Earnings season is almost over now, so the market will be mostly driven by news events. This week Warren Buffet bought BNI, a railroad company for $26 billion.
New unemployment claims for this week came in at 512,000 (chart).
(still over the half million mark every week)
Five more banks were shutdown by regulators this week! (list).
Commodities: Oil prices were up then down to close the week around $77 per barrel. Natural Gas fell to close at $4.60. Gold prices hit $1100 this week, as India buys 200 tons from the IMF! The US Dollar index was down for the week closing just under the 76 level. Bond prices ended mostly unchanged.
Next week we get earnings reports from DIS and WMT among others, and more bond sales from the Treasury to raise money. The bond market is closed on Wednesday for Veteran's Day.Market analysis: The market turned back up this week, bouncing off the 1030 level on the S&P 500. It could continue all the way back up to the recent high at 1100, or it could turn back down again around 1075 (forming a bearish head & shoulders pattern). I expect the latter.
Unemployment hits 10.2%
Fears of Market Bubble Prompt Investors to Seek Exit Strategy
20 more weeks of benefits for the unemployed
October Bankruptcy Filings Set New Post-2005 Record
Fannie Mae asks for $15 billion in additional funding
What to do about Fannie and Freddie: Restructure -- or terminate?
The Fed and Fannie Mae: Throwing Money Down a Black Hole
Freddie Mac loses $6.3B in 3Q
Credit cards gouge consumers ahead of new law
Consumer debt drops for record eighth straight month
Gold futures top $1,100, oil prices sink on economic worries
JPMorgan Settlement: Bank To Pay SEC Over $700M Over Charges Of Illegal Payments
It is Japan we should be worrying about, not America
Fed maintains promise to keep rates low
Property Values Set to Fall 43% from Current Depressed Levels
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