Commodities: This month commodities had the biggest gain in 34 years! Oil prices rose, closing just above $66 per barrel! Gold prices also rose ($979), as the US Dollar continued to drop in value. We are not far from $1000 gold prices again. Bonds also continued to fall, but recovered a bit toward the end of the week (bond prices drop = higher long term interest rates).
Next week : The GM bankruptcy is still pending; we also get the monthly payroll report on Friday, which is expected to show that the unemployment rate is now over 9%.
Market analysis: The market did hold at the support level mentioned last week, so now we will see if it can rally some more and break out of the trading range we have been stuck in for the month of May, or if it will break down again at the resistance level we are approaching. There is no clear direction at this point.
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The $4 trillion housing headache
U.S. mortgage rate rise threatens housing recovery
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Home prices still falling at record pace in first quarter
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Is a commercial real estate bust inevitable?
The next crisis has already begun
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