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Week in Review


See you on Columbus Day!


Market Recap:

The "Four Sisters" were able to stage an impressive rally this week as the DJIA broke out to new highs. Equities were buoyed by favorable ISM manufacturing data which pointed toward a "goldilocks" scenario for the economy. Investors were further comforted by continued pressure on oil prices and Bernanke's comments on softening inflationary pressure. The rally stalled on Friday as investors digested the tepid September jobs report.

A lot of positive action occurred for the bulls this week as the BKX reached an all-time high, the S&P500 broke the 1350 level, and Transports caught a bid. In contrast to the bond market, it appears that the stock market now believes that the economy is headed for a soft landing.

The "Four Sisters" Performance

ETF Watch

Top Headlines

Consumers opened up the wallet again in September as retail sales were buoyed by lower oil prices, back to school sales, and cooler weather. (Thurs 5th)

Oil rebounded after it briefly dipped below $58 a barrel on concerns over OPEC cutting supply and Nigerian rebel attacks. (Thurs 5th)

Representing the 5th largest leveraged buyout in history, Harrah's Entertainment (HET) received a $15.05 billion offer from two private-equity firms. (Mon 2nd)

The Institute of Supply Management (ISM) index indicated that manufacturing growth cooled in the month of September, but investors were encouraged because it hinted toward a soft economic landing. (Mon 2nd)

Amidst criticism from the fallout of the page sex scandal, House Speaker Dennis Hastert will not resign. This latest scandal could cause the Republicans to lose control over the House. (Thurs 5th)

Pending home sales rose 4.3% in August, the first rise since May as the housing market tries to catch itself. (Mon 2nd)

The Labor Department reported a decline in job growth during September well below analysts' estimates. The decrease was partly offset by an upward revision to job growth in July and August. (Fri 6th).

Earnings Snapshot

The world's largest hotel company Marriott managed to beat analysts' estimates despite flat revenues and a 5.4% dip in quarterly earnings. (Thurs 5th)

Pepsi Bottling Group Inc. (PBG) was able to post a 1% rise in earnings driven by sales of non-carbonated drinks. However, the company offered mixed guidance. (Tue 3rd)

Constellation Brands (STZ) reported an 18% drop in profit attributed to restructuring charges and guided to the lower end of its annual estimates. (Thurs 5th)

Despite reporting higher sales and a 47% rise in quarterly profit, Micron Technology Inc. (MU) missed estimates and shares tumbled. (Thurs 5th)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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