| | Weekly Roundup APRIL 20, 2012 MarketWatch top 10 stories April 16 - 20 By MarketWatch NEW YORK (MarketWatch) — U.S. stocks ended a volatile week mostly higher, with solid earnings reports from some of the nation's biggest firms trumping ongoing political and economic turmoil in Europe. But a drop in high-flier Apple brought the Nasdaq up short for the week .The Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) both managed to post small gains this week, but the Nasdaq Composite (COMP), pressured by Apple, fell.The Dow ended the week up 1.4% and the S&P 500 added 0.1%, while the Nasdaq Composite shed 0.2%.As for Apple (AAPL) , it fell under $580 on Friday, dragging the company more than 10% below a recent record high of $644. That fall off its highs is often termed a technical correction among stock strategists — a trend break that can usher in steeper losses. "Our work suggests that this is just the beginning of the first meaningful correction in Apple since the 2009 bottom. A close below $580 should set the stage for a fast move down to $525," said Richard Ross, chief technical strategist at Auerbach Grayson & Co.Not everyone agrees: selling Apple is a "sucker's play," according to columnist Jon Friedman. Read commentary on Apple. Also please be sure to watch our Week Ahead videos. Europe Week Ahead: France, Spain and Carmakers U.S. Week Ahead: Apple and the Fed — Greg Morcroft, assistant managing editor Correction arrives as key trend line breaks Now that the S&P 500 has broken its six-month trend line, and the Dow has dipped under 13,000 and moved below its 50-day moving average, the chances are pretty good that we have now entered into a long anticipated correction. Read MarketWatch commentary on entering correction zone Taxes: Are you paying your fair share? Do you pay your fair share in taxes? Even as President Barack Obama pitches the "Buffett rule" to ensure that millionaires pay at least a 30% tax rate, some commentators are decrying the fact that about half of U.S. taxpayers don't pay any federal income tax. But our tax system is more complex than any sound bite or simplistic headline can illustrate. Read Andrea Coombes' Taxwatch column, on MarketWatch Improved markets lift Citi profit, revenue Citigroup Inc.'s (C) first-quarter profit remained virtually flat from a year earlier at $2.9 billion as revenue, particularly from equity and debt capital markets operations, improved from the fourth quarter.In a quarter clouded by a tangle of one-time charges related to the value of Citi's own debt, various divestitures, and a reduction of the reserves set aside for future loan losses, the bank was still able to eke out improvements in all three of its lines of business. Read MarketWatch coverage of Citigroup results Obama pushes Congress over oil prices In a bid to put Republican rivals on the back foot, President Barack Obama on Tuesday called for Congress to increase federal oversight of oil markets in what is shaping up as a major election issue. Obama said the Commodity Futures Trading Commission needs greater powers and more money to keep up with the booming market."These markets have expanded significantly," Obama said. He said CFTC Chairman Gary Gensler told him the current situation was analogous to the National Football League quadrupling the number of teams without increasing the number of referees. Read about Obama's political push on oil prices, on MarketWatch 5 stocks market detectives have locked up Having picked stocks for 48 years, Bob Olstein has seen his share of bull and bear markets.In this current quarterly earnings season — just like every other — Olstein sees himself surrounded by short-term traders who show little regard for a company's long-term fundamentals. To him, it's created a disconnect between stock prices and companies' free cash flows. Olstein, manager of Olstein All Cap Value Fund , is an accounting-driven value investor fond of cash flows. Free cash flow isn't a term you'll come across too often — or at all — from an expert talking up a stock on TV or in a research report from a big Wall Street brokerage. Read MarketWatch's Weekend Investor column Are poor people lazy? Or just lucky? See video Somewhere along the line, everything got turned upside down. It used to be that we envied the rich for their wealth, but now we pity them. For it seems that no one works harder than a millionaire (except perhaps a billionaire), which is why we must do everything in our power to help them keep every penny that comes their way. At the same time, we envy the poor, those lazy lucky ducks who just sit around all day, collecting unemployment, avoiding taxes and living it up on food stamps. Read Rex Nutting commentary, on MarketWatch. Google vs. Oracle: Round one There seems to be a lot of concern for the future of Android, as the Oracle Corp. (ORCL) vs. Google Inc. (GOOG) lawsuit appears to threaten the phone and tablet OS. Google has too much riding on the Android OS to allow any legal action to damage its position, so this is a non-trivial case for Google. In the case of Oracle, you get the sense that the company believes that it can cause some trouble for Google so it hired superlawyer David Boies to represent Oracle. Read John Dvorak's column, on MarketWatch Volcker rule deadline is 2014, U.S. says Big banks will have at least until July 2014 to fully conform to the Volcker rule, the regulation that aims to restrict speculative trades with their own money, bank regulators said Thursday. Regulators, including the Federal Reserve, provided banks with guidance in response to concerns that they would need to comply with a statutory deadline of July 21, 2012 in adopting new rules. The central bank added that July 21, 2014 is the deadline, "unless that period is extended by the Fed."Jaret Seiberg, analyst at Guggenheim Securities LLC in Washington, said the latest guidance is a positive for the big banks that will be most affected, including J.P. Morgan Chase & Co. (JPM) , Goldman Sachs Group Inc. (GS) , Citigroup Inc. (C) and Bank of America Corp. (BAC) Read MarketWatch story on Volcker Rule delay Apple to see another big iPhone, iPad quarter Apple Inc. is expected to post another strong period of iPhone and iPad sales when it reports results for the March quarter on Tuesday, despite recent worries that have hurt the stock price over the last week. Wall Street is currently projecting earnings to surge by 57% for Apple's second fiscal quarter, and the company has beat Wall Street's consensus estimates in all but one of the last 20 reporting periods — by an average of 22%, according to FactSet Research.Still, some concern has begun to affect Apple's stock in recent days, pushing the price down more than 10% since hitting an all-time high of $644 on April 10. Read preview. 
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