The much anticipated jobs report on Friday was a disappointment, but the market held up, with the DOW closing just over 11,000. The unemployment rate remained at 9.6%. Meanwhile, the US dollar continued to slide.
The Yen and the Euro continue to gain against the US dollar.
New all time highs: IBM, MO, NKE, YUM
All time lows: DXD, SDS, TZA, QID -leveraged market indexes!
New unemployment claims fell to 445,000 (chart).This week, no banks were shutdown by the FDIC! (list).
Next week: (Economic reports link). Earnings season kicks off once again with the following companies reporting: INTC, GOOG, JPM, GE
Market commentary: The market continues to rally, though many traders continue to try to put on short positions. Until we see a real turn on the charts, the 'long' traders will win out over those that are short! Maybe after options expiration this week?
The US dollar decline has been driving some of this rally, and is becoming extended on the down-side. Keep your eye on the dollar; also keep your eye on bonds, which have been rising with stocks -this is the opposite of the normal correlation.
Commodities (charts):
Oil prices were up, closing near $83 per barrel.
Natural Gas dropped again, closing around $3.60.
Gold hit all time highs again, closing around $1344.
The US Dollar index continued down, closing around 77.50.
The 30 year Bond was up, closing just over $134.
News:
U.S. stocks rally; Dow closes above 11,000
Jobs Drop by 95,000 in September, Unemployment Rate Unchanged
Unemployment claims drop for 4th time in 5 weeks
Consumer bankruptcy filings climb 11%
Equinix Stock Obliterated
Intel, AMD to kick off ‘choppy’ earnings season
Google seen reporting sharp profit, sales gains
It's official: Android is now the most popular smartphone OS
Gold hits new record after Japan cuts rates
Corn rallies to two-year high after crop forecast
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