Stock Market Blog -Aug 22

Another down week in the market, as weekly jobless claims came in higher than expected, now back at 500,000! Energy and Financials led the way down this week, while Bonds rallied again.

Earnings season is pretty much over now, and so is the summer! September is just around the corner and so we'll see what's in store for the fall.

CRM, INTU, and MRVL surged this week.
MFE and POT also surged on takeover news.

New all time highs: AAP, AZO, BIDU, CRM, FDO, INTU, MCD, MO, PCLN
Also AGG, LQD (bonds), and AZK, EGO (gold)

ISRG and SHLD dropped.

New unemployment claims were up again, coming in at 500,000 (chart).
This week, eight more banks were shutdown by the FDIC! (list).

Next week: We get the usual Economic reports, including GDP and Consumer sentiment. Companies reporting earnings next week include BHP, JDSU, MDT,and NOVL. More Bond sales next week too.

Market commentary: We could continue to see more selling all the way back down to the early July low. There is still no clear direction at this point. If I were to guess, I think we might get an oversold bounce next week.

Bonds continue to rally!

Commodities (charts):
Oil prices dropped, closing near $74 per barrel.
Natural Gas dropped again, closing around $4.1.
Gold rallied, closing around $1227.
The US Dollar index was mostly unchanged, closing around 83.
The 30 year Bond rallied again, closing around $134.

News:
Dow and S&P Down for Second Week, NASDAQ Up
Weekly Jobless Claims Post Surprise Jump, Hit 500,000
It's doom and gloom all over again
US Says Bankruptcies Reach Nearly 5-Year High
A roster of dividend-paying stocks to consider

401(k) withdrawals spike
The age of no more tears investing (Bonds)
Treasury yields reach new lows on flight to safety
China Cuts Long-Term Treasuries By Most Ever as Yields Drop
China Passes Japan as Second-Largest Economy