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Week in Review


Have a great weekend!

Market Recap

Heading into the weekend, Tuesday's FOMC meeting was in the mind of most investors. However, the markets were struck with adversity as investors also had to digest a partial shutdown at Prudhoe Bay and a foiled terrorist plot linked to al-Qaeda. The S&P500 was unable to follow through the important 1280 level despite the Fed's decision to pause its string of rate hikes. We believe Wednesday's reversal gives more evidence that a retest of the lows on all "Four Sisters" is likely ahead of Labor Day. Transports continue to slide and we view this action as troublesome for the bulls.

Commodity markets ended a volatile week amongst geopolitical tension and supply disruptions in crude. Oil ticked higher on the troubling Prudhoe Bay shutdown, but then sold off as the terrorist plot sparked fear that demand for the Texas tea would be jeopardized based on a possible slowdown in the economy led by the airline industry. The dollar was sharply higher on Thursday mostly in part to short covering and a flight to quality. Gold sold off amid a stronger dollar and profit taking but rebounded Friday after a better than expected retail sales number suggested that inflation is still rearing its ugly head as consumers continue to open their wallets. Retail sales also put pressure on bonds which saw a brief rally earlier in the week on the Fed's decision to leave interest rates unchanged. Next week, investors will focus their attention on the PPI and CPI data to get a better grip on the inflation outlook and its impact on the tape.

ETF Watch

Top Headlines

The Federal Reserve broke its two year string of rate hikes on Tuesday leaving interest rates unchanged on a belief that a cooling economy will dampen inflationary pressure. (Tue 7th)

21 suspects were arrested in a plot to blow up passenger jets heading from the UK to the US. It is believed the suspects have ties to al Qaeda and were very close to execution. (Thurs 10th)

Oil prices jumped when British Petroleum (BP) discovered severe corrosion at the Prudhoe Bay oil field which will cause the pipeline to shutdown. Repairs could last up to several months and will take roughly 400,000 barrels a day off line or 2.6% of our nation's daily supply. (Mon 7th)

The Commerce Department reported a rebound in July retail sales as consumers continue to show resilience in the face of high oil prices and a slowing economy. (Fri 11th)

Apple (AAPL) announced that its restatement of earnings will cause the past quarter's results to be changed "significantly" as it accounts for its stock option expensing. (Fri 11th)

Brazilian mining company Companhia Vale do Rio Doce joined the bidding war over Inco as the mining industry continues on a trend of consolidation. (Fri 11th)

Earnings Snapshot

Retail outlet J.C. Penny (JCP) posted strong second quarter earnings driven by women's apparel and jewelry. (Thurs 10th)

Tech giant Cisco Systems (CSCO) impressed investors with its latest earnings and bullish outlook. (Wed 9th)

Media conglomerate Walt Disney (DIS) easily beat Wall Street estimates as the company continues its stellar performance under new CEO Robert Iger. (Thurs 10th)

Discount retailer Target (TGT) reported a 13% rise in quarterly profit as its credit card operations continue to expand. (Thurs 10th)

American International Group (AIG) reported a 29% dip in quarterly profit, but still beat analysts' expectations. (Wed 9th)

Energy drink maker Hansen Natural (HANS) had its wings clipped when it failed to beat analysts' high expectations. (Mon 7th)

Market Movers: Winners and Sinners

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