Besides, I see another major battle looming: the Battle of the Little BigDow.

On May 10, as you recall, the Bull was badly mauled and weakened in the last major battle. I thought the damage from the Fed was fatal, and it may have been. The market might still be going through the death throes only to have the next wave of incoming economic and ‘earnings season' data be listed as the ultimate cause.

I was thinking of fateful battles this morning, thinking that if Sitting Bull had directed his warriors to attack the U.S. Army cavalry in single file, the odds may have favored General George Custer's troops surviving.

I think we are a month or less away from our own Little Bighorn or D-Day.

"D" stands for "Designated" because that is the day we, in the future, will remember as being the beginning of the end to this great 2002-2006 Bull market.

Maybe the tide will turn after an accumulation of negative earnings surprises. More likely, the end will come like a flash out of the darkness, with little warning, and even less understanding.

But, like October 19, 1987, we will all know it when we see it.

Circle your calendar for October 17-18 this year because that is a 24-hour period when the U.S. Industrial Production, Housing Starts, National Association of Home Builders housing market index, International Capital inflow-outflow data, PPI, CPI, and Crude oil inventory data is reported. Canada's version of the FOMC report is also issued at that time.

So it strikes me that perhaps this coalition of economic forces hitting the market from all angles on October 17-18 may terminate the stock market cycle. And, reverse the trend from Bull to Bear.

Going into this battle means we traders will have to focus that much harder on trends and cycles and the key drivers of market prices.

That's because who knows about quality anymore? One day, Hewlett-Packard could be a BMW and then a Ford the next. Stuff like that actually happens.

Who even knows about their own I.D. any more? Somebody can steal it for $100 or 50 Euro.

I mean roll me over in the Rover, roll me over, lay me down and do it again.

Seriously, the important events in the market this week centered on (i) extreme volatility of commodities (ii) the future of hedge funds (iii) the rapidity of the U.S. economic slowdown, and (iv) the dubious stability of the U.S. housing market.

Talking Heads for vested interests will tell you that (i) commodity market volatility is normal " it isn't (ii) hedge fund investors get what they deserve " that's not the issue (iii) the U.S. economy is somewhere between Goldilocks and soft landing " it's not, and (iv) because of lower mortgage rates, the U.S. housing market will quickly overcome its problems " it won't.

Can you say ‘Rover, roll me over'?

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Global Market Summary

International Equities: Almost all the international markets were down this week, but it was Templeton's Russia that was down the most. The bellwethers outside North America appear to be Japan in Asia-Pacific and Germany in Europe.

U.S. Equities : Following a moonshot week, the U.S. stock indexes were down a bit this week, but actually the losses came mostly from Friday. There is fight in the old Bull yet.

Dow 30 : There were 14 Dow stocks up and 16 down. Big Telephone and Big Aerospace kept the Dow afloat.

U.S. Sector ETFs: There were just 2 ETF's up and 8 down. The big winner was IYZ (Telco services) and the big loser was SMH (Chip & Dip). The rest were actually fairly quiet.

First segment: most influenced by global commodities, forex and capex spending
10: Energy (XLE): #8 (-1.0 pct); Almost a relief
15: Basic Materials (XLB): #4 (-0.3 pct); Most of the loss was Friday
20: Industrials (XLI): #9 (-1.1 pct); Led by CAT (-4.1 pct) and UTX (-3.6 pct)
Second segment: most influenced by U.S. consumer spending and economic growth
25: Cons. Discretionary (XLY): #3 (-0.2 pct); DIS whacked on Friday
30: Cons. Staples (XLP): #5 (-0.5 pct); At least PG was being staple
35: Healthcare (IYH): #7 (-0.8 pct); Political again; but when isn't it
Third segment: most influenced by U.S. interest rates and general economic health
40: Financial (XLF): #2 (+0.2 pct); Salivating over Hedge Fund business
45: Tech (SMH chips): #10 (-2.9 pct); From +3.1 to -2.9 pct. No rally, no Bull
50: Telecom Services (IYZ): #1 (+1.3 pct); Something about telco and Bears
55: Utilities (XLU): #6 (-0.7 pct); Weakness in the economy

Bonds: Aha, the time spent a week ago "cleaning guns pre-PPI and pre-FOMC" was spent this week firing them. Economy in retreat; Bonds ablazing.

