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Week in Review: November 9, 2007


A look back at the week that was...


Market Recap

Trading began with an explosive start this week as Citigroup (C) shook Wall Street with the announcement of an $11 billion write-down and the departure of CEO Charles Prince. The distressing news that fall out from the sub-prime crises may not be over yet has sparked a flight to quality as gold continues its relentless climb upward while the dollar conversely continued to reach all time lows against the Euro this week.

Technical levels were shaken as resistance is still holding firm at 1550 while the short term SPX support level of 1491 mentioned last week has been broken and 1450 now stands as a long term support. As we head into the holiday season uncertainty remains the forefront of investor sentiment, fueled by struggling financials and the recent cautious comments from Fed chairmen Bernanke. It will be a tough test for the bulls to overcome the uncertainty and volatility in the market over the coming weeks.

The Four Sisters Performance

ETF Watch

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Top Headlines

Wall Street was shaken early Monday morning as Citigroup reported an $11 bln write-down and announced the departure of chief executive Charles Prince. The announcement sent futures lower in early trading Monday, resulting in the market's gap to the downside at the open. (11/5)

The ISM Services Index reported growth for the month of October, rising to a level of 55.8%. Mining and Retail Trade were among the nine industry groups reporting growth. (11/5)

Productivity figures reported by the Labor Department this week marked the fasted growth in four years at 4.9%, though some excitement was subdued when 2Q results were revised lower to 2.2%. (11/7)

The dollar fell to new lows this week after Chinese officials announced that they will convert more of their foreign exchange stockpiles to stronger currencies such as the Euro. Rising oil prices and the housing credit crunch are blamed as two primary factors for the dollar's recent decline in respect to the Euro. (11/7)

Earnings Snapshot

Valero (VLO) saw 3Q earnings fall to $1.27 bln from $1.6 bln a year ago. The company cites a decrease in West Coast refining margins for the drop in earnings. (11/6)

General Motors (GM) reported positive news in its earnings this week, stating that key elements of its North American turnaround strategy have been implemented and that the company is experiencing steady improvement. (11/7)

Dow component American International Group (AIG) reported a 27% dip in quarterly profit driven by tighter credit and housing woes. (11/7)

Market Movers: Winners & Sinners

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