Stock Market Blog -Jun 27th

The market sold off again this week. Disappointing home sales helped push the market down (worst sales report since the 60s!). Also, the big financial regulatory reform bill was completed by Congress on Friday. Hooray for nothing!

RIMM sold off after reporting earnings.

New all time highs this week: AGG, LQD -everyone is flocking to bonds!


Fannie & Freddie were finally de-listed this week!


New unemployment claims fell this week, coming in at 457,000 (chart).
This week, three more banks were shutdown by the FDIC! (list).

Next week: We get a number of Economic reports, along with earnings from MU, GIS, and MON. The big event will be the May employment report on Friday. Next week also marks the end of the second quarter.

Market commentary: We got the pullback this week, though much more than I expected. The market might be headed all the way back down to the 'flash crash' lows again! Friday we get the jobs report, and next month we begin earnings season again. Hopes for a rally are fading.

Commodities:
Oil prices were up, closing near $79 per barrel.
Natural Gas closed around $4.90.
Gold closed near an all time high around $1256.
The US Dollar index continued to drop, closing around 85.5
The 30 year Bond continued to rise, closing just over $125, and pushing long term rates lower.

News:
Stocks: Closing out a rough first half
For investors, the future is on hold
New-home sales plunge 33% to record low in May
Fed Downgrades Outlook on Economy, Housing
Shale Game
Android Phones Burying Blackberry, Not iPhone

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