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Week in Review


See you on...Tuesday


Market Recap

Wall Street enjoyed a modest rally ahead of the long holiday weekend buoyed by lower oil prices and tame economic data. Oil prices dipped to their lowest levels in 5 months after Tropical Storm Ernesto failed to enter the Gulf of Mexico, but found its footing after tensions with Iran over its uranium enrichment continue to persist. Despite the sell-off in crude, the long-term uptrend remains in tact and will be an important element to monitor as we enter the latter part of the year.

Tuesday's release of the FOMC minutes complimented Wednesday's dovish GDP report which sent stocks and bonds higher reaffirming the belief that the Fed will continue to pause rate hikes as they digest the economic data in the coming months.

This week's action could be a preview of what to expect when volume picks up after Labor Day. As mentioned in last week's 'Jo, probabilities lie in favor of the large caps (DJIA and S&P500) making a move higher, but the NDX and Russell still remain underwater from their springtime highs. It remains to be seen if the Bulls can take full control of the "Four Sisters" amidst a "sick" housing market, waning consumer confidence, and a negative personal savings rate.

The "Four Sisters" Performance

ETF Watch

Top Headlines

Gross Domestic Product (GDP) for the second quarter was revised upward to 2.9%, but still was slightly lower than the expected. (Wed 30th)

As expected, Iran defiantly ignored United Nation sanctions to suspend its nuclear program and now may face economic sanctions. (Fri 1st)

Canadian based Goldcorp Inc. (GG) agreed to purchase based Glamis Gold Ltd. (GLG) for roughly $8.6 billion in stock which will make the combined company the world's third largest gold producer. (Thurs 31st)

Western Refining (WNR) will buy Giant Industries (GI) for $1.23 billion in cash creating the fourth largest publicly traded refiner in the United States. (Mon 28th)

Consumer Confidence Index for the month of August dipped to its lowest level in a year raising concerns about the U.S. economy. (Tue 29th)

Wholesale retailer Costco (COST) issued a profit warning attributing the shortfall to margin pressures. (Wed 30th)

Payrolls for the month of August gave a lift to stocks early on Friday as job growth was higher than expected but did not spark inflation fears. (Fri 1st)

Personal spending for the month of July increased by the most since January and outpaced wage growth. Core prices excluding food and energy increased by a modest 0.1%. (Thurs 31st)

The Commerce Department reported that construction spending dipped in July by the largest amount in five years led by a decline in private residential construction. (Fri 1st)

Earnings Snapshot

JDS Uniphase Corp. (JDSU) reported a better than expected fourth quarter but lowered its revenue forecast for next quarter. (Wed 30th)

Jewelry retailer Tiffany & Co. (TIF) failed to impress investors with its outlook as it expects earnings to remain flat for the third quarter. (Thurs 31st)

H.J. Heinz Co. (HNZ) beat Wall Street expectations driven by higher sales growth and cost cuts. (Thurs 31st)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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