I'm going to try a slightly different way to sum up the market this week -- charts with a minimum of written commentary. It seems to work well for my colleague

Gary B. Smith

, so I thought I'd give it a try. It should make for a quicker read on this holiday weekend and, I hope, more fun. (I'm sure you'll let me know if this experiment is a bust.) At the end, I will inflict a bit more analysis on you when talking about what this week's action suggests for the future.

Here goes.

The techies treaded water Monday and Tuesday with most of the momentum players surfing the waves, not stocks.

An Up Nazz Week
Treading water till end of the week.

Only the financials showed good strength from the get-go as expectations of a nicely slowing economy grew.

Go-Go Financials
Sector benefits from slowing economy.

On the flip side of the economic slowdown, retailers sold off from day one as analysts clipped earnings expectations for the group.

No Sale
Retailers sold off from the get-go.

Tuesday belonged to

Donaldson Lufkin & Jenrette

(DLJ)

, which rose on low volume Monday (when insiders and friends and family probably got the word), soared on Tuesday's reports of a takeover by

Credit Suisse Group

and then popped to $88 a share when the announced deal price was $90.

What a Week for DLJ
A deal was announced for $90.

As DLJ went so went

J.P.Morgan & Co.

(JPM) - Get Report

, another likely takeover candidate as the financials keep on consolidating.

DLJ Effect at J.P. Morgan
It got a nice bounce on takeover speculation.

But it wasn't all financials all the time.

Long beaten-down telecom giant

AT&T

(T) - Get Report

seemed to make a nice bottom Monday and moved up smartly Tuesday.

All Dialed In
AT&T got a nice bounce.

And big tech picked up toward week's end as traders began positioning themselves for a possible post-Labor Day rush of money into the glamour sector of the market.

Looking Toward Next Week
Traders started moving into tech.

Look at the chart for

Ciena

(CIEN) - Get Report

TheStreet Recommends

, an optical-network equipment maker whose stock had a nice run, especially Thursday and Friday, on no news at all.

Looking for News
Not at Ciena, which moved up on none of it.

Not all tech went up, of course.

Sapient

(SAPE)

rocketed down, up and then down again as competing Internet consulting companies like

Viant

(VIAN)

and

Scient

(SCNT)

had their buy ratings cut by analysts at

Goldman Sachs

,

ING Barings

,

Merrill Lynch

and

SG Cowen

. The worry? Fallout from the dot-com slowdown.

Consulting a Bottom at Sapient
Along with other e-consulting firms, it got hurt.

And then there was

Ford Motor

(F) - Get Report

, which had a blowout because of

Bridgestone/Firestone

tires. It went down, down, down, down, until it bounced off the bottom on Friday.

Hands on the Wheel at Ford?
Ford went down, but jumped on Friday.

So what does it all mean?

All in all, a pretty good setup for the coming weeks, I'd say. The rally in financials reflects reasonable expectations of a slowing economy and suggests stable, or perhaps lower, interest rates. (Note the pleasantly dull

job growth figures released Friday.) Tech stocks built momentum, especially on Thursday's good volume, and we are coming into the best quarters of the year for tech companies. With earnings season soon upon us, look for the bulls to ramp the New Economy blue-chips. Portfolio managers have been busy doing nothing as cash has continued to pour into their coffers. And you know what portfolio managers do with cash to avoid underperformance in the bull market.

They buy.

Brett Fromson writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He invites you to send your feedback to

bfromson@thestreet.com.