Stock Market Update -Apr 4th

The market was up slightly this week. Energy stocks were strong as Oil edged up near the $85 mark (see sector chart below). Bonds lost some more ground, as long term interest rates approach the 4% mark (10 yr notes). Of course next week the government will be borrowing billions more again!

For the first time in a long time, we got a 'positive' jobs number on Friday (+162,000). The unemployment rate remained at 9.7% however. Manufacturing was also up.

All time highs: AAPL, MCD, CLNE, IVN, JOSB, JNK, MJN, PRGO
All time lows: DXD, EEV, FAZ, SDS, QID, SMN, hmm... why are so many traders still buying these?


New unemployment claims were down, coming in at 439,000.
This week no banks were reported shutdown by the FDIC! (list).

Next week: We get a few economic reports, and we also begin a new quarter. Apple released the much awaited iPad this weekend -we'll see how the stock reacts next week.

Market commentary: The market still seems to be in a consolidation mode. There is no real gauge of direction here, though I still believe the next move could be a short retracement down. The Russell 2000 (IWM) seems to be the weakest of the indexes here.


Commodities:
Oil prices were up again, closing the week at close t0 $85 per barrel.
Natural Gas recovered a bit as I expected, closing just over $4.00.
Gold prices were up, closing around $1126.
The US Dollar index was down, closing around 81.4.
The 30 year Bond was down, closing just under $115.

News:
Dow, S&P 500 at new 18-month highs
Stocks: A Rally That Defies Gravity
Finally! Job growth returns
Payrolls rise 162,000, best gain in three years
Sharp Increase in March in Personal Bankruptcies

Nobody's worried. Time to worry?
The coming inflation wave
State Debt Woes Grow Too Big to Camouflage
Sales of New U.S. Homes Dropped in February to Lowest on Record
How the U.S. Natural Gas Fund (UNG) Lost 20% in March