CSCO plunged after reporting earnings
New all time highs: BIDU, FDO, MO, MCD, NFLX
New all time lows: DRL
New unemployment claims were up again, coming in at 484,000 (chart).
This week, another bank was shutdown by the FDIC! (list).
Next week: We get the usual Economic reports, along with more earnings reports. This is also options expiration week. Some of the companies reporting earnings:
| MON | TUE | WED | THU | FRI |
| LOW | HD | TGT | HPQ | |
| WMT | AMAT | DELL | ||
| SHLD | ||||
Market commentary: We got a sell-off this week as the market hit resistance at the 1130 level on the S&P500 (prior mid-June top). We could see more selling all the way back down to the early July low, or the market could surprise everyone and reverse course this option expiration week! There is no clear direction at this point.
Commodities (charts):
Oil prices dropped, closing near $75 per barrel.
Natural Gas was mostly flat, closing around $4.3.
Gold rallied, closing around $1215.
The US Dollar index rallied, closing around 83.
The 30 year Bond rallied again, closing just over $132.
News:
NASDAQ Logs its 4th Worst Week of the Year
Stocks Slide, Treasuries Rally on Growth Concern
High Probability for Lower Market Prices Ahead
Big Week Ahead for Retail Traders?
Junk bond market hits record
New 30-yr auction at lowest yield since March 2009
Bonds Sneeze, but Is It Contagious?
U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff
U.S. "Virtually Certain" To Fall Into New Recession: Rosenberg
GM Profit Rises to $1.54 Billion, Plans IPO Up to $16 Billion
The numbers don't lie: Mobile devices overtaking PCs
Android poised to be No. 2 smartphone OS worldwide
Fannie and Freddie must die
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