Commodities: Interestingly, as Crude Oil slumped badly, the $CRB was down much less. That's because most of the metals rallied. And Starbucks can't afford to buy coffee now. Inflation has not gone away -- we're just being told it has. But then, it is election time.

Oil & Gas: $WTIC futures were down -5.4 pct W/W to 60.55. Things are improving; The outflow is constant, and may last another four to six weeks even. I'm thinking 55 will be the new bullseye low target. This week we discovered something new called Amaranth. How many more to come?

Gold: $GOLD, $SILVER, $PALL and $COPPER all made it big on a week that $WTIC plunged. Those Rangers are not smilin'. But I have to think these commodity funds also impacted precious metals prices.

Goldminers: A week ago, I wrote: "the goldminers were down -10 to -12 pct in the U.S. & Canada respectively. Definitely no respect. Sadly, old winners are new whiners." More whining this week even though the metals prices were up. The problem is those prices have to all move higher than their 50-day Moving Average; then the miners' share prices will confdently follow.

Forex: Except for George W's campaigning; er, "addressing the nation" a week ago Friday, the $USD has stayed on its course holding south. This week, the $USD lost almost a full pct, while the Euro gained more than a full pct.

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Sector ETF:

Eight of the ten sector ETF's I follow here were down, but on balance this was a quiet week.

You might say I still smell smoke. Not just from the jet fuel of planes carrying leaders of the world's poorest nations to their annual shopping excursion to New York.

Funny story: a friend of mine, who at the age of 26 agreed to pay the South Pacific island nation of Tuvalu a princely sum of $50 million for the Top Level Domain we know as .TV, and the King accepted. So my friend brought the leaders to New York to do their U.N. thing, and a little shopping at some upscale places. They're in Saks " or more likely Bloomingdales " dressed in their tribal robes and my associate is standing to the side, trying to be inconspicuous -- sunglasses, dark business suit, and all -- when one of the paparazzi figures him for a T-Man. The young man was paying for the whole deal. It was his credit card!

If the world only knew what goes on at the U.N.

Still, it's a place not unlike the capital market. If the powers to be want it to work, they will fix it.

For the U.S. equity market, as you know, I study it top down by sector. Here is the weekly performance of my favorite ten Sector Index Funds (ETF's). The following table is sorted by price performance Week over Week (W/W), i.e. 1W%N.

Table 1: Cara ETF List

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
IYZ	27.81	0.08	0.29%	1.31%	3.65%	5.78%	21.07%	11.96%	7.96%	18.59%
XLF	34.22	0.04	0.12%	0.20%	2.27%	2.42%	6.27%	7.51%	3.54%	16.99%
XLY	34.38	-0.02	-0.06%	-0.23%	3.27%	6.64%	4.18%	4.47%	1.57%	6.87%
XLB	31.08	-0.07	-0.22%	-0.29%	-2.11%	-1.24%	0.52%	1.30%	-2.81%	14.86%
XLP	25.46	0.00	0.00%	-0.47%	-0.31%	0.71%	8.62%	6.48%	5.38%	12.21%
XLU	33.55	-0.04	-0.12%	-0.65%	-2.36%	-2.22%	4.84%	6.10%	6.20%	2.91%
IYH	65.03	-0.48	-0.73%	-0.78%	0.70%	1.25%	2.20%	9.06%	-0.41%	4.21%
XLE	51.33	-0.22	-0.43%	-1.00%	-4.86%	-11.15%	-2.60%	-1.70%	-2.64%	-4.02%
XLI	32.38	-0.17	-0.52%	-1.07%	0.59%	1.41%	2.37%	-2.32%	-4.34%	9.65%
SMH	33.35	-0.09	-0.27%	-2.91%	0.12%	1.93%	-12.05%	1.49%	-6.95%	-7.18%

You can do this table yourself by entering the following string into the Summary window at Investertech.com and then clicking on the link for Performance. XLE XLB XLI XLY XLP IYH XLF SMH IYZ XLU . You can also add more ETF's " up to 30 in total.

