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Week in Review


A look back at the week that was...


Market Recap

Markets can turn on a dime and that's exactly what the "Four Sisters" did this week. After the SPX set another closing high Monday, the markets had a change of heart (much like Billy the Kidder) and retreated rather hastily for three trading sessions. All eyes were on the 10-year as the yield crossed 5%, a level not seen since last July. Strong ISM data here in the US, ECB rate hike, and Gross' bearish comments all impacted the sell-off in treasures in what many consider was a move long overdue.

On the technical front, damage was done after the DJIA and SPX closed below their respective horizontal support levels outlined in this week's Cup of 'Jo (13,440 & 1505). The SPX tested its 50 day moving average in the morning and appears to have held. This increases the likelihood of a short-term bounce, but a temporary bounce certainly does not chase the Bears back into their caves.

The Four Sisters Performance

ETF Watch

Top Headlines

The Shanghai Composite fell 8.3% as investors showed concerns that more measures might be taken to cool the stock market. (6/4)

Federal Reserve chief Ben Bernanke expects moderate economic growth despite the housing slowdown, emphasizing the Fed is unlikely to cut interest rates any time soon. (6/5)

The ISM non-manufacturing index rose from 56% to 59.7% during the month of May, the best pace of the year. (6/5)

The Labor Department reported non-farm productivity increased at an annual rate of 1% during the first quarter. (6/6)

The U.S. trade deficit fell by 6.2% in April thanks to record exports of $58.5 bln. (6/8)

The 10-Year Treasury Yield moved over 5% for the first time since August 2006 as bonds were sold off on worries over foreign interest-rate hikes. (6/7)

Earnings Snapshot

Guess (GES) reported earnings of 38 cents a share vs. consensus estimates of 28 cents on higher than expected revenue and also raised its earnings outlook for 2008. (6/5)

National Semiconductor (NSM) reported earnings of 28 cents a share vs. expectations of 23 cents a share but down 24% from a year ago. (6/7)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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