A mix of profit taking and caution at the recent rally's sustainability kept major index results tepid on Friday. Oil had its heaviest decline for the week in two months, closing at $50.26 a barrel. A spate of better-than-expected earnings gave the financial sector a lift through the week. The Dow Jones Industrial Average closed up six points at 8131, barely gaining 50 points on the week. For a complete rundown on Friday s trading session see our market story.

Winners

Better-than-expected earnings results from major financial names such as Goldman Sachs (GS) and JPMorgan Chase (JPM) gave the SPDR KBW Bank fund (KBE) a 10% lift for the week. An anticipated increase in demand after global stimulus plans were announced pushed up shares of the Oil Service HOLDRS Trust (OIH) 8% for the week.

Losers

A return to stocks drove investors away from gold, which closed Friday at $867.90, leaving the Market Vectors Gold Miners fund (GDX) down 6% for the week. The Biotech HOLDRS Trust (BBH) slipped 4% after sales of Biogen Idec (BIIB) major multiple sclerosis drug came in lower than expected.

This Week s Industry News

Barclays Global Investors, the manager of the iShares exchange-traded funds, named Lee Kranefuss chairman once the the $4.4 billion buyout deal with CVC Capital Partners closes. Mike Latham, is based in San Francisco, and Rory Tobin in London, were named co-CEOs.

Data Points
Exchange-traded funds had net outflows of $1.5 billion in the first quarter. Strategic Insight reported that bulk of the investor pullback came in January and February, and that March saw net inflows for the month. The last month of net inflows occurred in December 2008.

Exchange-traded funds recorded a 6.8% gain in assets for March, according to State Street Global Advisors. Two new funds were launched and the six funds of the SPA ETF Market Grader series shut down, leaving 735 ETFs in the U.S. managed by 22 companies. About $482 billion is now invested in exchange-traded funds.

Launching Pad
IndexIQ filed with the Securities and Exchange Commission to launch 15 new exchange-traded funds replicating hedge fund strategies. Proposed offerings include a distressed fund, a merger arbitrage fund, an absolute return fund and a convertible arbitrage fund. IndexIQ in late March launched the Hedge Multi-Strategy Tracker ETF (QAI), which has an expense ratio of 0.75%.

State Street Global Advisors said the SPDR Barclays Capital Convertible Bond fund (CWB) -- the first convertible bond ETF available to U.S. investors -- began trading. It tracks the Barclays Capital U.S. Convertible Bond Index. The fund has an expense ratio of 0.4%.

State Street also filed a request with the Securities and Exchange Commission to launch a new municipal bond exchange-traded fund to track an index of variable-rate demand obligations. Those are debt issued by states, local governments and other agencies that pay interest exempt from federal income taxes.

Direxion, which sponsors a number of leveraged funds, launched four more to amplify the movement of 10- and 30-year Treasurys. The Direxion Daily 10-Year Treasury Bull 3x Shares (TYD), Direxion Daily 30-Year Treasury Bull 3x Shares (TMF), Direxion Daily 10-Year Treasury Bear 3x Shares (TYO) and Direxion Daily 30-Year Treasury Bear 3x Shares (TMV) funds all carry expense ratios of 0.95%.

Next Week s Notebook

Earnings and Conference Calls

Monday
Badger Meter, Boston Scientific, Eli Lilly, Halliburton, Hasbro, Merck, Stryker, Zions Bancorp

Tuesday
AK Steel Holding, Ameriprise, Arbitron, Caterpillar, Coach, Coca Cola, First Cash, Huntington Bancshares, Jefferies, Johnson Controls, KeyCorp, Lexmark, Lockheed Martin, M&T Bancorp, New York Times, Northern Trust, Regions Financial, SanDisk, Schering Plough, Seagate Technology, TD Ameritrade, Tupperware Brands, U.S. Bancorp, UnitedHealth, Western Union, Yahoo

Wednesday
AirTran, Amdocs, Apple, Boeing, Cohen & Steers, Continental Airlines, EBay, Electrolux, FBR Capital Markets, Freeport McMoRan Copper & Gold, Genzyme, GlaxoSmithKline, Ingersoll Rand, iRobot, Journal Communications, McDonald's, Morgan Stanley, Northrop Grumman, P.F. Chang's China Bistro, Provident Financial Services, Qualcomm, Robert Half International, Sybase, T. Rowe Price, Wells Fargo, Yum Brands

Thursday
ABB, Amazon.com, AmeriSource Bergen, AutoNation, Burlington Northern Santa Fe, Cheesecake Factory, Chubb, Columbia Sportswear, ConocoPhillips, Consol Energy, Credit Suisse, DeVry, Goodrich, Interactive Data, IUNvesco, Janus Capital Group, JetBlue Airways, l-3 Communications Holdings, Microsoft, Netflix, Nucor, Penn National Gaming, PepsiCo, Phillip Morris, PNC Financial Services, Potash Corp. of Saskatchewan, Rambus, Republic Bank, Royal Caribbean Cruises, Sodexo, SunTrust, Union Pacific, US Airways, W.R. Grace

Friday
3M, Arch Coal, Honeywell, ITT, Mobistar, Schlumberger, Wilmington Trust

Economic Data

Monday, April 20, 2009
10:00 a.m. March Conference Board Leading Indicators: Previous: -0.4%.

Tuesday
7:45 a.m. ICSC Chain Store Sales Index for April 18
8:55 a.m. Redbook Retail Sales Index for Apr 18
4:30 p.m. API Oil Industry Report for April 17
5:00 p.m. ABC/Washington Post Consumer Confidence for April 18

Wednesday
7:00 a.m. Mortgage Application Refinance Index
10:30 a.m. U.S. Energy Dept. Oil Inventories for April 17

Thursday
8:30 a.m. Initial Jobless Claims for April 18 Week
10:00 a.m. DJ-BTMU Business Barometer for April 18
10:00 a.m. March Existing Home Sales
10:30 a.m. EIA Natural Gas Inventories

Friday
8:30 a.m. Mar Durable Goods Orders
10:00 a.m. Mar New Home Sales

A look at how the industry's most popular ETFs did on Friday: