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Week in Review


A look back at the week that was...


Market Recap

A rollercoaster week on Wall Street ended with a sour taste in the mouths of the Bulls as all "Four Sisters" were under heavy pressure Friday. After the eldest Sister reached the 14k milestone a day earlier, disappointing earnings and turbulence in the credit markets quickly erased the week's gains. The SPX broke short term support of 1540 which now brings the long-term support level of 1490 into play.

The US dollar was sharply lower against its major counterparts as foreign banks continue to raise interest rates while the US rates hold steady. The dollar's pain was gold's gain as the yellow fellow reached a two month high as crude prices continue to climb. As volatility spiked, treasuries caught a bid this week as investors sought a flight to quality. The yield on the 10-year now stands 4.956 – its lowest level in nearly two months.

The Four Sisters Performance

ETF Watch

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Top Headlines

During his first day of testimony on Capital Hill, Bernanke said that he expects core inflation to continue to move lower over the rest of the year and into next year. (7/18)

During his second day of testimony on Capital, Bernanke said he expect significant losses from sub prime mortgages and that things will likely get worse before they get better with regard to foreclosures and delinquencies. (7/19)

The producer price index fell unexpectedly 0.2% during June while the core rate excluding food and energy rose 0.3%. Economists were expecting the core rate and the headline rate to both rise 0.2%. (7/17)

The headlines and core consumer price index rose 0.2% versus expectations for the core rate of 0.2% and the headline of 0.1%. (7/18)

According to the FOMC Minutes from the June meeting, members of the Federal Reserve remain concerned about inflation and are not convinced that the recent moderation of core inflation is sustainable. (7/19)

China's central bank raised interst rates 27 basis points from 6.57% to 6.84%. The move comes a day after data showed the Chinese economy was grew 11.1% during the second quarter. (7/20)

Earnings Recap

Google (GOOG) and Microsoft (MSFT) both announced earnings after-hours on Thursday with Google coming in below expectations and Microsoft reporting mostly inline. (7/19)

Citigroup (C) announced earnings of $1.24 a share versus expectations of $1.13 a share. Earnings were up 18% since last year driven by Citigroup's trading and international businesses. (7/20)

Intel (INTC) reported earnings up 44% from last year citing a smaller workforce and solid microprocessor shipments. For the quarter, Intel earned 22 cents a share beating expectations of 19 cents a share. (7/17)

Market Movers Winners & Sinners

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