One Week Pullback

After three straight weeks of gains, the market lost its mojo this week as trouble stirred in the financials, oil prices set a new highs, and there were few positive catalysts to keep the "worst is behind us" rally going.

For the week the Dow lost -2.39%, the S&P 500 -1.81%, Nasdaq -1.27%, and the Russell 2000 -0.78%. Markets around the world also offered dismal weekly returns with the one key exception in Russia which soared +9%.

The top performing sectors this week will not be of any major surprise - oil & gas, metals & minerals, precious metals, specialty chemicals, and basic materials. The worst performers were airlines, generic drugs, regional banks, investment brokers, education & training services, department stores, and insurance.

The good news for next week is that we have a lot more news to work with. Reports on retail sales, inflation data through the CPI, industrial production, housing starts, and consumer sentiment will be released. Ben Bernanke is also scheduled to speak on Thursday as well as a number of Fed members leading up to another options expiration Friday. Technically, the S&P 500 held its 20 day moving average (a good sign) but the bulls will need to really circle the wagons in the week to come.

Happy Mother's Day to all of you this weekend. See you on Monday!