On the bright side...
BIDU was up on great earnings this week, hitting all time highs!
DNDN also hit all time highs.
New unemployment claims were down, coming in at 440,000.
No bank shutdowns this week! (list).
Next week: The markets will be closed on Moday for Presidents day. Earnings reports continue with reporting from AMAT, DELL, HPQ, PCLN, MRK, DE, ANF, JCP, WMT, BUCY, FSLR, APA, CHK, DVN, XTO, and PWE, among others. A number of gold & silver miners report next week as well (ABX, AEM, AU, HL, IAG, KGC).
Don't forget that Friday is also Options expiration day.
Market commentary:
The trend is still down, as we see a downward stair-step pattern in the S&P 500 since the middle of January. If this trend continues, we could see some support in the 1020 - 1040 area.
Keep your eye on the gold mining companies this week as some of them report earnings. We could see a pop in the GDX and GDXJ ETFs, as long as the US Dollar helps to support a higher gold price.
Commodities:
Oil prices were up, closing the week around $74 per barrel.
Natural Gas closed around $5.50 -it seems to be in a downward trend for now.
Gold prices were up, closing around $1095. Next week might tell us if we are still trending down.
The US Dollar index was mostly unchanged, closing around 80.40.
Bond prices fell to around $118.
News:
U.S. stocks rise for the first time in 5 weeks
U.S. Foreclosure Filings Top 300,000 for 11th Month
Freddie, Fannie escalate delinquent loan buyouts
The next crisis: Commercial real estate
U.S. Economy: Retail Sales Climb, Consumer Confidence Slips
Growth won't dig US out of this hole
China’s Central Bank Hits Brake on Hot Economy
ProShares Launches Eight 3X Leveraged ETFs
Beijing Seen Vacant for 50% as Chanos Predicts Crash
Emerging-Market Stock Funds Post Outflows on Greece
Greece: How the Bond Vigilantes Left It in Ruins
Germans say euro zone may have to expel Greece
Euro net shorts reach another record high
The superstocks of the next decade
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