Dow Losses Mirror 1988's January Start

1237 ET 14Jan2009-Dow losses mirror 1988's January start -- CitiFX ------------------------------------------------------------------------------

 The losses of the Dow Jones industrial average so far this year are tracking close to the start of 1988, according to technicians at CitiFx.

 They noted that following the recovery off the 1987 low, the Dow rallied through year-end to peak at 2,066.15 on the 5th Jan. 1988. It then corrected to 1,850.96 over 12 trading days (-10.4 percent)

 The peak so far on the rally off the November 2008 low was posted on Jan 6 at 9087.82. The market has since been falling for 6 trading days. "A similar drop of 10.4 percent off the 9087.82 high gives a level of 8,140.87. The low today (so far) has been 8142.16," CitiFX said in a note.

 Reuters Messaging: ellis.mnyandu.reuters.com@reuters.net 1139 ET 14Jan2009-Widespread selling among broader marke