Stock Market Update -Jan 10th

The much anticipated jobs report came in worse than expected on Friday, but had little effect on the market. The unemployment rate remained at 10%, with 15.3 million officially unemployed! The market rallied on Monday, but was pretty much flat for the rest of the week.

CY, DNDN, ESRX, IVN, OSIS, TEVA, XRA hit all time highs this week!
Perhaps GOOG topped out this week with the Nexus phone announcement?


New unemployment claims for the week came in at 434,000 (chart).
Yet Another bank was shutdown this week! (list).

Next week: Earnings season begins with reporting from AA, INTC, and JPM, among others. We also get Retail sales on Thursday, and the CPI report on Friday, along with options expiration on Friday.

Market commentary: The market continues to rise as traders continue to bet against it. Maybe we'll see a change after options expiration on Friday, or as earnings reports begin to roll in. The bull trend is still very much intact until we see a downturn in the charts.

Commodities:
Oil prices continued to rise, closing the week around $83 per barrel.
Natural Gas was more or less unchanged, closing around $5.80.
Gold prices recovered a bit, closing around $1138.
The US Dollar index fell, closing just under 78.
Bond prices saw little net change for the week.


Hi yield Corporate Bond prices have performed as well as the S&P500 this past year (click image for an interactive chart). Investors have been chasing yields. Government Bonds didn't do so well (bottom chart).

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