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Week in Review: February 15, 2008


A look back at the week that was.


Market Recap

Another week and another see-saw ride on Wall Street. Volatility continues to be the theme as investors attempt to discount the credit crisis. The week began on a high note after strong retail sales and Buffett offering to reinsure the municipal bonds held by the struggling bond insurers. The rally quickly stalled as UBS (UBS) warned of a difficult 2008 and the NY Empire survey showed significant decline.

The question now remains: can the SPX hold the important 1310 level? If not then the January lows will be tested again. Intermediate resistance lies overhead at 1370 with major resistance near the 1425 area. One tell for the tape will be Goldman Sachs (GS) as it probes near its August lows. If Goldman lets go, so will the SPX.

This is a very split tape and discipline must be exercised at all times. With that said my firm feels there are some attractive valuations in the energy space. Alternative energy stocks are setting up well too. Enjoy the holiday weekend and be safe.

The Four Sisters Performance

ETF Watch

Click to enlarge

Top Headlines

The Dow was reconfigured for the first time in a few years this week and Altria (MO) and Honeywell (HON) were replaced by Bank of America (BAC) and Chevron Corp. (CVX). (2/11)

Retail sales lifted the markets Wednesday morning as the January report showed a 0.3% gain on the month, lead by vehicle and gasoline sales. (2/13)

Poor economic data pulled futures lower on Friday morning as the Empire State Index came in at a disappointing -11.7, compared to a consensus of 6.5. (2/15)

New York Governor Eliot Spitzer warned Friday morning that time is running out for bond insurers to save their triple-A credit ratings. He stated that banks and equity investors must act quickly as a congressional fix will be too lengthy. (2/15)

Kraft (KFT) shares got a boost this week after investor's learned that Warren Buffett has been accumulating shares. (2/15)

Earnings Snapshot

Coca-Cola (KO) moved to a fourth quarter profit of $158 mln, compared to a $1.7 bln loss a year ago. The company expects strong single digit revenue growth in 2008. (2/12)

General Motors (GM) continued to struggle in the fourth quarter as the company reported a loss $722 mln. The auto maker also reported a $38.7 bln loss on the year. (2/12)

Deere & Company (DE) reported a 54% increase in first quarter profit, driven by strong international farm growth. Though many investors were disappointed as the agricultural equipment maker provided a weaker than expected outlook. (2/13)

Daimler Ag. (DAI) reported a net profit of $5.8 bln for 2007 and a dividend increase to $2.92. The company also expects significant improvement to EBIT from continuing operations. (2/14)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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