Technology (XLK -0.20%) was the strongest sector. Most were down over -1% on the session, with prices weak at the close.

In the industry groups, the Airlines ($XAL -4.3% on the day and -20.4% on the week) have been hammered. There are now concerns that all US airlines save for one or two are possible candidates for bankruptcy within a year. The problem with the airlines is that they have no pricing power in terms of fuel surcharges. Higher prices will lead to declining revenues, which are already below the break-even point and near to their high debt service costs.

Among Cara 100 stocks, China Telecom (CHA) lifted +5.0% as Dow Jones reported that within a major overhaul of China’s telecom industry, China Unicom's network running on Code Division Multiple Access technology will be injected into fixed-line carrier China Telecom, while China Unicom, with its remaining network running on the Global System for Mobile Communications technology, will merge with fixed-line carrier China Netcom. Shares of China Netcom (CN +10.5%) and China Unicom (CHU +8.7%) also soared on the announcement. Qualcomm (QCOM +4.1%), another Cara 100 company was up on the news. Qualcomm designs, manufactures, and markets digital wireless telecommunications products and services based on its CDMA technology.

This news did hurt (Cara 100) China Mobile (CHL), which was down -5.8% on the day. The biggest Cara 100 loser on Friday was China National Offshore Oil (CEO), down -6.5%.

On the macro-economic front, the US National Association of Realtors (NAR) reported resales of homes in April fell -1.0% to a 4.89 million seasonally adjusted annual rate. Y/Y sales are down -17.5%. Inventory of unsold homes climbed to a 23-year high.

Treasury yields dropped as bond prices rallied on the day. The 30-year T-Bond jumped +0.90% to 116.86.

The US Dollar ($USD) dropped -0.42% to 71.96, which helped support the high price of Crude Oil ($WTIC +1.38/bbl to 132.19) and $GOLD (+7.50/oz to 925.80). The Euro gained +0.27% to 1.5767 and the Yen +0.75% to 96.77.

The precious metals spot prices at the close of the week were: gold 924.20 (same as the past three days, but up about $17 from Monday morning); palladium 448.5 (modestly stronger); platinum 2160 (unchanged from Monday morning); and silver 18.15 (stronger).

The near futures at the end of the week were for Oil: 132.19 (basically unchanged over the past two days); the Euro: 1.5773 (stronger against the $USD for the past two days); and the DJIA: 12471 (weaker as the sell-off in equities continued into the US Memorial Day weekend).

On Friday, the UK FTSE (-1.53%), French CAC (-1.89%) and German DAX (-1.79%) suffered greater percentage losses than the broad market indexes in the US.

---

Comments & Outlook

I shall attempt to produce my Week In Review on Sunday morning before hanging out the “Gone Fishing” shingle.

This is a holiday weekend in the US. Have a good one, but please don’t forget the meaning of Memorial Day.

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All Tables

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
XLU	40.91	-0.71	-1.71%	0.05%	2.20%	1.41%	-2.80%	3.78%	-2.41%	-2.92%
IYH	63.38	-0.58	-0.91%	-0.56%	0.14%	-1.03%	-9.59%	-3.88%	-9.65%	-12.47%
XLP	28.08	-0.14	-0.50%	-1.44%	1.01%	0.54%	-1.09%	2.11%	-1.61%	2.30%
XLE	86.26	-1.49	-1.70%	-3.02%	1.76%	4.08%	8.50%	15.17%	16.49%	27.04%
XLK	24.48	-0.05	-0.20%	-3.51%	-0.08%	2.00%	-6.28%	9.04%	-5.04%	-3.24%
SPY	137.64	-1.87	-1.34%	-3.52%	-0.91%	-1.40%	-5.03%	1.49%	-4.50%	-9.71%
IYZ	25.97	-0.31	-1.18%	-3.53%	0.58%	4.34%	-10.97%	8.03%	-8.88%	-23.39%
SMH	32.08	-0.22	-0.68%	-3.61%	1.07%	3.62%	2.30%	11.43%	0.91%	-12.40%
XLI	37.79	-0.52	-1.36%	-3.79%	-1.20%	-1.51%	-1.87%	2.38%	-1.00%	-2.05%
XLB	43.87	-0.61	-1.37%	-4.38%	0.62%	-0.18%	6.22%	6.04%	11.01%	9.05%
XLY	31.70	-0.55	-1.71%	-5.20%	-1.55%	-2.04%	-1.55%	-1.09%	-5.51%	-20.41%
XLF	24.65	-0.39	-1.56%	-6.13%	-5.16%	-8.60%	-13.08%	-9.38%	-15.78%	-34.89%

