Market this Friday 11/9

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Wall Street continues sliding after Wachovia Corp. warned it will take quarterly loan losses due to its debt portfolio, raising investor concerns that the credit slump shows no sign of abating.

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financial sector is under pressure after Wachovia (WB) announced that its CDOs dropped in value by $1.1 billion and that it increased provisions for loan losses in the fourth quarter by $500 million. There were also rumors that London based Barclays (BCS) is getting ready to announce a write-down of as much as $10 billion. Barclays however, has denied rumors.

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- The preliminary University of Michigan Consumer Sentiment Index slipped to 75.0, its lowest level since October of 2005. Economists expected a reading of 80.

- The Commerce Dept. reports that the U.S. trade deficit narrowed in September to $56.5 billion, from a revised reading of $56.8 billion in August. Economists expected a deficit of $58.5 billion.

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Similar negatives as the previous session with credit issues/write downs (WB, BCS) and a disappointing outlook in technology (QCOM) weighing.....The avrgs slipped under yesterday's lows but have cut the losses in recent action after the late morning dip developed no follow through as supports held firm.....Naz held at the 50% retracement of the Aug-Oct rally at 2624 (session low 2624), the Dow held at its Sep low/70.7% retracement at 13021/13010 (session low 13017) while the S&P 500 stabilized near the 62% retracement at 1449 (session low 1448.51).

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Well, breadth continues to remain the decliner's trophy at this point with Dow -151 Points, Naz -51.20