For a list of components to any ETF, simply go to the AMEX.com web site, and click on ETF's. I do that frequently.

Also, Yahoo Finance has an ETF info service in beta testing right now that looks interesting. At Yahoo Finance, key in the ETF ticker symbol of your choice and explore on the left nav bar all the stuff that's available today or coming, including the top ten holdings.

10 (energy: XLE)

15 (basic materials: XLB)

20 (industrial: XLI)

25 (consumer discretionary: XLY)

30 (consumer staples: XLP)

35 (healthcare: IYH)

40 (financial: XLF)

45 (technology, semiconductor: SMH)

50 (telecom: IYZ)

55 (utilities: XLU)

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Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)

This week, XLE was down -1.00 pct. The price of $WTIC (West Texas Intermediate Crude) closed Friday at 60.55, so the two keep dropping.

Goldman Sachs is still counting on $75 oil. I wonder how many billions they made on that call?

And it was just eight days ago we were told that "the International Monetary Fund (IMF), revised its 2007 forecast for oil prices upward, by 20 pct to $75.50/barrel, which should be perceived by market participants as positive news."

It seems a few hedge funds actually believed them.

Here's the XLE Monthly, Weekly, Daily and Hourly data charts:

XLE Monthly data:

XLE Weekly data:

XLE Daily data:

XLE Hourly data:

Table 2: Senior oil & gas equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
TOT	64.05	-0.42	-0.65%	1.60%	-0.20%	-7.11%	-50.76%	4.23%	-49.92%	-52.35%
XOM	64.91	0.13	0.20%	0.40%	-2.84%	-8.22%	11.01%	11.97%	6.32%	-0.11%
CEO	81.96	-0.09	-0.11%	0.24%	-0.85%	-5.90%	18.46%	8.79%	1.62%	14.06%
CVX	61.94	-0.11	-0.18%	0.24%	-3.55%	-7.18%	4.84%	5.59%	9.65%	-2.87%
SU	67.32	-1.28	-1.87%	-0.06%	-5.77%	-15.67%	2.73%	-5.70%	-9.39%	16.37%
ECA	44.80	-0.40	-0.88%	-1.60%	-9.55%	-18.40%	-4.07%	-8.50%	-3.24%	-19.77%
STO	23.57	-0.43	-1.79%	-2.28%	-6.65%	-15.43%	-2.32%	-8.11%	-10.96%	-8.64%
IMO	32.72	-0.67	-2.01%	-2.85%	-4.50%	-14.70%	-68.54%	-1.51%	-67.93%	-70.93%
PBR	76.67	-0.33	-0.43%	-3.26%	-8.45%	-14.90%	2.61%	-3.93%	-9.92%	7.34%

Big Oil (Exxon Mobil and Chevron Texaco) were up +0.40 and +0.24 pct respectively, which is not surprising in an election campaign period, as I was suggesting a week ago here.

As I wrote: "I still note that Big Money seems more intent on coming out of the Canadian, Brazilian and European energy stocks."

This week EnCana was down -1.6 pct, Petroleo Brasileiro S.A. was down -3.3 pct, and Statoil ASA was down -2.3 pct W/W " "which means, I suppose (yuk yuk) that the rest of the world is slowing down its economic pace so much faster than the U.S. of A; Well, maybe during Silly Season."

Are you starting to get the picture? I don't even have to change the words in this blog, which shows how ridiculous the situation is.

In any case, Amaranth's Brian Hunter was likely not the only so-called "stupid guy" or "rogue trader" who got caught.

When do hedge funds wake up to reality? HB&B knows all and they trade the order flow. When they smell fear, they go for the jugular vein and they suck the blood right out of clients that are foolish enough to play their ultra-high leveraged commodities game.

