Commodities also continue to sell off, though we did get a small pop on Friday. Oil sold off in spite of a big hurricane heading toward Texas on Friday. The recent US Dollar rally may be slowing down at this level though, and you could start to see Oil and Gold slow the recent freefall!
Meanwhile Johnson & Johnson, McDonalds, and Walmart (DOW components) have been strong throughout this bear market. The Financials have been the main laggards in the DOW.
Next week could be an action packed week with more volatility. We have a Fed meeting on Tuesday, earnings from some of the big brokers, and the Consumer Price Index. All eyes are also on Lehman and some of the banks mentioned above. The end of the week also marks expiration on Options, Futures, etc.
Based on the price charts above, market direction is uncertain from here so continue to use caution.
*** Breaking news ***
Bank of America to Buy Merrill Lynch for $44 Billion
Stunning Fall for Main Street’s Brokerage Firm
Lehman Prepares for Bankruptcy
News stories:
Stocks struggle on bank woes
Meltdown at Frannie, Lehman...Who's Next?
The endgame is near for Lehman
AIG in freefallFreddie, Fannie Scam Hidden in Broad Daylight: Jonathan Weil
WaMu outlook weak but soothes some investors
Feds lower BankUnited’s capitalization rating
Merrill Lynch shares catch Lehman bug
Crisis Mode: Financial Sector In Dire Trouble
U.S. Gives Banks Urgent Warning to Solve Crisis
U.S. Foreclosures Hit Record in August as Housing Prices Fell
Trade deficit surged to 16-month high in July
Feds bailed out China, not the US
A $10 Trillion Problem
Bloomberg Video -Roubini Says U.S. at Start of `Very Severe' Bank Crisis
SPDR GLD ETF Unloads 79 Tons of Gold - Should Investors Follow Suit?
Global Equity Market Returns
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
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