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Week in Review: February 29, 2008

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Look back at the week that was.

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Market Recap

The Four Sisters started the week off on good footing holding last week low of 1330. Positive home sales data coupled with Standard & Poor reaffirming the AAA rating of the bond insurers send the SPX right below its intermediate term resistance of 1400. The NDX underperformed the financial laden DJIA and SPX, failing to confirm a possible intermediate term breakout.

However, gains were short lived as fear returned to the markets over concerns of small banks withstanding the latest credit turmoil coupled with woeful consumer confidence figures.

If the SPX can not hold support of 1320, it will bring the January lows into full view. Next week's jobs number will be crucial…a poor number will most certainly cause this to happen. So goes the consumer, so goes the economy. Patience and discipline are crucial in this environment. Always have stops in place. Have a safe and fun weekend.


The Four Sisters Performance




ETF Watch



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Top Headlines

The housing market continued to show weakness once again this week as existing home sales dipped 0.4% in the month of January. Resales are down 23.4% from January last year. (2/25)

Higher food and energy costs caused the Producer Price Index to spike 1.0% higher in January, as the core PPI increase came in at a lower 0.4%. (2/26)

Durable goods orders fell 5.3% in January, slight higher than the expected drop of 5.1%. Economists cite a drop in aircraft orders for the decline. (2/27)

Commodities prices were soaring Wednesday morning as crude oil climbed past $102 and gold reached $960 an ounce. (2/27)

Gross Domestic Product rose 0.6% in the fourth quarter, unrevised from last month's initial estimates. GDP purchases fell 0.3% in the quarter, marking the first decline since 2001. (2/28)


Earnings Snapshot

Lowe's (LOW) saw 4Q income dip to $408 mln, from $613 mln in the same quarter a year ago. The home improvement retailer cited soft industry sales for their performance. (2/25)

Target (TGT) also struggled this week after the retail giant saw 4Q earnings fall to $1.03 bln from $1.23 bln a year ago. A slower economy and one less selling week contributed to the company's lackluster results. (2/26)

American International Group (AIG) struggled on Friday as the company reported an $11 bln write-down, providing further proof that the subprime crises is not over yet. (2/29)

Dell (DELL) struggled in 4Q after reporting 31 cents per share, as analysts expected 36 cents. The tech heavyweight cites company realignment plans for the lower than expected earnings. (2/29)


Market Movers: Winners & Sinners


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No positions in stocks mentioned.

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