As we march towards mid of April, I am keenly reminded of last year's onslaught during the May 06 corrections, which led many of my investors bleeding for quite a while. Hence I will be putting up my viewing post high up in the financial alps, and set up my eagle-dar to feel the market pulse. Starting with this week ending 13 April 07.
This week ended with economic news in the spotlight. A positive read on inflation came with the producer price index (PPI) coming in flat for March, easing some fears of higher interest rates. More good news came with report of an improved trade deficit. However, the news was lightened with the preliminary reading for the consumer sentiment index falling more than expected in April.
Major indexes ended the week with slight gains. The Dow Jones was up 0.4%, while the S&P 500 rose 0.6% and the Nasdaq 0.8%. Foreign markets were up a bit more than domestic markets, with Europe up almost 2%, Asia, with the exception of Japan, was up around 1.5% and Latin America over 2%. The healthcare sector was a big winner, with gains of 2-4%.
Refinery glitches and a dwindling gasoline inventory pushed oil prices up, ending the week at $63.63/barrel. Gold set at around US$677 and still trending up. See here
Next week will be a big week as companies roll out first quarter earnings. Earnings will most likely beat estimates, but this could be the first time in 14 quarters they grow less than 5%.
Have a great weekend!
King of the Birds, Lord of the Skies
Gather ye rose buds while ye may, old time is still a flying;
and this same rose that you see today, tomorrow will be dying.
CarpeDiem: Seize the Day!
- Dead Poets Society
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