Stock Market Update -Feb 28th

We saw very little change in the market this week. GDP figures were revised upward, though consumer confidence was down, unemployment figures were higher than expected, and housing sales were disappointing. Of course, Fannie Mae reported huge losses again!

After reporting earnings, BRCD and PALM were dumped, while TGT rallied.

Some stocks hitting ALL TIME HIGHS this week:
ARG, BIDU, ESRX, ROST, TEVA, MIL

New unemployment claims were up again, coming in at 496,000.
And two more banks were shutdown by the FDIC this week! (list).

Next week: We get the much anticipated monthly payroll report on Friday, along with a few more companies reporting earnings. A number of other economic reports are also scheduled to be released.

Market commentary: We are still in undecided territory -maybe this week will tell us if we go down further, or if we rally from here. I'd stay on the sidelines until we know where it wants to go. Keep your eye on the Dollar -if it continues to rally, stocks will probably dip again.

Commodities:
Oil prices were mostly unchanged, closing the week around $80 per barrel.
Natural Gas continues to drop, closing around $4.80
Gold prices were mostly unchanged, closing around $1118.
The US Dollar index was mostly unchanged, closing around 80.4.
30 year Bond prices rallied to just over $119. Watch for this to turn down soon (if stocks rally).

News:
Double-Dip Recession Fears Creep Back Into the Market
Recent Stats Indicate U.S. Economic Recovery Was an Illusion
Banks at risk of going bust tops 700
Debt-tastrophe
It’s Time for Swaps to Lose Their Swagger
Ohio man bulldozes $350K home to avoid foreclosure
Fannie to U.S.: We need another $15.3 billion