INTC, UPS, and JPM reported great earnings, but weekly jobless claims were up again, and Goldman Sachs was charged with fraud, sending the markets down on Friday. GOOG dropped $45 after reporting good earnings on Thursday; so much for good earnings! ISRG dropped $27.
The indexes all hit key levels this past week:
DOW 11000, S&P 1200, NASDAQ 2500, QQQQ 50
| All time highs: | ABC, BIDU, CRM, JNK, YUM, |
| All time lows: | DXD, EEV, FAZ, SDS, QID, SMN -same names again! |
New unemployment claims rose unexpectedly again this week, coming in at 484,000.
This week eight banks were shutdown by the FDIC! (list).
Next week: We get a couple of economic reports, but the big news will be earnings reports from a number of major companies (see below).
Earnings reports next week:
| Mon | Tue | Wed | Thu | Fri |
| ACI, C, HAL, IBM | AAPL,KO, GS, GILD, JNJ, VMW,YHOO | MO, T, BA, MS, WFC, EBAY,FCX,NFLX, SBUX | ABC,F,MSFT,SU, AMZN,AXP,COF, | PCX |
Market commentary: The rally paused on Friday with the Goldman Sachs news. We could see more selling next week, but the onslaught of earnings reports will certainly influence market direction as well. We did see 1200 on the S&P500 as expected, but now we'll have to see if that holds, or if it marks a temporary top. We got a lot of volume as the market dropped on Friday, but it was also Option expiration day. Incidentally, GS, C, and BAC contributed to a large percentage of the volume on Friday.
Commodities:
Oil prices dropped, closing around $83 per barrel.
Natural Gas closed just over $4.00 again (unchanged).
Gold prices saw a huge drop on Friday, closing around $1137.
The US Dollar index closed near 81 (mostly unchanged).
The 30 year Bond rallied again (lower interest rates), closing around $117.
News:
SEC charges Goldman Sachs with fraud
Parts of This Market Are Looking Irrational
U.S. Stocks Drop, Ending Longest S&P 500 Winning Streak in Year
Why bond funds are suddenly hot
Foreclosure Rates Jump 35 Percent
Housing Starts Rise To Highest Rate In Well Over A Year
47% of Americans pay no income taxes
GE: 7,000 tax returns, $0 U.S. tax bill
Merrill Accused Of Same Fraud As Goldman Sachs
Gold-Dollar relationship challenged
China's quarterly GDP expands more-than-expected 11.9%
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