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Week in Review: May 16, 2008

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A look back at the week that was.

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Market Recap

The SPX was able to surpass the important 1405 level this week led by select technology, commodity-driven names, and transports. The SPX ran into overhead resistance at the 1425 level which corresponds to converging horizontal and upward sloping resistance. I feel this rally is now getting "heavy" and investors need to exercise discipline. The financial complex needs to improve in order for market sentiment to improve.

I mentioned a few weeks back that the commodity sell-off would be short-lived. Given the rally we've seen in oil and the precious metals, I continue to feel that pullbacks should be bought.

The Four Sisters Performance



ETF Watch


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Top Headlines

  • Dow component Hewlett-Packard (HPQ) agreed to buy Electronic Data Systems (EDS) for $13.9 billion dollars. (5/13)

  • Billionaire investor Carl Icahn is taking an activist stake in Yahoo (YHOO) saying the company acted irrationally in rejecting Microsoft's (MSFT) $33/share offer. (5/16)

  • Wednesday's government report showed a slight rise in consumer prices for the month of April, a sign of stabilization after sharp gains earlier in the year. (5/14)

  • General Electric (GE) announced its intentions to exit the appliance business. (5/16)

  • Oil prices continue to climb despite Saudi attempt to boost production by 300,000 barrels per day. Prices are expected to rise at the pump soon. (5/16)


Earnings Snapshot

  • The world's largest manufacturer of farm machinery, Deere (DE), reported a jump in quarterly profit, but warned of cost pressures in coming quarters. (5/14)

  • Canadian Solar (CSIQ) jumped over 20% as the Chinese solar cell maker doubled Wall Street's expectations and raised guidance. (5/13)

  • Research in Motion (RIMM) will launch its answer to Apple's (AAPL) i-Phone in the third quarter of this year. The new handset is named the Thunder. (5/15)


Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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