New Unemployment claims for the week came in over 600,000 again, and three more banks were shut down by regulators (list).
Commodities: Commodity prices are falling. Oil closed around $69 per barrel. We could finally see a pullback in oil prices at this level. Gold closed around $934, and the US Dollar was more or less flat for the week. Bond prices fell somewhat. We could see Bond prices slide some more as we see a record auction in Treasury Bonds next week ($104 billion).
Next week will include a Fed meeting, and a couple of economic reports.
Market analysis: This week's pullback could be indicative of a larger pullback to come. We may get a bounce following last week's drop, only to be followed by a larger drop, so be cautious. If RIMM and POT are any indication, look out below (see charts).
Stocks log first weekly loss since early May
Pros Say: S&P to Decline Toward 850
Bonds up ahead of big week
S&P Downgrades 18 Banks
Credit card defaults keep climbing
Art Cashin: 'Long Tough, Slog Ahead'
Here come higher interest rates
Calif. jobless rate climbs to record 11.5 percent
California's Economy: Too Big to Fail?
Second Lowest PPI Reading on Record
Where Housing Will Be in 2012
Has the 401(k) failed?
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