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
SU	142.22	-1.44	-1.00%	5.49%	13.91%	23.53%	28.97%	47.10%	38.95%	61.52%
IMO	59.84	-0.59	-0.98%	4.85%	3.58%	4.56%	8.96%	12.06%	13.01%	27.78%
PBR	72.38	0.36	0.50%	2.45%	12.04%	-41.31%	-39.08%	-38.95%	-28.18%	32.54%
TOT	89.37	-0.17	-0.19%	1.27%	7.74%	8.72%	7.31%	19.56%	9.72%	17.64%
CVX	100.73	-1.18	-1.16%	0.35%	3.43%	8.67%	7.78%	17.92%	16.22%	23.75%
STO	41.70	-0.53	-1.26%	0.05%	9.25%	20.17%	33.48%	39.42%	28.98%	47.25%
ECA	93.31	-1.00	-1.06%	-0.84%	8.59%	13.90%	34.05%	31.50%	37.36%	51.62%
XOM	90.70	-1.81	-1.96%	-2.13%	2.12%	-1.90%	-3.01%	4.05%	2.73%	9.29%
CEO	185.35	-12.84	-6.48%	-3.50%	2.41%	7.00%	10.71%	13.02%	6.71%	96.70%
SLB	100.03	-2.44	-2.38%	-5.01%	-4.74%	-2.64%	-0.55%	17.06%	6.29%	24.11%
RIG	152.01	-3.09	-1.99%	-5.31%	-1.07%	-1.76%	4.15%	10.18%	20.38%	56.40%
PTR	138.38	-4.28	-3.00%	-5.83%	-1.52%	-7.44%	-20.31%	-8.40%	-25.12%	6.79%

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
TS	60.75	-0.47	-0.77%	2.70%	13.87%	16.65%	36.86%	46.77%	32.24%	27.98%
GGB	49.21	-0.61	-1.22%	0.70%	13.20%	32.53%	71.46%	59.88%	83.07%	125.32%
MT	99.84	1.03	1.04%	-1.69%	5.57%	12.23%	30.68%	27.71%	39.73%	70.46%
VCP	31.93	0.21	0.66%	-2.65%	3.60%	3.07%	7.51%	-3.80%	4.69%	46.47%
TCK	50.29	-0.01	-0.02%	-2.75%	4.71%	10.60%	38.77%	38.81%	32.90%	25.51%
DOW	40.42	-1.20	-2.88%	-5.74%	-1.96%	-1.08%	4.31%	4.31%	0.67%	-10.93%
BHP	89.50	-2.80	-3.03%	-5.79%	1.80%	5.92%	27.11%	21.22%	22.91%	72.91%
AA	40.25	-0.55	-1.35%	-6.72%	3.10%	12.68%	11.40%	10.12%	14.51%	-0.30%
RIO	40.87	-0.57	-1.37%	-6.91%	3.27%	7.79%	24.96%	14.72%	25.53%	-6.98%
RTP	505.00	-20.46	-3.89%	-9.00%	-0.03%	0.84%	20.32%	10.49%	15.81%	75.19%
PKX	130.84	-2.92	-2.18%	-9.38%	2.55%	5.64%	-10.67%	-0.33%	-14.75%	13.40%
NUE	72.32	-2.17	-2.92%	-11.88%	-7.77%	-4.51%	24.75%	9.82%	35.86%	11.67%

