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Week in Review: July 11, 2008


A look back at the week that was.


Market Recap

Traders returned after the holiday-shortened week only to find more fireworks in the financial complex. Capital fears rocked GSEs Fannie Mae (FNM) and Freddie Mac (FRE) dragging down the whole banking index. Tuesday's relief rally quickly was erased later in the week, leaving the bulls scratching their collective head as the eldest sister, the DJIA, reached a two-year low.

Despite the heightened level of anxiety, the Four Sisters have reached a fairly oversold area. Some of the biggest rallies occur within the context of a bear market, so we wouldn't be surprised to see the Four Sisters snapback sharply when the financial gains traction. Overhead resistance on the SPX is 1300 with support at the important "psyche" level of 1200.

The Four Sisters Performance

ETF Watch

Click to enlarge.

Top Headlines

Fears of the government rescuing Fannie Mae and Freddie Mac became a distinct possibility this week as shares reached levels not seen since the early 1990s. Investors are worried that their stakes in the companies will be worthless if the government is forced to step-in. (7/11)

Apple's (AAPL) new iPhone hit stores Friday in a much anticipated 22-nation debut. The tech behemoth continues to grab more market share in the wireless space. (7/11)

Software giant Microsoft (MSFT) said it's willing to reopen negotiations on its proposed buyout of Yahoo (YHOO) only if Yahoo's current board is revamped. (7/7)

Tensions are rising in the Middle East after Iran test-fired nine missiles and warned the U.S. and Israel that it was ready to retaliate if attacked. (7/9)

Belgium-based InBev and Anheuser-Busch (BUD) have begun discussions for a friendly merger after InBev raised its previous bid from $65 to $70 per share. A deal could be inked by this weekend. (7/11)

Industrial and financial conglomerate General Electric (GE) reported a 6% dip in quarterly profit. However, this drop was inline with expectations. (7/11)

Crude prices spiked again to new highs Friday over supply threats and a possible strike next week from the Brazilian oil workers. (7/11)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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