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Week in Review

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See you on Monday!

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Market Recap

It's been another week of the "Four Sisters" doing the tango with still no resolution of their respective short term support and resistance lines. The technical picture has been nothing more than whipsaws and probably won't be resolved until the Fed meeting next Thursday. The only thing we haven't seen (during this week) is a retest of the Sisters' lows set on 6/14. If this occurs, holds and turns northbound, it would increase the probability, at least from a technical perspective, we may enter a summer rally. If the markets break the 6/14 lows, all bets are off for the bulls as this would indicate the 3-year trend has been broken.

Currently fed funds futures are indicating a 100% probability that "Helicopter Ben" and his flight crew will raise rates 25 basis points at the next meeting, which is baked into the cake. Now the market has turned its attention to the August meeting and will continue to trade off economic and earnings data.



Top Headlines

Telecommunications companies Nokia (NOK) and Siemens (SI) announced that they will merge their mobile-network operations in an effort to compete with industry leader Ericsson AB. The joint venture will generate revenues of approximately $20 billion. (Mon 19th)

Swedish-based Nestle AG announced its intention to purchase weight-loss company Jenny Craig Inc. for $600 million in a strategic effort to transform Nestle into a health and wellness company. (Mon 19th)

The Commerce Department reported that housing construction increased by a better than expected 5% in the month of May after three straight monthly declines. However, many analysts believe that construction activity will continue to slow as the number of building permits dipped by 2.1% in May. (Tue 20th)

McDonald's Corp. (MCD) has announced an alliance with China Petroleum and Chemical Corp that will allow McDonald's to capitalize on Chinese car ownership by converting China Petroleum's Sinopec gas stations to drive-through outlets. (Mon 19th)

British Airways (BAB) is being investigated by British and U.S. agencies on allegations over price-fixing on passenger fares and fuel surcharges. (Thurs 22nd)

Jobless claims climbed by the largest amount in 5 weeks and leading indicators for the month of May fell in line with expectations both signaling that the economy is beginning to slow. (Thurs 22nd)

Morgan Stanley (MS), the nation's second largest securities firm, more than doubled its second quarter income on record revenue fueled by merger and acquisition activity, trading results, and stronger underwriting. (Wed 21st)

Federal Express (FDX) said they remain optimistic about the health of the global economy after reporting a 27% rise in 4th quarter income that easily beat Wall Street's expectations. (Wed 21st)

Anadarko Petroleum Corp (APC) agreed to pay $21 billion in cash for Kerr McGee (KMG) and Western Gas Resources representing roughly a 40%-50% premium over the previous night's close. (Fri 23rd)

Durable goods orders fell 0.3% in May vs. expectations for a +0.4% figure declining for the second month in a row according to the Commerce Department. (Fri 23rd)

Seven individuals were arrested in Miami as part of a terrorism plot that included a potential attack on the Sears Tower in Chicago (Fri 23rd)

According to a New York Times report, regulators are investigating $7 billion hedge fund Pequot Capital Management for possible insider trading violations involving 18 specific instances. The investigation has not resulted in any charges as of yet and Pequot denies any wrongdoing in the matter. (Fri 23rd)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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