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Week in Review

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A look back at the week that was...

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Market Recap

The "Four Sisters" rose this week led by the NDX as she broke out to a multi-year high. The large caps have yet to confirm this breakout as the SPX sits under its short-term resistance level of 1534. The holiday shortened week was boosted by strong M&A activity to start the 3rd quarter highlighted by Blackstone's (BX) acquisition of Hilton Hotels (HLT). 2007 is well on pace to set a new record in financing deals worldwide.

Friday's payroll number coupled with strong economic data for the week sent the yield on the 10-year to its highest level in two weeks. Oil prices climbed after the holiday over renewed Nigeria concerns and lower than expected refinery use. Higher oil prices and a weaker dollar gave precious metals a lift. Next week earnings season begins to unfold as Alcoa (AA) reports on Monday.


The Four Sisters Performance




ETF Watch


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Top Headlines

The ISM Index came in at 56% versus expectations of a rise of 55% during May, representing the highest reading since April 2006. (7/2)

Private-equity firm Kohlberg Kravis Roberts filed for a $1.25 bln IPO to take place sometime during the third or fourth quarter of 2007. (7/3)

The Commerce Department reported that factory orders fell 0.5% in May against consensus estimates of 0.3%. (7/3)

Blackstone (BX) announced it would acquire Hilton Hotels (HLT) for $26 bln, representing a premium of 32% over the previous close. (7/3)

According to the ADP Employment report, the private sector added 150,000 jobs during June beating expectations of 130,000. (7/5)

The ISM non-manufacturing index rose to 60.7% from 59.7% during May, which represents the highest reading on the index since April 2006. (7/5)

The Bank of England raised their key rate to 5.75% as expected. The bank's monetary-policy committee expects inflation to return to their target rate of 2% during the course of the year. (7/5)

Advanced Medical (EYE) announced a bid for Bausch & Lomb (BOL) at $75 a share, which tops a bid from Warburg Pincus for $65 a share. (7/6)

According to the Labor Department, non-farm payrolls rose 132,000 against expectations of 130,000. Unemployment remained at 4.5% during June while average hourly wages and the number of hours worked rose. (7/6)

Treasuries sold off and yields rose as high as 5.25% in early-morning trading on Friday following strong economic data include the employment report. (7/6)

The Shanghai Composite ended a volatile week up 4.6% after falling 5.3% on Thursday amid concerns that the government could take some additional steps to cool the stock market. (7/6)


Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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