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Integrated Oil & Gas - Canada

Oil & Gas Exploration & Production -Canada

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Sector 15 (basic materials: IYM, XLB, IGE and VAW)

The Basic Materials ETF (XLB) lost -0.29 pct W/W to close at 31.08.

That loss makes the Basic Materials almost as big a loser as Utilities over the past four weeks, but nowhere close to the Energy sector.

Here's the XLB Monthly, Weekly, Daily and Hourly data charts:

XLB Monthly data:

XLB Weekly data:

XLB Daily data:

XLB Hourly data:

Table 3: Senior metals and steel equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
PKX	63.11	0.13	0.21%	2.72%	2.05%	2.20%	25.59%	4.92%	2.22%	16.81%
NUE	46.97	-0.70	-1.47%	0.45%	-5.44%	-5.59%	35.44%	-5.55%	-5.36%	61.02%
N	76.17	0.02	0.03%	-0.38%	-0.61%	-1.79%	76.03%	28.30%	59.85%	72.80%
PD	82.70	-1.09	-1.30%	-1.23%	-9.21%	-4.62%	10.75%	2.68%	14.59%	41.25%
ACH	64.94	-0.49	-0.75%	-1.31%	-4.92%	-4.20%	-18.21%	-7.12%	-35.87%	16.15%
RTP	181.92	-3.59	-1.94%	-1.60%	-7.76%	-8.96%	-3.65%	-11.21%	-5.68%	16.24%
BHP	36.72	-0.67	-1.79%	-2.18%	-8.82%	-11.18%	4.91%	-10.04%	0.82%	12.12%
AA	27.49	-0.18	-0.65%	-2.28%	-4.15%	-4.12%	-8.06%	-8.34%	-6.37%	6.14%
RIO	20.04	-0.24	-1.18%	-3.88%	-7.52%	-4.34%	-6.79%	-10.34%	-9.36%	-4.25%
GGB	12.95	-0.08	-0.61%	-6.63%	-10.63%	-9.00%	-25.62%	-2.92%	-44.47%	-12.62%

This table shows that America's Nucor Steel actually gained +0.5 pct on the week, while the large Brazilian Steelmaker lost -6.6 pct W/W. Is there no major election campaign underway in Brazil presently?

The North American steel market died along with many others on May 10. Except for a few (CHAP, OS and CLF), most have been dumped alongside the precious metals.

This link will give you a look at stock performance, charts and fundamentals.

If you have any serious interest in the steels, have a look at the CBOE PVF Index.

The U.S. housing market decline will likely continue to hurt this industry for many months yet.

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Sector 20 (industrial: IYJ, XLI, VIS, and IYT)

The Industrials and Transport sector ETF (XLI), aka capital goods producers, was down -1.07 pct W/W to 32.738.

The losers were Caterpillar (CAT -2.7 pct) and United Technologies (UTX -1.0 pct).

Boeing, however, had a strong week, going up +3.0 pct W/W to $77.25. Half of that move was Friday, which helped save the Dow 30 from a shellacking.

Here's the XLI Monthly, Weekly, Daily and Hourly data charts:

XLI Monthly data:

XLI Weekly data:

XLI Daily data:

XLI Hourly data:

Table 4: Senior capital goods makers and transportation

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
BA	77.25	1.14	1.50%	2.99%	6.11%	2.67%	9.82%	-8.10%	-1.73%	23.58%
TYC	27.06	-0.05	-0.18%	2.07%	3.24%	4.36%	-8.70%	1.73%	-0.40%	-5.71%
HON	40.24	-0.30	-0.74%	1.23%	5.12%	3.66%	7.42%	2.92%	-5.67%	9.98%
CBE	82.55	-0.64	-0.77%	0.61%	1.73%	-2.11%	11.74%	-4.15%	-2.76%	21.22%
GE	34.40	-0.04	-0.12%	-1.29%	1.15%	1.62%	-2.74%	3.49%	-0.38%	3.30%
MMM	73.07	-0.04	-0.05%	-1.44%	2.18%	4.24%	-7.63%	-8.19%	-3.94%	0.37%
ERJ	39.67	-0.26	-0.65%	-2.55%	-5.05%	12.70%	1.04%	13.70%	-2.00%	7.22%
UTX	62.30	-0.60	-0.95%	-3.58%	-1.64%	2.15%	10.21%	0.66%	5.36%	22.42%
CAT	62.77	-1.77	-2.74%	-4.07%	-6.76%	-4.17%	8.60%	-13.16%	-17.64%	8.22%

