Oil prices also dropped, helping to boost the stock market; the uptrend in oil has been broken (see chart below). Commodity prices also dropped as the US Dollar rallied. It's too early though to tell whether the stock market rally of the past two weeks will hold -only professional traders should try to trade these moves at this point.Earnings reports continue to roll in, with many of the financial companies reporting this past week; as expected, the numbers were not good; (also, two more banks were shut down by regulators this week). We also got horrible numbers from Crox -so much for fads. Foreclosures doubled, and existing home sales fell to a 10 year low.
Next week we get the GDP report and the monthly Jobs report. Also earnings from the big oil companies.
News stories:
U.S. Shuts California, Nevada Banks as Failures Rise
WaMu Has $3.3 Billion Quarterly Loss on Delinquencies
Wachovia and Washington Mutual post billions in mortgage losses
Wachovia reports $9 billion loss
Problem banks: What you need to know
U.S. Foreclosures Double as House Prices Decline
The slump persists: Home sales tumble across US
House OKs rescue for homeowners, Freddie, Fannie
Roubini: More Than $1 Trillion Needed to Solve Housing Crisis
2.2 million vacant homes for sale
Durable goods orders in surprise rise
Last week: (sorry, there was no post last week; I was out of town)
Consumer Prices Take Biggest Jump in 26 Years
More banks may fail after IndyMac
WaMu and National City plummet
Should You Be Worried About Bank Failures?
Fannie-Freddie lifeline puts taxpayers on the hook
Dollar slides to fresh low against euro
Oil prices tumble in biggest weekly drop ever
Have commodities peaked?
Other stories:
Zimbabwe's $100bn note
Cancer center warns on cell phone use
Pakistani investors attack bourses after share collapse
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
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