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
ABB	32.76	-0.19	-0.58%	0.21%	5.20%	8.95%	14.39%	37.07%	20.66%	54.24%
FLR	186.79	-1.94	-1.03%	-2.39%	13.92%	15.68%	29.36%	41.68%	38.24%	82.18%
CAT	81.55	-0.67	-0.81%	-2.57%	-0.26%	-0.85%	15.46%	14.57%	18.83%	7.26%
TXT	60.52	-1.00	-1.63%	-3.06%	-0.57%	-1.42%	-9.41%	6.59%	-9.64%	12.81%
MMM	75.81	-0.83	-1.08%	-3.62%	-0.67%	-2.58%	-8.34%	-4.84%	-8.39%	-13.79%
BA	81.48	0.07	0.09%	-4.33%	-3.07%	-3.96%	-5.93%	-1.88%	-9.00%	-14.74%
FDX	86.83	-2.00	-2.25%	-4.53%	-3.92%	-8.08%	0.78%	-2.54%	-7.23%	-18.13%
HON	58.76	-0.61	-1.03%	-4.93%	-1.39%	-2.86%	-1.90%	3.93%	7.48%	3.93%
GE	30.43	-0.58	-1.87%	-5.29%	-5.70%	-8.70%	-17.22%	-9.30%	-19.22%	-19.07%
UPS	67.02	-2.33	-3.36%	-5.30%	-4.65%	-7.84%	-3.09%	-6.77%	-5.50%	-4.23%
UTX	70.01	-1.83	-2.55%	-5.34%	-4.27%	-3.67%	-6.91%	-3.07%	-4.70%	1.68%
ERJ	37.80	-0.33	-0.87%	-10.19%	-7.10%	-9.48%	-16.24%	-16.96%	-14.58%	-18.99%

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
TM	98.89	-1.59	-1.58%	-2.93%	-2.39%	-3.11%	-7.11%	-10.69%	-9.61%	-17.85%
EBAY	30.18	-0.37	-1.21%	-3.18%	0.60%	-3.58%	-7.11%	8.91%	-5.51%	-8.21%
NKE	64.77	-0.24	-0.37%	-4.09%	-0.15%	-5.78%	2.35%	6.90%	1.60%	18.15%
WHR	71.77	-0.62	-0.86%	-4.14%	-0.91%	-6.06%	-10.15%	-19.11%	-7.85%	-36.22%
DIS	33.23	-0.38	-1.13%	-4.81%	-3.12%	2.69%	4.37%	2.03%	4.37%	-8.91%
TGT	52.04	-0.97	-1.83%	-5.17%	-0.38%	-3.59%	5.11%	-0.06%	-8.97%	-11.19%
BDK	63.05	-0.83	-1.30%	-6.61%	-5.64%	-6.70%	-9.84%	-5.71%	-23.21%	-31.62%
CCL	36.99	-0.96	-2.53%	-6.71%	-6.87%	-6.24%	-15.28%	-11.61%	-13.43%	-25.62%
BBBY	30.85	-0.61	-1.94%	-8.67%	-4.16%	-7.72%	8.78%	6.71%	0.75%	-24.41%
GOL	14.65	-0.09	-0.61%	-11.27%	-7.80%	-2.33%	-38.93%	-17.14%	-43.70%	-52.25%
JCP	39.93	-0.58	-1.43%	-11.29%	-6.94%	-7.57%	-4.13%	-18.18%	-3.32%	-49.32%
BC	14.67	-0.37	-2.46%	-12.31%	-9.50%	-10.28%	-13.30%	-11.04%	-23.83%	-57.50%

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
BUD	56.61	4.03	7.66%	9.43%	11.15%	20.06%	9.65%	18.41%	12.79%	10.24%
KO	58.63	0.36	0.62%	2.73%	4.42%	-1.18%	-4.03%	0.64%	-5.89%	14.22%
PEP	68.26	-0.12	-0.18%	0.57%	1.11%	0.95%	-9.34%	-4.37%	-9.60%	-0.63%
SBUX	16.95	-0.14	-0.82%	-0.59%	6.87%	6.87%	-12.22%	-7.02%	-26.53%	-41.33%
PG	65.27	-0.35	-0.53%	-2.22%	0.09%	-1.92%	-9.74%	-1.42%	-10.42%	3.44%
WMT	55.75	-0.30	-0.54%	-2.26%	-2.50%	-3.30%	18.87%	11.57%	21.91%	20.33%
DEO	78.46	0.06	0.08%	-3.14%	-3.55%	-4.24%	-7.76%	-4.99%	-12.16%	-8.12%
WAG	35.09	-0.59	-1.65%	-3.52%	0.29%	-1.13%	-6.03%	-6.20%	-11.68%	-21.48%
KR	26.96	-0.25	-0.92%	-3.58%	2.51%	2.16%	5.03%	4.74%	-3.71%	-8.67%
WFMI	27.62	-0.38	-1.36%	-4.96%	-15.74%	-11.45%	-30.53%	-24.86%	-32.22%	-31.58%
PDA	58.46	-0.49	-0.83%	-5.50%	4.62%	10.89%	21.46%	13.89%	27.36%	68.86%
ABV	72.27	-1.40	-1.90%	-7.99%	-2.47%	-1.87%	-0.29%	-10.10%	4.60%	8.33%

