The DOW began the week pushing the Index down a mere 65 points on continuing news on the Madoff Ponzi  scheme.  No resolution yet on the automakers. 

Tuesday, the DOW rallied big time to post a 360 point gain as the Fed lowered the Fed Funds Rate to unprecedented levels of between 0-.25%.  It became apparent that the FED is prepared to do all that is necessary to stem the tide of economic disaster.

Wednesday, AAPL  announce that Steve Jobs would not be addressing the crowd at MacWorld.  The announcement fueled speculation that his health is an issue.  MS reported poorer numbers than expected and OPEC cut oil production as the DOW closed down 100 points.

 Thursday, the DOW shed 219 points as Leading Economic Indicators registered their weakest numbers since 1991.  The Philly Fed and the Labor Departments’ reports contributed to the poor showing in the market.

We closed out the week with options expiration and a White House announcement that 13.4 billion will be extended to the automakers from the TARP with another 4 billion available in February.  The DOW closed down 26 points. 

Week over week, the market was mixed.  The DOW was off by 51 with the SPX gaining 8 and the COMPQ up 23.

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