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Week in Review: April 25, 2008


A look back at the week that was.


Market Recap

The Four Sisters were able to hold onto last week's gains as earnings continue to calm investors' nerves. Corporate spreads have narrowed, namely junk bonds, which has many thinking the worst may be behind us. Given the action in the financial complex and bond market of late, it appears money is being put back to work on hopes of a turnaround. However, respect needs to be given to the major resistance overhead at SPX 1410. If the SPX is able to overcome 1410 on increased volume and hold that level, the downtrend which started nearly seven months ago, would be in serious jeopardy heading into the second half of the year.

Turning to next week, investors will be focused on Wednesday's policy announcement. The most likely scenario will be a 25 bp cut accompanied with hawkish rhetoric.

The Four Sisters Performance

ETF Watch

Click to enlarge

Top Headlines

  • The housing market showed further weakness in the month of March as existing home sales fell 2%, inventories rose 1% and median sale prices decreased 7.7%. (4/22)

  • The Democratic primary battle continued this week as Hillary Clinton was able to beat Barack Obama in the Pennsylvania primary. With no clear candidate ahead, voters are wondering as to whether or not the race can be settled in the upcoming primaries or if the battle will carry all the way until the Democratic convention in August. (4/23)

  • Durable goods orders fell for a third month in a row in March as a strike within the auto industry helped push declines to 0.3% for the month. (4/24)

  • New home sales hit a 17-year low last month as sales dropped 8.5% in March. New home sales are down 36.6% from a year ago. (4/24)

Earnings Snapshot

  • Texas Instruments (TXN) reported 1Q earnings this week as the company saw revenue increase 3% from a year ago as profit from high-performance analog semiconductors grew 20%. (4/21)

  • Apple (AAPL) broke records once again as the tech bellwether reported a 43% rise in year over year revenue. The company cited a 51% growth in computer sales in the quarter as a main driver for its strong performance. (4/23)

  • Ford Motor Company (F) saw earnings drop sharply to $24 million in the first quarter this year, down from $193 million a year ago. However, shares rallied because the loss was less than expected. (4/24)

  • Microsoft (MSFT) shares fell on Friday morning as the software giant beat estimates, but saw revenue in its flagship office and windows products decline. (4/25)

Market Movers: Winners & Sinners

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No positions in stocks mentioned.

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