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Week in Review


A look back at the week that was.


Market Recap

The "Four Sisters" rallied to new multi-year highs this week behind stronger than expected earnings and mild inflationary data. This week's action was a testament to the strength of the corporate sector as balance sheets remain clean and cash flows strong. This morning's stellar earnings report from Caterpillar (CAT) delivered a blow to the bears who believed the housing woes would spill into other areas of the economy. With that said, it is important to realize the DJIA is the only sister to close over its resistance level mentioned in this week's Morning Cup of 'Jo. For this rally to be sustained, the other Sisters need to close over their respective short-term resistance levels.

Crude eased this week after worries over supply issues subsided. Despite crude's dip, gold was still able to add to last week's gains as the dollar fell to decade lows against the pound. The question now appears not if but when will the yellow fellow attempt to take out its 2006 highs.

In closing, the bulls are in control of the tape and while the overall sentiment does seem to be positive, there are areas that are cause for concern, namely the financials. Keep an eye on resistance for the $BKX and $XBD, at 117.50 and 250 respectively.

The "Four Sisters" Performance

ETF Watch

Top Headlines

China's GDP outpaced expectations and was up 11.1% for the first quarter as inflation rose above the comfort zone. Policy makers see rate hikes by year end. (4/19)

The educational lender Sallie Mae (SLM) will go private as it agreed to a $25 bln buyout deal with JC Flowers taking a majority share. (4/16)

A Saudi investor bought a 3.1% stake in HSBC Holdings (HBC) making him the second biggest shareholder in Europe 's largest bank. (4/16)

CPI data for March was released as prices had risen 0.6% on higher energy costs hitting expectations, while core CPI was a tame 0.1% below initial estimates. (4/17)

MetroPCS (PCS) debuted on the NYSE and is the largest IPO of 2007, and the first to top $1 bln in proceeds this year. (4/19)

Earnings Snapshot

J.P. Morgan (JPM) is set for a $10 bln buyback as it beat earnings estimates and increased its dividend by 12%. (4/18)

Yahoo (YHOO) saw an 11% drop in first quarter profit as the change on its online advertising system have yet to take place. (4/18)

Shares of Schering-Plough (SGP) jumped 9% on better than expected earnings due to solid sales of its biologic and medical delivery products. (4/19)

Google's (GOOG) shares jumped 4% as the internet-search provider released a first quarter report with a 69% increase in profit. (4/20)

Worldwide business growth aided Caterpillar (CAT) as it released a better than expected first quarter report, raising its outlook for 2007. (4/20)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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