Title: Market Analysis with Jim Lowell

" some disappointing reports on manufacturing and housing the numbers the Dow Jones Industrial Average off 42 points. Nine 665. On the -- blue chips were off 155. Point one and a half percent. The Nasdaq Composite was down nearly 1729. -- the tech heavy index down 42 on the week that's about 2%. The S&P 500 off nearly six and a half points 1044. -- loss of more than 2% for the week. Our market analysis tonight Jim -- as chief investment strategist at adviser investments. And editor of fidelity investor dot com he's in the newsroom this evening happy Friday -- that the predator date what are we start with a look at some of the news that came out today that provided the backdrop for trading first durable goods."

" Durable goods big ticket items spent the last three years or more things like refrigerators and cars the numbers came in dramatically lower than consensus estimates. That initially spooked the market mightily before the opening solid futures reversed really dramatically on is the pretty quickly the market. Unpack the report and saw there was really driven by false and transportation aircraft orders and when you've backed out there aircraft orders from that report. It was pretty close to while I'm pretty close consensus estimate so. The market in fact there began to pick up afternoon digested what -- thought was going to be even more business the other report today new home sales new home sales especially after yesterday's us -- dramatic slip an existing home sales relative good to a consensus estimates. Actually came -- right around the flat line which was again. Initially -- troubling to the market -- in the market also digested that it was moving united into the green by midday."

" The market really looking for direction today the dollar loan crossed zero's 32 times among the stocks watching today. GE and --"

" What this market is basically doing is that it has in the fact that stabilization in the overall economy. Does not simply through a foregone conclusion but that looks like present day reality. And so it needs to find a better catalyst to move forward this is a team we've been suggesting it would this would bump up against right about now it is. It's certainly behaving very rationally today's sell -- was hardly measurable although on the week we're beginning to see the unwinding of what I think what could be -- 10% to 15% overall sort of correction within the broader market averages. That begins to price back in towards fundamentals and of course the third quarter earnings season coming up. We'll be heated just what that price and McCoy and finally our Research in Motion maker of the Blackberry not a good day. Not a good day and therein -- tale of what we're gonna see I think enters a third quarter earnings rim today basically giving up. The last six weeks worth of gains just not just on disappointing sales for its second quarter which is this the -- fiscal quarter. But also on that diminishing expectations for sales. In the upcoming quarter and also concerns of pricing. Basically investors were looking at what rim was forecast significant they're gonna have to cut prices dramatically. In order to move their goods well let's not great for the bottom line. The top line news was weak I don't think that will be a pattern of third quarter earnings season but if it is we'll see this market correct even more."

" Our market wrap this evening Jim -- from adviser investments and fidelity investor dot com have a good weekend trip. Thank you Girardi."