The U.S. conglomerates in this sector " GE, MMM, BA, HON, UTX, and CAT " would like to see (i) a stable dollar, and (ii) a lower USD.

Now if Henry Paulson could only convince the Chinese authorities to goose the Yuan, they might make some headway.

This China market is an American trader's dream: we buy their T-shirts and sneakers, and they buy our commercial airplanes and jet engines, wind turbines, earthmovers, and elevators, and have enough left over to visit Disneyworld.

So why is Kudlow preaching for a higher USD? Do you think he‘s saving his coins for a trip to the Beijing Summer Games in 2008?

Speaking of Kudlow, CNBC gave us a rather enjoyable week in his absence. Dylan Ratigan's Fast Money Boys were a hit. Quite entertaining. I found myself actually watching CNBC with interest.

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Sector 25 (consumer discretionary: XLY, IYC and VCR)

The Consumer Discretionary sector ETF (XLY) was down a bit, -0.23 pct W/W, which was merely a rest stop on a long campaign trail.

Yes, it was in this space that I noted (i) I was watching Cramer again now that he's toned it down a notch, and (ii) I figured the $USD could not hold up for long.

So now Cramer has got a gazillion followers who are students at Boston College. I hope they know what they are getting into.

And didn't the $USD have a bad day Thursday. Like me, it got crowned. Ouch! That's not going to help American purchasing agents or travellers to foreign lands.

Disney got whacked over -2 pct on Friday. But that wasn't a $USD deal; it was more like where have all the ABC ad revenues gone? Pete Seeger had the cycles right " even back in 1961!

He was remarkably prescient, wasn't he? Well, maybe just observant.

Here's the XLY Monthly, Weekly, Daily and Hourly data charts:

XLY Monthly data:

XLY Weekly data:

XLY Daily data:

XLY Hourly data:

Table 5: Senior consumer discretionary equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
NKE	86.36	3.90	4.73%	4.09%	5.25%	12.39%	0.48%	2.97%	-0.53%	6.68%
JCP	66.59	-0.80	-1.19%	2.87%	3.77%	2.30%	17.96%	-1.61%	8.24%	42.53%
CCL	44.70	-0.05	-0.11%	2.03%	4.71%	14.76%	-18.09%	9.16%	-10.65%	-8.79%
BC	30.71	-0.47	-1.51%	1.62%	4.53%	8.21%	-24.77%	-8.93%	-20.11%	-18.06%
TM	107.01	-1.02	-0.94%	0.80%	0.61%	-1.20%	0.15%	6.10%	-1.80%	23.07%
SBUX	34.01	0.00	0.00%	0.47%	9.04%	14.59%	10.17%	-5.76%	-6.97%	40.77%
DIS	30.08	-0.63	-2.05%	-0.76%	1.69%	3.90%	23.28%	2.73%	8.24%	29.49%
WHR	87.75	0.72	0.83%	-0.98%	6.62%	11.70%	6.14%	9.24%	-0.23%	20.59%
EBAY	26.11	0.03	0.12%	-6.25%	-8.42%	1.28%	-41.27%	-13.00%	-31.07%	-30.78%

We all hit the road running on Friday, so Nike had a great day (NKE +4.7 pct Fri.) and a fair week (+4.1 pct W/W).

A week ago I wrote: "My EBAY took a hit of -2.3 pct this week after being up +14.8 pct in the previous 4-weeks." This week EBAY plunged -6.3 pct. Seems like media advertising revenues have fallen off the cliff " Yahoo, New York Times, whatever.

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Sector 30 (consumer staples: XLP, VDC, RTH and IYK)

This week the Consumer Staples sector ETF (XLP) lost -0.47 pct to close at 25.46, which is just 12 cents and doesn't concern me now that I've seen (and shown you) the UBS research showing how traders gravitate to the staples at times the GDP growth slows.

Yes, I gave you Wrigley (gum) WRY and Hershey (candy bars) HSY on Friday to go along with the PG and several other staples.

Why? Because U.S. GDP growth is in re-wind mode.

Here's the XLP Monthly, Weekly, Daily and Hourly data charts:

XLP Monthly data:

XLP Weekly data:

XLP Daily data:

XLP Hourly data:

Table 6: Senior consumer staples equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
WFMI	59.29	-0.73	-1.22%	5.27%	11.53%	9.74%	-23.10%	-4.56%	-8.12%	-7.46%
DEO	71.62	-0.33	-0.46%	2.07%	1.79%	-0.57%	20.25%	6.53%	11.28%	22.03%
PG	61.81	0.07	0.11%	1.49%	1.10%	1.24%	5.15%	10.67%	3.90%	9.03%
WMT	48.29	-0.17	-0.35%	0.15%	3.36%	10.50%	4.46%	-0.39%	0.40%	11.81%
BUD	47.15	-0.49	-1.03%	-0.34%	-0.57%	-4.36%	7.97%	3.63%	7.89%	7.09%
MO	82.32	0.39	0.48%	-0.99%	-0.78%	-2.53%	9.79%	13.99%	12.32%	14.48%
PEP	64.28	-0.33	-0.51%	-1.15%	-0.70%	0.22%	7.56%	7.10%	7.46%	18.71%
KO	43.99	-0.21	-0.48%	-1.37%	-1.37%	-1.17%	7.56%	2.61%	2.85%	4.19%
ABV	43.70	1.10	2.58%	-2.95%	-1.80%	1.63%	13.39%	13.21%	3.19%	22.27%
WAG	46.90	0.62	1.34%	-6.12%	-7.88%	-2.62%	3.33%	7.57%	4.95%	9.48%

Ah this Friday, the President wasn't hyping the nation. Consumer Staples (XLP) did not fall on the day.

As I wrote a week ago, watch the President's media schedule and the Consumer Staples vs the Consumer Discretionaries: "I think the two go hand in hand. We cannot have bullish traders thinking it is acceptable procedure to be going on the defensive when the President is speaking now, can we?"

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Sector 35 (healthcare: IYH, XLV, VHT, IXJ, and IBB)

The healthcare ETF (IYH) was down -0.78 pct W/W to close at 65.03. Most of the entire loss was taken on Friday.

In fact, the only sectors up on Friday were the groups (other than Oil) close to the President's heart: Financials and Telephone.

Here's the IYH Monthly, Weekly, Daily and Hourly data charts:

IYH Monthly data:

IYH Weekly data:

IYH Daily data:

IYH Hourly data:

Table 7: Senior healthcare equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
NVS	58.39	0.38	0.66%	2.33%	3.97%	2.30%	9.20%	11.67%	3.80%	18.56%
AMGN	70.89	-1.12	-1.56%	1.61%	4.36%	5.63%	-11.78%	9.11%	-2.13%	-15.61%
BMY	25.06	0.35	1.42%	0.56%	8.11%	15.80%	7.83%	-2.22%	-0.71%	3.68%
PFE	28.16	-0.05	-0.18%	0.43%	2.07%	3.38%	18.42%	24.33%	6.67%	11.52%
JNJ	63.96	-0.27	-0.42%	0.27%	0.58%	-1.72%	3.78%	4.54%	4.82%	-1.11%
DNA	78.47	-0.09	-0.11%	-0.66%	-4.39%	-2.13%	-16.52%	2.04%	-9.66%	-10.83%
AET	38.32	-0.32	-0.83%	-2.27%	4.99%	1.75%	-18.52%	-4.80%	-25.65%	-5.31%
GSK	53.99	-0.01	-0.02%	-2.46%	-1.98%	-1.62%	5.95%	-0.75%	-0.02%	8.50%
BMET	32.22	-0.65	-1.98%	-4.93%	-1.38%	-2.10%	-12.64%	-8.44%	-8.21%	-9.70%
UNH	48.97	-1.32	-2.62%	-6.21%	-3.79%	-4.28%	-20.67%	10.22%	-13.54%	-8.69%

