We saw a huge drop in Gold & Silver on Friday, along with a few other commodities.
New unemployment claims for the week dropped to 435,000 (chart).This week, three banks were shut down by the FDIC! (list).
Next week: (Economic reports link). CPI report next week (inflation?).
Also Options expiration!
Earnings season continues, with the following companies among those reporting:
| Mon | LOW |
| Tue | HD, WMT, |
| Wed | TGT, AMAT, NTAP |
| Thu | CRM, DELL, MRVL, SHLD, |
| Fri |
Market commentary: The pullback this week was no surprise to most traders. The S&P500 had a non-stop rally from September 1st, closed over the April high, then promptly pulled back!
I don't expect much upside action this week, because of Options expiration on Friday, and the overly bullish sentiment of most investors (until last week anyway). I think we could see some of the popular names pull back even more this week, as the dollar continues to rally.
Commodities (charts): -commodities fell this week!
Oil prices dropped, closing near $85 per barrel.
Natural Gas pulled back, closing at $3.80.
Gold closed above $1400 for the first time ever, then dropped sharply back to $1365.
The 30 year Bond was down (in spite of QE2), closing near $127'30.
The US Dollar index was up (in spite of QE2), closing around 78.
News:
U.S. stocks drop on China rate fears
Intel approves 15% dividend hike
Cisco Delivers Unexpected Pain
GM reports $2B 3Q profit ahead of stock offering
In charts: Jobless claims, China CPI, deficit targets
Dollar pares gains after hitting 1-month high
Fed to Buy $105 Billion of Securities Through December
Ireland Urged to Take Aid by Officials Amid Debt Crisis
Margin boost, other woes hammer Irish bonds
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