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Week in Review


A look back at the week that was.


Market Recap

The "Four Sisters" were able to shake off weak housing data and higher oil prices, but could not overcome Big Ben's testimony mid week. Bernanke's hawkish comments erased the lift he gave to the markets a week ago by saying the Fed still considers inflation a greater risk than slower growth to the economy. This testimony coupled with stronger than expected economic data later in the week sent bonds lower as the 10-yr yield briefly crossed 4.65%.

Geopolitical tension in the Persian Gulf has oil markets on edge, evidenced by the Texas Tea spiking $5 after hours on a false rumor involving the U.S. confrontation with Iran. Equity markets have been able to digest high oil prices in the past, most notably last summer, but this time around could be more problematic as corporate profit growth continues to dwindle.

On the technical front, we remain skeptical (please see last week's WIR) but if the "Sisters" are able to hold their S-T support levels {DJIA: 12,280; SPX: 1410; NDX: 1760; RUS: 790} selective buying opportunities will arise.

The Four Sisters Performance

ETF Watch

Top Headlines

Crude oil futures extend their gains as investors continued weighing the situation in the Persian gulf between Iran and Britain. (Fri 30)

The 20 year streak on trade policy with China was broken as sanctions against China caused stocks to turn and brought fears of a possible trade war. (Fri 30)

A recent survey of home-owners showed that 34% of them were clueless as to the type of mortgage they held. As a large number of ARM resets are on the horizon, it appears many of the uneducated will suffer. (Mon 26)

The showdown continued as the Democratic majority passed a war-spending bill which President Bush threatened to veto, as his office believes the timeline for troop withdrawal is unrealistic. (Thur 29)

This hurricane season is expected to be a busy one, as the La Niña effect could bring as many as 17 storms. Market Watch's Kevin Kerr gave his thoughts on the impact this season could have on gas and the overall market. (Thur 29)

An audit committee uncovered evidence of misconduct in Dell's (DELL) accounting practices, forcing the computer maker to restate past results. (Fri 30)

A positive revision in GDP growth provided a lift to the markets during Thursday's trading session. (Thur 29)

estifying on Capitol Hill, Bernanke stated the Fed's main concern continues to remain inflation rather than stagnant growth, as he expects the economy to strengthen later in the year. (Wed 28)

Earnings Snapshot

Home builder Lennar (LEN) added to the housing mess by posting a 73% drop in net income and offers a warning the housing market outlook remains gloomy. (Tues 27)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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