Stocks advancing in a bad market: GMCR GIS NFLX
New unemployment claims were down, coming in at 470,000.
And six more banks were shutdown this week! (list).
Next week: Earnings season continues with reporting from PFE, CSCO (Wed), V, MA, UPS, BP, and XOM (Mon), among others. XOM has already sold off hard in the past two months, so I don't expect much more downside action like we saw in CVX and COP. We also get the important monthly payroll report on Friday.
Market commentary:
We have had quite a pullback in the past two weeks, so I would expect some kind of relief rally or pause this week. The volume on this pullback has been high, so we could see more downside action eventually, maybe to the lows of last October (around 9600 on the DOW). The Dollar also continues to gain strength, and with concerns about Greece, we could see more upside action in the Dollar, which generally means more downside action in stocks.
Commodities:
Oil prices continued to slide, closing the week just under $73 per barrel.
Natural Gas was down, closing around $5.13.
Gold prices fell, closing around $1083; we could see more downside action here.
The US Dollar index was up, closing just under 80.
Bond prices rallied up to $118, again as stocks tumbled.
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