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Week in Review


A look back at the week that was...


Market Recap

It was a rollercoaster ride on Wall Street as investors digested another round of sub prime worries as these loans continue to hit investment banks, most notably Bear Stearns (BSC). Wednesday's plunge sent the "Four Sisters" into a free fall, but the Bulls were comforted when the SPX reversed at its 50day moving average. Despite Thursday strong reversal day and Blackstone's (BX) IPO, the Sisters found themselves under pressure again Friday as additional negative news from the sub prime sector hit trader's desks.

During these volatile times, it is important to have short term levels of interest to monitor. Given the SPX's recent action, short term support for the SPX is its 50dma of 1506. A breach of this level would increase the probabilities of the SPX retesting its June lows of 1489. In order for the SPX to breakout to new highs, I feel the financials will confirm this move with the BKX crossing 118.

The "Four Sisters" Performance

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ETF Watch

Top Headlines

Shares of Blackstone (BX) began trading at $36.45, 17.5% above the offering price despite concerns over government intervention. (6/22)

The Senate passed an energy bill mandating better automotive fuel-efficiency standards and increased use of ethanol. The bill also sets penalties for price-gouging. (6/21)

Leading indicators during May increased 0.3% versus expectations of 0.2% indicating the economy may be handling the housing market and rising gas prices better than was expected. (6/21)

Home Depot (HD) announced it would sell its contract-supplies business for $10.3 billion and add $22.5 billion to its share buyback program. (6/19)

During the month of May, housing starts fell by 2.1% while building permits rose 3%. (6/19)

A labor strike in Nigeria sent crude prices higher this week as Africa 's largest crude producer tries to advance negotiations with their workers. (6/22)

Earnings Snapshot

Morgan Stanley (MS) reported earnings of $2.45 a share versus expectations of $2.01 a share. Revenue jumped 39% in the firm`s institutional securities unit. (6/20)

FedEx (FDX) reported earnings up 7% on earnings of $1.82 a share against expectations for $1.95 a share. The company said the soft economy was limiting demand for transportation services. (6/20)

Circuit City (CC) reported losses of 33 cents a share versus expectations of a loss of 32 cents a share. (6/20)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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