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Week in Review


Have a great weekend Minyans!


Market Recap

The markets rallied this week on soft PPI and CPI data which further gave hope that Big Ben and the gang will continue to tap the brakes on interest rate hikes. Bonds also rallied and the dollar was under pressure for most of the week. The tame inflation data sent gold lower as investors locked in profits. The bears were in complete control of the oil markets as crude was sent to a two-month low triggered by the peace resolution in the Middle East and rising inventories.

The S&P500 was able to follow through the important 1280 level on new leadership including transports, retail, and technology. The rally lost steam around 1300 and this could be the new psychologically important hurdle in the coming weeks for the bulls. Next week all eyes will be focused on existing home sales and durable goods orders as investors continue to digest the economic data ahead of the next FOMC meeting.

Top Headlines

agreed to a cease-fire pact imposed by the United Nations which took effect Monday and ended the month long conflict with Hezbollah gorillas. (Mon 14th)

Dell Inc. (DELL) agreed to recall more than 4 million notebook computers because of battery problems made by Sony Corp. (Tue 15th)

Stocks rallied as the Producer Price Index (PPI) gave hope that the Fed will continue to pause on interest rate hikes. The Consumer Price Index (CPI) also pleased investors as the core rate increased by a less than expected amount of 0.2%. (Tue 15th & Wed 16th)

Merck & Co. (MRK) suffered its first loss in federal court over its controversial drug Vioxx and also had a prior ruling overturned as the company continues to aggressively defend itself in court. (Fri 18th)

Troubled car maker Ford Motor Co. (F) announced a drastic reduction in its 2006 production in a move which will partially shut down some of its plants in North America and during the 4th quarter. (Fri 18th)

Big tobacco did not have to pay any punitive damages in a decade long lawsuit filed by the federal government, but the judge did rule that big tobacco lied to consumers about the health issues surrounding cigarettes. (Fri 18th)

Earnings Snapshot

The world's largest discount retailer Wal-Mart (WMT) reported a drop in quarterly profit attributed to selling its German stores to a rival at a loss. (Tue 15th)

Hewlett-Packard (HPQ) impressed investors with their 3rd quarter results and boosted their outlook on strong printer and notebook sales. (Wed 16th)

Sears Holdings Corp. (SHLD) beat Wall Street estimates driven by better margins and improved performance at domestic Sears stores. (Wed 16th)

Problems for computer maker Dell (DELL) continue as the company reported a 51% decline in 2nd quarter earnings and said regulators were investing its accounting practices. (Thurs 17th)

Retailers American Eagle (AEOS) and Abercrombie & Fitch (ANF) impressed investors as the consumer continues to spend amidst high oil prices. (Tue 15th & Wed 16th)

Home improvement chain Home Depot (HD) reported a rise in quarterly profit but warned about a possible slowdown later in the year. (Tue 15th)

Market Movers: Winners and Sinners

No positions in stocks mentioned.

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