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Week in Review


See you Monday Minyans!


Market Recap

The "Four Sisters" began the week holding their collective breath before the FOMC announcement to leave interest rates unchanged for the 4th straight meeting. After positive retail sales figures and solid earnings from the investment banking sector, the S&P 500 was able to set a six-year high as volume picked up on all "Four Sisters." The rallied continued on Friday after a benign inflation report. In the near term, the momentum is on the Bull's side as we close the books on 2006, but it's important to realize how far and how fast we have come.

The bond market had a lot of news to digest this week starting with the FOMC's decision to leave interest rates unchanged and gave no indication of a possible rate hike. Friday's soft inflation report left traders scrambling to cover short positions, but bonds sold off later in the day. The strong economic reports gave much needed relief to the greenback as the precious metals sold off quite sharply.

The Four Sisters Performance

ETF Watch

Top Headlines

Consumer inflation was unchanged for the month of November as lower energy costs continue to moderate prices. (Fri 15th)

The Federal Reserve decided to leave interest rates unchanged for the 4th consecutive meeting. Outside of the housing market, the Fed stated the economy is expanding at a moderate pace. (Tue 12th)

Steel stocks were under pressure early in the week after Steelmaker Nucor Corp. (NUE) warned investors that its 4th quarter profit will fall below analysts' expectations. Nucor expects lower spot market prices for steel and higher scrap metal costs. (Tue 12th)

Oil prices caught a bid Thursday after OPEC announced it will cut its production by 2% starting in February. (Thurs 14th)

The decline in energy prices helped the trade deficit for the month of October to fall by the largest amount in 5 years, to a level not seen since August 2005. (Tue 12th)

The greenback found some support after a strong than expected US retail sales report for the month of November. (Wed 13th)

Earnings Snapshot

Notable investment bank Goldman Sachs (GS) reported its best earnings to date behind healthy takeover activity and a strong stock market. Other Wall Street banks had impressive quarters such as Lehman Brothers (LEH) and Bear Stearns (BSC). (Tue 12th & Thurs 14th)

Electronic retailer Best Buy (BBY) failed to meet earnings estimates as margins were squeezed by fierce pricing pressure from competitors. (Tue 12th)

Adobe Systems (ADBE) impressed the Street with a 16% increase in quarterly profit fueled by strong sales of its newest version of Acrobat. (Thurs 14th)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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