Isn't it interesting how traders "buy the rumors; sell the news". Bristol-Myers Squibb (BMY) was up +15.8 pct over four weeks. That includes the week after the Board fired the CEO, which happened to show a gain of just +0.56 pct W/W.

United Health was having management options back-dating issues, and maybe traders figured they too included some perks for dead people. UNH was down -6.2 pct on the week.

Tell me, if a company can hide behind an accounting investigation by not filing financials with the SEC, isn't that like pleading the Fifth?

I thought only GSA's got away with that kind of thing? GSA's are the Government Sponsored Agencies like Fannie Mae and Freddie Mac.

Isn't it amazing that when Washington VIP's put in the good word that the NYSE can look the other way when Fannie and Freddie were failing to report?

I guess, as kids, they never heard the goose and gander story. Just Goldilocks -- the one without Silverhair and any Bears.

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Sector 40 (financial: IYG, IYF, XLF, VFH, IXG, VNQ, RWR, IYR, and ICF)

The Financials ETF (XLF) gained +0.20 pct W/W to close at 34.22. Just 12 cents but they're so embarrassed at having ripped off five to ten billion in recent weeks, they're trying to play it low key.

Amazing that just a week ago, I wrote: "Goldman Sachs (GS) (+8.6 pct), Lehman Bros (LEH) (+8.3 pct), Morgan Stanley (MS) (+6.4 pct) and Merrill Lynch (MER) (+6.1 pct) made their quotas for the quarter this week."

And Amaranth had the blood sucked out of it.

Yes, a week ago I wrote: "Isn't it amazing that the biggest parts of Humungous Bank & Broker can become +7.4 pct richer in a single week? Think about it. They must have royally screwed their clients in the energy and metals futures markets this month; Somebody did."

Ah yes, those darlin' energy futures.

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Here's the XLF Monthly, Weekly, Daily and Hourly data charts:

XLF Monthly data:

XLF Weekly data:

XLF Daily data:

XLF Hourly data:

Table 8: Senior financial company equities

Sorted by 1-Week Price Performance

Symbol	Close	1Day Change	1Day %Change	1W %Change	2W %Change	4W %Change	YTD %Change	3M %Change	6M %Change	12M %Change
UBS	58.95	0.09	0.15%	3.20%	4.47%	5.80%	19.45%	11.33%	7.22%	38.35%
GS	167.52	0.37	0.22%	2.96%	11.83%	10.65%	29.99%	12.95%	10.34%	41.37%
CSR	59.15	-0.11	-0.19%	2.76%	6.25%	7.66%	10.87%	9.84%	5.55%	32.71%
MER	78.12	0.27	0.35%	1.24%	7.44%	4.80%	14.11%	15.07%	0.76%	30.31%
MS	71.78	0.14	0.20%	1.17%	7.63%	5.95%	22.81%	19.61%	15.89%	0.00%
HBC	90.83	-0.10	-0.11%	0.93%	1.63%	1.78%	11.20%	4.80%	7.28%	12.41%
DB	118.18	-1.07	-0.90%	0.66%	4.94%	4.73%	18.82%	10.68%	2.93%	30.11%
C	49.50	-0.25	-0.50%	0.63%	1.60%	1.60%	0.43%	2.76%	3.84%	9.56%
JPM	46.82	0.01	0.02%	-0.28%	3.45%	2.50%