Stock Market Update -Nov 22nd

The markets sputtered a bit this week to end mostly unchanged. We may be topping out here as we see a mixed picture over the past week and the past month (see chart). There was a big drop in housing starts reported this week, and mortgage delinquencies set a new record in the third quarter of 2009.

New unemployment claims for this week came in at 505,000 (chart).
(still over the half million mark every week, but trending down)
Another bank was shutdown by regulators this week! (list).

Commodities: Oil prices were mostly flat closing the week around $78 per barrel. Natural Gas fell a bit to close around $4.50. We saw record Gold prices again this week, closing around $1163. The US Dollar index was up a bit, closing around the 75 level. Bond prices were up for the week.


Next week is a shortened trading week because of the Thanksgiving holiday. All eyes are on Black Friday sales.

Market analysis: The market seems to be stalling at this point. Retail sales on Friday may give it a push in one direction or the other. I believe that traders should book some profits at this level, anticipating a pullback. The chart is still bullish however for longer term investors.

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