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Week in Review


A look back at the week that was.


Market Recap

After a relatively subdued start to the week on Monday bulls sent the Dow rallying 400 points on Tuesday. Shorts covered on the positive reaction to Lehman (LEH) and UBS`s (UBS) announcements. It is important to remember that reaction to news is more important than the news itself, as markets were able to shrug off Friday's miserable jobs report. Amid this week's turbulence, resistance on the SPX remains at 1400 while critical support lies at 1260.

Markets remain fragile given the current conditions of the credit markets, and I feel that this bounce is merely a rally in a bear market. I respect the current action but will remain cautious and use rallies as an opportunity to reduce exposure.

The Four Sisters' Performance

ETF Watch

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Top Headlines

Philip Morris (PM) debuted on the NYSE today after its spin-off from Altria Group (MO). To mark the occasion Philip Morris CEO Louis Camilleri rang the opening bell on the exchange. (3/31)

Treasury Secretary Henry Paulson's plan to remodel the U.S. financial system was circulated over the weekend. In his plan, the Treasury Secretary plans to revamp the regulatory system and streamline bureaucracy. Mr. Paulson will formally present the plan on Monday. (3/31)

Merck (MRK) and Schering-Plough (SGP) shook the Street early on Monday morning as the New England Journal of Medicine published a report recommending that doctors lower their use of cholesterol drugs. (3/31)

The bulls rallied into the first day of the second quarter on Tuesday as the Dow climbed 391 points on the day, while the S&P 500 added 47 points. (4/2)

U.S. payrolls slumped by 80,000 in March as the unemployment rate jumped to 5.1%. This job report marks the largest decline since March of 2003, while the unemployment rate is at its highest rate since September 2005. (4/4)

Earnings Snapshot

Best Buy (BBY) topped earning expectations this week with a 3% drop in Q4 earnings. EPS for the quarter was $1.71 versus $1.55 a year ago due fewer outstanding shares compared to a year ago. (4/2)

Research In Motion (RIMM) share prices received a boost this week after company reported that its Q4 profit had more than doubled from a year ago. The company also reported a very optimistic outlook for the coming quarter. (4/2)

CarMax (KMX) reported a 48% drop in Q4 net income this week. The used car chain expects EPS of 78 cents to 94 cents in 2009. (4/2)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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