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Week In Review: January 4, 2008


A look back at the week that was...


Market Recap

The bears rang in the New Year on Wednesday with the largest drop in the market to start a New Year since 1932. Weak economic data coupled with lingering worries over the economy sent stocks spiraling toward their November lows.

On the technical front the SPX is sitting in a precarious position near its November low and if broken, support will not be seen until the August reversal day of 1370. As of now, none of the Four Sisters are currently above their 200 DMA.

Oil reached all times highs this week as tension in the Middle East coupled with supply worries sent the Texas Tea to a record $100 per barrel. Gold was also on the move as it reached its own 28 year high. Performing in sharp contrast to commodities this week were the financials, as Citigroup (C) hit an 8 year low.

In the wake of Friday's dismal jobs report, it looks as though all investors' eyes will be focused on the Fed to get this market back on track (if it can). One thing is for certain, volatility is here to stay. Be careful and always define your risk level.

The Four Sisters Performance

ETF Watch

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Top Headlines

The housing market showed small signs of life this week as existing home sales for November reported a modest 0.4% rise. Home sales are down 20% over the past year. (12/31)

Manufacturing took a sharp dive in the month of November as the ISM Index fell to 47.7%, marking its lowest value since April 2003 and the first sub 50 reading since January 2007. (1/2)

FOMC minutes from the Fed's most recent meeting showed no opposition to a rate cute, with the only argument against the cut being one member pushing for a larger cut. (1/2)

Iowa primaries kicked off the 2008 elections with a few shakeups as former Arkansas governor Mike Huckabee took the Republican vote with 34%, while Senator Barack Obama comfortably took the Democratic ticket with 38%. (1/3)

The nonfarm payroll report shook Wall Street on Friday morning as the economy created a meager 18k new jobs for the month of December, versus 58k expected by analysts. With this report marking the lowest job growth since August 2003 and an unemployment rate at 5.0% for the first time in 25 months, investors are placing their hopes on the actions of the Fed in the upcoming weeks. (1/4)

Earnings Snapshot

Monsanto (MON) reported explosive earnings this week as 1Q income rose to $256 mln, nearly tripling from a year ago. The company expects 2Q and 3Q to primarily drive earnings in the next year. (1/3)

Bed Bath & Beyond (BBBY) was in the red after the company reported a 3% decline in profit and a lowered outlook for 2008. (1/3)

Sonic (SONC) saw 1Q EPS fall 22 cents from a year ago despite same-store sales growth of 2.1%. Share prices were up slightly after providing a positive outlook for 2008. (1/3)

Global Payments (GPN) increased 2Q net income by 13%, fueled by strong growth in their merchant services segment. The company also raised their 2008 earnings forecast in the report. (1/3)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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