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Week in Review


Looking back at the week that was...


Market Recap

The "Four Sisters" were able to stop the bleeding this week after selling continued from last week into Monday. Global markets stabilized as liquidity concerns were comforted as the yen fell against all its major counterparts. However, it is important to realize, the technical deterioration in the marketplace which has transpired recently will take some time to repair. With that said, we feel days such as Tuesday, which saw the eldest sister, the DJIA, post a 150 point gain was mostly attributed to short covering and consequently lacked any sustained momentum.

As the market continues to search for direction, it is important to continually monitor the current short term support and resistance levels outlined in this week's Morning Cup of 'Jo. Given last week's horrendous action, this week's afternoon sell-offs, and the sub-prime market's woes, probabilities lie in favor of the "Four Sisters" retesting their lows set earlier in the week.

Four Sisters Performance

ETF Watch

Top Headlines

Mixed economic data lead to mixed sentiment in the current economic outlook. The Federal Reserve's Beige Book, released Wednesday, confirmed this market sentiment, as it noted economic slow-down in one third of the (Wed 07)

Concerns mounted in the credit arena, due to data such as bankruptcy rate and market interpretations of the sub prime sector. (Thur 08)

New Century (NEW) is no longer accepting loan applications. The sub prime lender is one of several lenders taking a hit due to less stringent lending standards. (Fri 09)

Some believed a rate cut was in the making as manufacturing data combined with other economic conditions showed signs of an impending recession. (Tues 06)

The European Central Bank (ECB) hiked its interest rate to 3.75% in an unanimous decision despite the fact inflation pressures are under its target rate. The decision was based on the growing wage demands, notably in . (Thur 08)

The Dollar took back lost ground against the yen this week, spurring a comeback for the carry-trade. (Fri 09)

Recent job growth lost pace in February, but many thought it could have been worse. (Fri 09)

Stocks ended the week on a less than impressive note as expectations of a rate reduction diminished on February's job report. (Fri 09)

Earnings Snapshot

Big Lots (BIG) shares gained 20% in Friday's open as 4Q profits for the discount retailer exceeded expectations in a quarter where most retailers suffered. (Fri 09)

Costco profit dropped 16% and sent shares to a whopping 3% loss Friday. This and other retailers' recent weakness spread concerns of a possible economic recession. (Fri 09)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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