Weekly Market Update -Feb 16th

This week we saw more of the same choppy action in the markets, with little clue of where it might be headed. The action on January 23rd might have signalled a reversal to the up-side, but we haven't seen enough follow-through yet. We are basically still in an overall downtrend.

The Bond insurers continue making news this week, with talks of splitting up into different companies. Warren Buffet also offered to take over the 'good' portions of the bond insurers' business -no takers though.

Oil prices continue the up-trend from last week and is now over $95 per barrel.
Gold retreated a bit, but Platinum soared past $2000!
Commodities continue rising with the index hitting record highs!

Next week the market might give us a better indication of direction. Right now we are still in a downtrend, with an undecided short term direction.

News Stories
Banks at Risk of $203 Billion in Writedowns, Says UBS
Stocks Sink after Bernanke Testimony
Apple Shares Rolling Downhill
GM Report Losses Of $38.7 BILLION in 2007!
Bond insurer FGIC to split business to save itself
AIG says potential derivatives loss not material
AIG's Explanation of Losses Doesn't Ring True: Jonathan Weil
Dollar Has Biggest Weekly Loss in 2008 on Signs Growth Slowing
As Recession Fears Rise Consumer Confidence Falls
Venezuela Cuts Off Oil Shipments to Exxon Mobil
Zimbabwe inflation now 66,000 percent
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.