New Unemployment claims for the week came in over 600,000 again, though this number may be starting to shrink, and three more banks were shut down by regulators (list).
Commodities: Oil prices rose, closing just above $53 per barrel. Gold prices fell to $885, even though the US Dollar continued to fall. Bonds also continued to fall this week.
Next Thursday we get the results of the government's stress tests on 19 banks, followed on Friday by the monthly Jobs report, which is expected to be another bad number. Also Cisco and AIG are among the companies reporting earnings next week. The Treasury department is also expected to issue another $70 billion in notes -it's only money!
Market outlook: If the market is to rollover from this huge rally, this is probably the week it will do it, so be cautious. I believe the Financial sector could see a big move this week too; it has not been able to break out of a trading range for the past three weeks.
Jobless rate set for record
Economy shrinks at worse-than-expected pace
Why This Rally Is Unsustainable
Buffett dispenses gloom at Berkshire fest
Chrysler files for bankruptcy
Chrysler aftershocks to hit industry hard
Auto sales plunge to near 30-year lows
Reviewing Obama: How he's done so far
Citi Said to Need Up to $10 Billion
Only 1 way out of big economic hole
Treasury Prices Hit by Stronger Economic Data, Supply
Long Term Treasury Yields Likely to Rise, Pressuring Dollar Lower
China's gold buy raises eyebrows for all the right reasons
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