Stock Market Update -Jul 19th

Good earnings reports from the big banks and from technology companies pushed the market back up nicely this week. This caught most people by surprise. Now we are back at the top of the range, with a slew of earnings reports coming next week.

Once again, the number for new unemployment claims dropped below 600,000 to 522,000. This number could be somewhat misleading though because it is a seasonally 'adjusted' number. Four more banks were shut down by regulators this week (list).

Commodities: Oil prices recovered to just over $63 per barrel as the dollar fell in value again. Gold closed the week around $937, while the US Dollar was down for the week. Bond prices were down again for the week.


Next week watch for more earnings reports, including AAPL, MSFT, and AXP.

Market analysis: Well, we got the earnings reports, and in a surprise move they lifted the markets out of the downtrend last week. Now we need to get past this resistance 'top' formed in early June if the rally is to continue.

Earnings goose a rally - for now
China's economy grows 7.9% in stunning rebound
Foreclosures Up 15% Since January 2009
Nine Reasons the Economy is Not Getting Better
General Electric Loses Spark
Intel Rally Has Room to Run
The US-China Ponzi scheme
Hedging Your ETF Bets