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Week in Review

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See you next week!

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Market Recap

The markets had a lot of economic data to digest this week as well as geopolitical issues which created a volatile marketplace. The military coup in Thailand forced a flight to quality sending yields south as emerging markets were under pressure. After a stellar earnings report from tech bellwether Oracle (ORCL) coupled with oil hitting a 6 month low on strong inventory levels, markets rallied behind select retail, broker/dealers, and technology to critical inflection points on all "Four Sisters." The S&P500 hit multi year highs, but the rally stalled despite Big Ben's decision to leave interest rates unchanged.

Indices retreated backwards to short-term support after the Philly Fed Survey spooked investors over recessionary fears. Bonds rallied on the news as more evidence is mounting that the economy could be in for a "hard landing." All eyes will be on the GDP report next week and Oct. 2's manufacturing report to see how the tape will respond.

The "Four Sisters" Performance



ETF Watch



Top Headlines

In an unfortunate fall out affecting investment and pension funds, hedge fund Amaranth Advisors reported a $6 billion dollar loss, or roughly 65% of the funds assets, for the month of September betting on natural gas prices. (Thurs 21st)

For the second straight month, the Federal Reserve decided to leave interest rates unchanged at 5.25% as the economy continues to moderate. (Thurs 21st)

The National Association of Homebuilders (NAHB) reported a sharp drop in the Housing Market Index sending the index to a 15-year low as concerns continue to mount over a "hard" landing in the housing market. (Tue 19th)

The world's largest discount retailer Wal-Mart (WMT) announced its plans to start selling a wide variety of generic prescription drugs at steep discounts. (Thurs 21st)

Yahoo (YHOO) warned that slower advertising growth from autos and financial services will depress earnings. (Tue 19th)

Thailand's prime minister was ousted from his position after a military coup vowed finally to bring democracy to the region. Thailand's tourist industry will inevitably suffer. (Thurs 21st)

The nation's trade deficit spiked 2.4% to its second highest level during the second quarter as foreign oil prices rose and foreign investment in the U.S. declined. (Mon 18th)

Earnings Snapshot

Software company Oracle (ORCL) reported stellar quarterly results easily beating analysts' expectations. (Tue 19th)

Shares of investment bank Morgan Stanley reached a five year high after reporting better-than-expected profits. (Wed 20th)

FedEx (FDX) reported strong demand for ground and international express shipments, but forecasted "moderate" growth ahead. (Thurs 21st)

Electronics retailer Circuit City (CC) reported a stellar quarter and raised guidance, but questions remain about future margins. (Wed 20th)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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