Updated late Tuesday and Friday nights
Friday’s Close for Feb 13th, 2008
Written by: Mike Coval

What a lack luster day. If you were hoping for some action then hopefully you were able to get it elsewhere. The markets opened flat traded flat and closed flat as everyone waited for some new economic stimulus news that was noticeably absent.

To watch a video of Friday’s market action, along with my thoughts, Click Here. The DOW closed down 82 points at 7,850 while the NASDAQ closed lower by 7 to finish the day at 1,534.

Energy: Crude prices rebounded after a tough week. Late in the day, the price of crude futures were trading up $3.81 at $37.79 a barrel. Track the price of crude with the Oil ETF, USO.

Economic News: The February reading of the Consumer Sentiment Index came in below economists' expectations. The disappointing reading appeared to confirm the theory that the surprising retail report released earlier this week was more of a fluke than a sign of a return to spending.



On Capitol Hill, late Friday lawmakers prepared to cast their votes for the $789 billion economic stimulus package, a bill forged by the White House and House and Senate leaders for both parties.

Consumer Non Cyclicals: Pepsi, PEP gained $0.57 to bounce up off its $50.00 support on an increase of volume. The company saw its fourth quarter net fall but met estimates as much of the downward pressure came from one-time charges.

Shares of Abercrombie & Fitch, ANF, gapped open to close up $2.08. The stock beat the Street for earnings and technically is showing a new upward channel with resistance near $28.00.



Technology: Microsoft, MSFT plans to open its own chain of retail stores to sell computers loaded with the firm's software. Microsoft hired David Porter, the head of worldwide product distribution at DreamWorks Animation SKG and a former Wal-Mart executive, to lead the new retail division.

Toyota, TM, dropped $2.01as it too admits the U.S. economy is hurting their sales. TM announced sweeping cost-cutting measures at its North American facilities that will scale back vehicle production. The firm plans to offer buyouts to its North American employees, suspend executive bonuses, cut wages and scale back shifts. Toyota also announced a hiring freeze, halted overtime and suspended capital spending.

Good and or bad stocks to watch: CPLA, GXDX, MPWR, AVAV, KBW, CMA, VNO, WHR



Homework Training: Feel free to leave any stocks you would like to have looked at in the comments section (below) and I’ll try and choose one of the stocks and add it to my analysis for all to read. Please tell your investing friends about this blog as well. It is here for you and the more comments I can get from you the better it will be.

Homework: What is the most important technical indicator to use? To find out, go to www.incometrader.com/homework.htm

Cheers,
Mike