كنت اتمنى ان اترجم هذا التقرير الذي يصلني اسبوعيا عن اهم احداث الاسبوع القادم وكذلك تحليل عن احداث الاسبوع الماضي ولكن بسبب بعض المشاغل وضيق الوقت ولاهميتة احببت ان انقل جزء من هذا التقرير كما هو فارجو المعذرة للاخوان الذين لايستطيعون قراءة اللغة الانكليزية (اتمنى قراءته بتمعن ) It was a solid holiday shortened week for the major averages. After a weak session Monday, investors returned for the new year in a buying mood. Several bullish analyst sales calls on selective issues led to the broad-based strength in the markets. Especially strong were technology shares, which continue to be the sector which investors seem to have the most interest in. Within the tech sector, software and chip shares were the ones paving the way higher. Another positive was the fact that volume picked up late in the week, after thin trading conditions due to the holidays. All in all, it was a solid week for the bulls Despite the market's recent breakout to the upside, we maintain our cautious stance moving forward. Much of the rally late in the week looked to stem from program buying, which was likely due to money coming into these fund companies at year end (i.e. 401K's, IRA's, etc). Keep in mind, with these buy programs, stocks are often bought with little regard to price. This often creates an artificial type lift in stock prices. Furthermore, buying was also due to analysts upgrading many of the same stocks/sectors they have tried to push for the past 21 months. Earnings will be the tell tale sign and if companies are not able to raise numbers aggressively in the upcoming reports, we do not feel there is any way to justify the huge multiples most stocks trade at. In the week ahead, earnings season will get started. There are no large bellwethers on the schedule. However, companies that should be able to move the markets such as Gap, Intraware, Rational Software and Cree are all set to report. Additionally, the PPI report, as well as a speech from Mr. Greenspan, are both scheduled for Friday; these events could be market movers. With that said, we would expect things to really start to pick-up next week, as investors will be able to get some "real data" to trade off of. Moreover, many large players may have been taking it easy (i.e. on vacation) due to the holidays and they should all return Monday.