We began the week with a follow through move on Monday as Obama’s proposed infrastructure program gave the market a lift as the DOW closed up 298 points.  I issued a market alert on Monday calling for a pullback.

Tuesday we pulled back as predicted and closed down 243 points on the DOW due to poor earnings from FDX, TXN and BRCM.  Announcements of layoffs continued to plague corporate America.

Wednesday, the market eeked out a small 70 point gain on the DOW on reduced volume as Capitol Hill continued to hash out the details of an automakers bridge loan package.

Thursday continued the market pullback peeling off 196 DOW points as the House ok’d the $14 billion bridge loan for the “Big Three”.  Doubt still remains how the Senate will view the package.  The unemployment report added to the angst as the numbers registered at their highest mark in the last 26 years.

Friday began with the knowledge that the Senate did not approve the Detroit bridge loan and it looked like it was going to be a blood bath.  However, the White House stepped up and assured all that the TARP will be there to stabilize the car people as the DOW gained 65 points. 

Week over week, the DOW lost 5, the SPX was up 4 and the COMPQ gained 32.

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