Friday, August 1, 2008

Weekly Rewind for August 1st, 2008 (Rev.)

Revision Note: My apologies for the price-change errors in this article as originally written last Friday, August 1st. My freshly minted VBA code was picking up Monday to Friday changes instead of Week-over-Week changes. I should have caught that before posting; here is the corrected article.

This week, equities saw more erratic price action within the range established in mid-July. While well off Monday's closing lows, stocks ended the week mixed (SPY +0.5% vs. Nasdaq 100 -0.9%). Particular strength was again seen in Financials (XLF +3.6%), and while the pullback in Energy continued to receive focus in the news, equities in that sector also posted a gain (XLE +0.8%). Beyond Oil (USO +1.8%), however, commodities continued their decline with Gold showing particular weakness (GLD -2.3%).

No indices within the scope of this article looks notably overbought or oversold going into next week in spite the moderate late-week pullback on less-than-hoped-for growth, auto sales and employment figures. (Although EAFE International (EFA) is nearly oversold on dollar strength.)

Next week's action will be dominated by Personal Income and Factory Orders on Monday, Initial Claims on Thursday, and Productivity and Wholesale Inventories on Friday. Meanwhile, earnings season continues in earnest, and, perhaps most importantly, the FOMC will be meeting on the 5th.

o Yahoo! U.S. Earnings Calendar
o Yahoo! U.S. Economic Calendar


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