Stock Market Update -Nov 9th

The market was trending up before the election, then fell for two days after the results were announced. Then with everyone expecting more selling on Friday from a horrible Jobs report, the market did the opposite of what everyone expected -it rallied on bad news! (240,000 more jobs were lost). If you are a technical trader, the charts indicate that this market wants to go up, regardless of the news.

This week England and Europe cut interest rates again, by 1.5% and .5% respectively -very aggressive. The auto makers all reported gloomy numbers this week. Two more banks were shut down on Friday, and Oil settled at $61 per barrel.


Next week we don't have much in the way of market moving events. As I've indicated before, I see the market trying to move up from these levels.

Side note: The effects of printing money irresponsibly, and subsequent runaway inflation: dinner for 1 in Zimbabwe can now cost $1.2 billion dollars (not including the tip)! The US debt clock stands at $10.65 trillion this week (see left panel).

Stocks higher despite bad news on jobs, automakers
GM grapples to avoid filing bankruptcy as cash vanishes
Jobless rate at 14-year high as losses continue
Jobs lost in 2008: 1.2 million
Consumer bankruptcies in October top 100,000
Berkshire Hathaway's profit falls 77%
Las Vegas Sands signals it may not survive downturn
Circuit City gets delisting notice from NYSE

Obama plans quick action on economy
Why it's (finally) time to buy stocks
How the Thundering Herd Faltered and Fell
China to launch $586B stimulus plan
South Korea Cuts Rate to 4% to Stave off Recession
USDA crop report first on the agenda for CBOT grains
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.