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Week in Review: April 11, 2008


A look back at the week that was.


Market Recap

After last week's 400 point gallop on April Fool's Day (which I find quite ironic), the Four Sisters pulled in this week on the heels of poor earnings from General Electric (GE), bad retail sales, and lowered guidance from UPS (UPS). Given the message the credit market is sending, we felt that a retest of the 400 point day was very likely. The SPX now sits right above its 50 day moving average of 1342.

The high stakes game of tug-of-war between the bulls and the bears will most certainly come to a head in the coming sessions to see if the market can hold its January and March lows. Perhaps a tell as to how this slugfest will play out is the financials… seeing as the XLF as already closed beneath its 50dma. Play 'em tight Minyans and do no harm… no need to be a hero.

The Four Sisters Performance

ETF Watch

Click to enlarge

Top Headlines

Washington Mutual (WM) drove futures higher on Monday morning after announcing that it is close to finishing a deal to receive a $5 bln capital infusion. (4/7)

Oil once again reached all time highs this week as it hit $112.21 per barrel in an intraday higher on Wednesday. (4/9)

Stocks moved higher midweek after Wal-Mart (WMT) raised Q1 guidance. (4/10)

The European Central Bank held rates at the current level amid fears on further implications of the credit crunch. On the other hand the Bank of England yielded to these concerns and lowered their rates 25bps to 5%. (4/11)

Earnings Snapshot

Dow component Alcoa (AA) saw profits fall in the 1st quarter, as executives said that despite the poor results the company's fundamentals remain strong. (4/7)

Retail giant Circuit City (CC) ended up in the green in Q4 as management said that the company is showing progress as they were able to $65 million in costs during the quarter. (4/9)

Genentech (DNA) shares gapped lower on Friday morning as sales of the its highly rated cancer drug disappointed estimates. (4/10)

General Electric (GE) moved markets lower Friday morning with a disappointing earnings report as investors began to worry about the strength of corporate profits. (4/11)

Market Movers: Winners & Sinners

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