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Week in Review

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A look back at the week that was...

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Market Recap

As mentioned in last week's WIR, volatility continued to be the theme this week as market participants attempted to discount earnings and economic data. With the 10-year treasury yield now over the 4.85 neckline, inflationary concerns have resurfaced with the focus back on possible interest rate hikes.

As anticipated, earnings growth has moderated so far but the health of the corporate sector continues to remain very strong. Despite fairly good numbers, the markets seem to be more interest rate driven and it will be important to watch the following levels for a break of this upward trend: DJIA – 12,340; SPX – 1405; NDX – 1745; and RUS – 768.

With inflation fears buzzing around Wall Street after today's durable good orders and new home sales results, attention could turn back to precious metals. If gold can follow through the important $655 mark, then probabilities lie in favor of the "yellow fellow" attempting to take out its old high of $720 from late spring.

A lifelong friend of mine works with the mother of one of the daughters from this notice and asked if I could post it. Have a great weekend…I will see you back here next week.

The Four Sisters Performance



ETF Watch



Top Headlines

In his annual State of the Union speech to the U.S. Congress, President Bush outlined his desire to promote alternative energy sources, reform healthcare, and rewrite immigration laws. (Tue 23rd)

Durable good orders for the month of December rose by a healthy 3% behind strong demand for cars and trucks. (Fri 26th)

2006 will be a year the housing industry would like to forget as sales slid by the largest amount in 16 years. However, better times could be ahead after new home sales increased in both November and December. (Fri 26th)

Earnings Recap

Ford Motor Company (F) reported its greatest loss ever in 2006, but investors were pleased with its recovery plan. (Thurs 25th)

Technology pioneer Microsoft (MSFT) reported a jump in revenue for its fiscal quarter, but the delay of their new operating system Windows Vista hurt the bottom line. (Thurs 25th)

Banking giants Bank of America (BAC) and Wachovia Corp. (WB) reported better than expected quarters fueled by acquisitions and fee growth despite an unfavorable interest rate environment. (Tue 23rd)

Healthcare leader Johnson & Johnson (JNJ) reported a modest 3.5% rise in profit but shares slipped over concerns of its drug coated stents and slowing sales of prescription drugs. (Tue 23rd)

Construction equipment maker Caterpillar (CAT) reported a 4% rise in profit as it gave a favorable outlook for the rest of the decade. (Fri 26th)

Shares of beaten down technology companies Sun Microsystems (SUNW) and Yahoo (YHOO) came to life this week after better than expected earnings reports. (Wed 24th)

Drug maker Pfizer (PFE) was unable to beat revenue estimates for the quarter as the company continues to restructure its operations. (Mon 22nd)

Market Movers: Winners and Sinners

No positions in stocks mentioned.

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