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
UNH	34.75	-0.55	-1.56%	7.52%	5.49%	2.24%	-38.68%	-26.63%	-35.73%	-35.56%
MDT	50.13	-0.61	-1.20%	6.70%	4.90%	1.44%	1.27%	3.28%	3.75%	-5.38%
AET	45.61	-1.02	-2.19%	4.71%	5.46%	3.87%	-19.47%	-9.02%	-15.76%	-12.12%
WLP	53.94	-1.51	-2.72%	4.68%	2.29%	5.62%	-38.00%	-27.04%	-34.03%	-36.14%
NVS	53.03	0.23	0.44%	3.25%	4.16%	4.80%	-2.82%	5.36%	-5.27%	-5.05%
AMGN	42.38	-0.39	-0.91%	0.83%	0.78%	0.31%	-9.06%	-8.72%	-21.17%	-22.58%
GSK	44.49	-0.36	-0.80%	0.07%	1.34%	-1.40%	-11.32%	0.93%	-12.40%	-16.56%
BMY	21.69	-0.26	-1.18%	-1.14%	-0.09%	-2.08%	-16.99%	-3.73%	-22.76%	-27.70%
DNA	68.53	-0.36	-0.52%	-2.37%	0.00%	-4.78%	1.68%	-4.27%	-8.41%	-11.76%
PFE	19.55	-0.23	-1.19%	-2.42%	-1.23%	-4.33%	-14.69%	-13.13%	-14.95%	-28.51%
JNJ	64.92	-0.49	-0.75%	-2.64%	-2.45%	-3.55%	-1.50%	2.75%	-2.93%	1.74%
NVO	66.17	-0.37	-0.56%	-4.07%	-1.96%	-1.31%	3.71%	-3.29%	-47.72%	-36.71%

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
BBD	22.65	-0.07	-0.31%	-3.21%	-0.18%	2.30%	-25.57%	-23.04%	-21.63%	-10.19%
HBC	84.10	-0.54	-0.64%	-3.47%	0.04%	-1.96%	2.01%	11.79%	-0.76%	-9.30%
DB	114.44	-1.77	-1.52%	-3.71%	-2.38%	-4.91%	-11.33%	2.01%	-7.97%	-27.45%
CS	52.29	0.09	0.17%	-3.74%	-3.47%	-4.77%	-12.38%	7.90%	-8.54%	-30.91%
UBS	29.30	-0.61	-2.04%	-4.78%	-5.61%	-18.61%	-36.01%	-12.93%	-35.23%	-54.23%
GS	172.64	-4.56	-2.57%	-7.75%	-8.21%	-10.08%	-16.84%	-2.85%	-20.25%	-24.46%
C	21.12	-0.60	-2.76%	-8.65%	-10.62%	-20.60%	-26.97%	-15.92%	-33.38%	-61.61%
JPM	42.32	-0.73	-1.70%	-9.05%	-9.13%	-11.45%	0.36%	-3.66%	0.88%	-18.60%
MER	43.36	-1.14	-2.56%	-11.24%	-10.51%	-12.65%	-17.82%	-18.27%	-19.01%	-53.78%
IBN	39.42	-1.49	-3.64%	-11.34%	-7.20%	-16.48%	-36.57%	-26.82%	-32.91%	-15.26%
MS	41.83	-1.12	-2.61%	-11.40%	-8.99%	-17.41%	-17.90%	-5.34%	-16.16%	-51.22%
LEH	36.11	-2.39	-6.21%	-17.25%