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Week in Review: August 22, 2008


A look back at the week that was.


Market Recap

The Four Sisters started the week off on the wrong foot over inflation concerns and more trouble in the financial space. The SPX was able to hold the 1270 range mentioned last week as talk of a possible buyout of Lehman Brothers (LEH) circled the Street. Also, oil plunged on Friday ending its 4 day winning streak.

The week ahead of the Labor Day weekend is usually quiet and we expect next week to be no different. A move in either direction will not occur until traders return to their desks after the holiday. With that said, the bulls must have the XLF "dig in" and move over their 20 and 50 day moving averages on a closing basis for this rally to have merit.

The Four Sisters Performance

ETF Watch

Click to enlarge

Top Headlines

Shares of badly beaten down Lehman Brothers (LEH) spiked sharply on Friday after the Korea Bank Development said Lehman is one of its options for an acquisition. (8/22)

Investors cheered Hewlett-Packard's (HPQ) latest quarter and its upbeat outlook for the rest of the year. (8/20)

Women's retail chain AnnTaylor Stores (ANN) reported a drop in quarterly profit, but beat Wall Street estimates. (8/22)

Further evidence is mounting that the UK is headed for a recession. For the first time in 15 years, the government reported no growth between the months of April and June. (8.22) (CRM) plunged over growth concerns as new customer sign ups are waning. (8.21)

Oil prices ticked higher this week ending a month long skid as the dollar weakened and concerns over the Russia-Georgia conflict heightened. (8.22)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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