started profit taking," said King Lip, chief investment officer of Baker Avenue Asset Management, was quoted as saying by Reuters on Thursday (12/16/2010).
"Due to low trading volume, I think this is temporary, and the rally may still have room to continue," he added.
In trading Wednesday (15/12/2010), the Dow Jones Industrial Average (DJIA) closed down 19.07 points (0.17%) to the level 11457.47. The broader Standard & Poor's 500 index also fell 6.36 points (0.51%) to a level of 1235.23 and the Nasdaq fell 10.50 points (0.40%) to a level of 2617.22.
In early trading, the Dow Jones had time to penetrate its highest point in 52 last week with the highest intraday position at 11519.04.
But then came the negative sentiment from Moody's warning about the possibility of Spain's debt ratings. The warning was immediately brought back the fears of investors about the debt crisis in the European region.
Judy Moses, portfolio manager of Evercore Wealth Management said, seasonal issues will affect the broker until the end of this year.
"The manager did not want to show a high cash balance sheet after a strong rise this year, but at this point, they also want to lock the gain," he said.
Trade still is not too big with the transaction on the New York Stock Exchange amounted to only 7.82 billion shares, below the average this year of 8.62 billion shares.