This is Options and Futures expiration week coming up, as well as the end of the quarter. I expect the market will stay up because there are many shorts to cover! The market has retraced all of its losses from earlier this year.
New all time highs:
APPL, BIDU, MCD, NKE, DNDN, GMCR, PETS, ROST, TJX, V, among others...
New unemployment claims were down, coming in at 462,000.
And four more banks were shutdown by the FDIC this week! (list).
Next week: We have a Fed meeting, a big expiration cycle for Options and Futures on Friday, plus a few economic reports.
Market commentary: The S&P and the NASDAQ did catch up to the Russell 2000 (small caps), taking out the January highs, and I expect we'll see the DOW do the same thing this week. The indexes are all overextended in my opinion, but will remain that way till this expiration cycle is over.
Commodities:
Oil prices were up a bit, closing the week around $81.25 per barrel.
Natural Gas continues to drop, closing around $4.40
Gold prices pulled back, closing around $1100.
The US Dollar index was down, closing just under 80.
30 year Bond prices stayed about the same, closing around $118.50.
News:
It's a Great Time to Hedge Your Portfolio
Shorting US Treasuries could be a mistake
February foreclosures up 6% vs. 2009, off 2% vs. January
The Budget That Devoured America?
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