A lot of activity this week beginning with Treasury Secretary Paulson announcing a backstop plan for FNM and FRE. That came on the heels of Indymac failing on Friday. Tuesday, STT and JNJ were both up on earnings. Bernanke added to the concerns over growth and inflation, however the catalyst for moving back north was oil retreating. The SPX put in a low at 1200 and retraced to wipe out much of the day’s loss. Wednesday, earnings from INTC and DAL helped build momentum and even overcome some negative CPI numbers, however the catalyst for the 277 point Dow day was the crude oil inventory report. Thursday was a follow through day with JPM and WFC reporting stronger than expected earnings. Housing starts had a nice increase to keep the momentum going and we ended up 207 in the Dow. Friday, earnings from C had stronger than expected earnings and joined the financials going higher. MER posted larger than expected losses but was dragged along higher with the rest of the group. MSFT missed and is down large today.

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