Stock Market Update -Apr 12

The rally continues, now 5 weeks in a row, with the Financial sector leading the way again! (see chart below, right). Looks like we might be headed for that January high that I mentioned last week. New unemployment claims for the week came in over 600,000 again, and two more banks were shut down by regulators.

Commodities: Oil prices are holding around $52 per barrel, while Gold prices continue to lose ground closing near $880.


Next week begins a new earnings season with big names reporting like Citi, Goldman, JP Morgan, GE, J&J, Intel, and Google. In addition there are a number of key economic reports due to be released, and don't forget Options expiration on Friday.

Market outlook: We could see a continuation of the rally up to the 875 level on the S&P500. It all depends on reaction to the earnings reports next week.

Big rally on Wall Street
Is market turning? Stay skeptical
Wells Fargo predicts a $3 billion profit
More Quickly Than It Began, The Banking Crisis Is Over
Government Sachs is in control

U.S. budget deficit triples to $957 billion for year
Now Almost 6 Million In Continuing Jobless Claims
Buyers return to Miami housing as prices plummet
Mall vacancies at a record high in 2009
Economists expect recession to end in September