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Week in Review


A look back at the week that was...


Market Recap

The "Four Sisters" staged an impressive advance this holiday-shortened week fueled by lower oil prices, easing geopolitical tensions, and better than expected housing data. The DJIA and the SPX were able to break through the short-term resistance levels outlined in this week's Morning Cup of 'Jo. If the NDX and RUS are able to follow through, then "the shorts will have to cover and that would likely drive the market even higher." Friday's jobs report will certainly provide an indication of where the "Four Sisters" will open on Monday morning given the fact that the markets are closed in observance of Good Friday. One negative I will point out about this latest advance is the underperformance of the broker/dealers. If the XBD is able to close over 242, the bulls will have another reason to smile.

Turning to commodities, I feel opportunities are present in the metals, primarily gold. The "yellow fellow" added to its gains from the week prior despite lower oil prices and a diplomatic resolution between the U.K. and Iran. I feel this action reflects both strong underlying demand and short covering. Therefore, I would not be surprised if gold eases into the $660/$665 range in the coming sessions before continuing its bullish uptrend. Enjoy the holiday weekend and I will see you same time same place next week.

The Four Sisters Performance

ETF Watch

Top Headlines

The time bomb of tensions between Iran and Britain were diffused as the 15 U.K. sailors that were held captive for nearly two weeks were released. (Thurs 5th)

In an offer it couldn't refuse First Data (FDC) will be acquired by Kohlberg Kravis Roberts to the tune of $26 bln in what will be the second-largest leveraged buyout ever. (Tues 3rd)

The growth for the manufacturing sector slowed last month as the Institute for Supply Management (ISM) shrank to 50.9 in March from 52.3 prior. The price index rose 6.5 points to 65.5 in large part to higher energy prices. (Mon 2nd)

The U.S. and South Korean negotiators have come to an agreement that could generate $20 billion in trade if it can overcome some legislative opposition. (Tues 3rd)

Continued woes in subprime land continue as New Century (NEWC.PK) received approval for its Chapter 11 finance package. (Thurs 5th)

Pending home sales drove the market on Tuesday lifting the DJIA up 128 points to a five week high. (Tues 3rd)

Earnings Snapshot

Best Buy (BBY) gained significant market share over its competitors, posting a 21% rise in revenue. Circuit City (CC) swung to a loss in the latest quarter and saw only a 1.2% rise in revenue while struggling with pricing and supply technology. (Wed 4th)

Micron Technology (MU) suffered from overproduction in its most recent quarter leading to lower than expected earnings of $1.43 bln compared to estimates of $1.46 bln. (Thurs 5th)

Monsanto (MON) toppled expectations finding a 23% rise in 2nd quarter profits as its largest crop of corn in recent memory generated earnings of $0.98 a share. (Wed 4th)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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