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Week in Review: May 16, 2008 Kevin A. Tuttle May 16, 2008 5:30 pm |
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Market Recap
The SPX was able to surpass the important 1405 level this week led by select technology, commodity-driven names, and transports. The SPX ran into overhead resistance at the 1425 level which corresponds to converging horizontal and upward sloping resistance. I feel this rally is now getting “heavy” and investors need to exercise discipline. The financial complex needs to improve in order for market sentiment to improve.
I mentioned a few weeks back that the commodity sell-off would be short-lived. Given the rally we've seen in oil and the precious metals, I continue to feel that pullbacks should be bought.
The Four Sisters Performance
ETF Watch
Click to enlarge
Top Headlines
- Dow component Hewlett-Packard (HPQ) agreed to buy Electronic Data Systems (EDS) for $13.9 billion dollars. (5/13)
- Billionaire investor Carl Icahn is taking an activist stake in Yahoo (YHOO) saying the company acted irrationally in rejecting Microsoft’s (MSFT) $33/share offer. (5/16)
- Wednesday’s government report showed a slight rise in consumer prices for the month of April, a sign of stabilization after sharp gains earlier in the year. (5/14)
- General Electric (GE) announced its intentions to exit the appliance business. (5/16)
- Oil prices continue to climb despite Saudi attempt to boost production by 300,000 barrels per day. Prices are expected to rise at the pump soon. (5/16)
Earnings Snapshot
- The world’s largest manufacturer of farm machinery, Deere (DE), reported a jump in quarterly profit, but warned of cost pressures in coming quarters. (5/14)
- Canadian Solar (CSIQ) jumped over 20% as the Chinese solar cell maker doubled Wall Street’s expectations and raised guidance. (5/13)
- Research in Motion (RIMM) will launch its answer to Apple’s (AAPL) i-Phone in the third quarter of this year. The new handset is named the Thunder. (5/15)
Market Movers: Winners & Sinners
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