Stock Market Update -Sep 27th

The markets pulled back this week after the Fed meeting on Wednesday (technical chart). I think we could see DOW 10,000 before we get a bigger downturn however, since it is so close to this level. There was a big drop in RIMM shares on Thursday as they announced earnings, showing a big miss in sales (is Apple eating their lunch?). This could be a preview of more to come when earnings season starts up in 2 weeks.

New Unemployment claims for this week were 530,000.
(still over the half million mark every week)
Another bank was shut down by regulators this week (list).

Commodities: Oil prices dropped this week to close around $66 per barrel, Natural Gas continued to rally, closing around $4.00, and Gold dropped to $990.

The US Dollar in x finally gained a bit of strength, while Bond prices rallied, a reflection of the dip in the stock market. A lot of money has been flowing into bond funds (e.g. LQD)

Next week marks the end of the quarter, and the fiscal year end for many funds, a potential market mover. Another big market mover is the monthly jobs report due on Friday.

Market analysis: We did get the pullback I mentioned last week; not sure if it's over yet though. We could eventually still see that run to DOW 10,000 before a market downturn (if we get one). Note that if the dollar continues to rally, stocks will fall, and gold will fall as well.

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