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Week in Review

By

Rounding out the week that was...

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Market Recap

The "Four Sisters" staged an impressive rally this week on the heels of encouraging words from the Fed and mild inflationary readings. The DJIA, Russell, and S&P 500 were able to break out topside of their respective resistance levels which were highlighted in this week's Morning Cup of Jo. The NDX was able to regain its 20 day moving average, but unable to overcome the last two weeks of distribution.

Bonds also rallied this week as the shorts scrambled to cover themselves after the FOMC left interest rates unchanged and inflation readings were benign. However, given this week's strong economic data, it now appears the soft landing scenario is unfolding and it will be important to monitor inflation readings if and when the economy picks up more momentum.

In closing, I also would like to draw attention to the Transports. The DJT has now crossed its previous closing high of 4998.85. With minimal economic data next week, earnings season winding down, and the Fed out of the picture for awhile, the Bulls have many reasons to cheer as the path of least resistance continues to remain upward.

The Four Sisters Performance



ETF Watch



Top Headlines

The Job Report released Friday showed the unemployment rate increasing to 4.6% in January, as employers are reserved about a possible economic slow-down. The report coincides with projections that job growth would decline in '07. (Fri 2nd)

Bernake and the FOMC committee decided to leave the fed funds rate at 5.25%, as the economy is expected to sustain steady growth as inflationary concerns continue to moderate. (Wed 31st)

In the midst of Iranians attacking Americans on Iraqi soil, Defense Secretary Robert Gates said the is not planning any retaliation toward Iran. (Fri 2nd)

Chinese Stock Market suffers as its banks threaten to tighten money supply as markets may be overvalued. (Thurs 1st)

Earnings Report

Investors react well after Boeing (BA) announced 4Q earnings more than doubled since last year. (Weds 31st)

UPS (UPS) shares fall after the company warns about future earnings growth. (Tues 30th)

Despite higher revenues, Merck's (MRK) shares hit hard Tuesday after earnings missed analyst expectations over higher restructuring and litigation expenses. (Tues 30th)

Altria (MO) posted a 29.3% spike in quarterly profit fueled by acquisitions and a Kraft spin-off. (Wed 31st)

Google (GOOG) falls back as earnings fail to meet the markets' lofty earnings expectations. ( Thurs 1st)

Investors were impressed by Starbucks (SBUX) as shares rose despite slightly higher operating expenses. (Thurs 1st)

Lower oil prices cut into Exxon Mobil's (XOM) bottom line, but the oil giant pulls through reporting record profits for 2006. (Thurs 1st)

Market Movers: Winners and Sinners

No positions in stocks mentioned.

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