Yesterday, the wind come out of Wall Street’s sails.

After gaining nearly 670 points in little over a week, the Dow slumped more than 280 points. Financial stocks made up five of the six biggest decliners. Citigroup (C) dropped nearly 10 percent. American International Group (AIG), Bank of America (BAC), American Express (AXP) and JPMorgan Chase (JPM) all fell more than 6 percent.

This comes as little surprise to Taipan Daily editor Justice Litle. He says the latest rally in financial had no substance – except another shorting opportunity when the time is right. Wachovia (WB) is a case in point, says Justice… 

Brian Hunt brings you the New Highs and Lows of note last week.

New Home Sales Plummet; Mexico Staves off U.S. Slowdown; Monsanto Reaps Big Rewards; MasterCard Pays AmEx $1.8 Billion; Buffett Concerned About Stagflation; Reduced Damages for Exxon; Nike Strong in Asia; More Cuts for Penney’s.

“The rise in consumer credit delinquencies is consistent with a rapidly slowing economy. Stress in the housing market still dominates the story, but it’s a broader tale.” James Chessen, ABA Chief Economist.

Pop quiz: Over the past six months, one sector of the market has seen more insider buying than any other. Can you name it? If you think it’s technology, you’d be wrong. Yes, the sector has enjoyed a resurgence in recent months, but not enough to whip up a heavy enough wave of insider buying as the sector I’m talking about.

American Express Scoops GE’s Corporate Payment Services; Sharp Sheds Light on New Solar Plant; Fed to Investigate Countrywide Takeover; Lennar Falls Into Disrepair; Williams-Sonoma Lowers 2008 Guidance; MF Global Frees Up Capital; Oracle Earnings Disappoint; Google Slumps on Less Paid Clicks