* * * Happy Holidays to all * * *
The market was mostly flat this week of Options expiration, though US Bonds sold off again. Meanwhile the financial problems in Europe continue to weigh on markets. In Washington the House and Senate passed the tax-cut extension, as well as a payroll tax reduction for 2011, all bullish news for the market.
ORCL popped after their earnings announcement, and has now more than doubled since the market low in March 2009.
BBY plunged after reporting earnings. BIDU sold off this week too.
V and MA plunged after the Federal Reserve announced a plan to cut debit card fees.
New all time highs:
ACN, APKT, CAT, COH, CTSH, DECK, ESRX, INTU, KMX, NKE, LULU, TCK, TIF
New unemployment claims for the week fell to 420,000 (chart).This week, six more banks were shut down by the FDIC! (list).
Next week: (Economic reports link). Short holiday week -markets will be closed on Friday.
Market commentary: I'm not looking for much action in the markets this week as we approach year end, though we could see a correction from the overbought condition, before earnings season begins again in January.
Commodities (charts):
Oil prices dropped a bit, closing near $88 per barrel.
Natural Gas dropped, closing near $4.00.
Gold dropped, closing around $1378.
The 30 year Bond dropped again, closing near $122'27.
The US Dollar index was up, closing around 80.75.
News:
U.S. stocks clock weekly gains after tepid session
Small Stocks Double Return of Big Caps in 2010
Hewlett-Packard: The biggest dog of the Dow
Whitney Tilson: Why We’re Short Netflix
A Response to Netflix Short Sellers
Fiscally Irresponsible Friday: Trading for Magic Beans
What the new tax bill means for you
2010 in Review
Ten money-making investment ideas for 2011
SLV and the Great Silver Shortage at COMEX
The Countrywide albatross at B of A
Two States Sue Bank of America Over Mortgages
Bernard Madoff's elder son dead in suicide
Don't Go to Brazil for a Deal on an iPad
Solar: Looking Forward to a Bullish 2011
When Gold Correction Ends, Uptrend Should Remain Intact
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