Oil prices seem to be settling in this area for now ($41 on Friday), while we saw a big run up in Gold prices this week closing over $925 per ounce (despite a rise in in the US dollar). We also saw a big run up in the Financials this week, though the rally faded somewhat on Thursday and Friday (see chart). Three more banks were shut down by regulators this week.
Next week the stream of earnings reports will continue, and we also get the widely watched monthly payroll report on Friday. There is no clear short-term market trend right now, so I would stay on the sidelines (keep an eye on the gold mining companies).
U.S. fourth-quarter GDP contracts 3.8%, biggest since 1982
Worst January ever for Dow, S&P 500
Economy is going from bad to worse, reports show
Slim chance of a turnaround in 2009
$4B shortfall - NYC may cut 23,000 jobs
California's cash crunch: IOUs coming
Deluge of layoffs hits U.S. economy
Caterpillar to cut 20,000 workers
Bank bailout: More money, more problems
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