Stock Market Blog -Jan 16th

The market continued to power-up this week, with Energy and Financials leading the way again. Oil prices were back over the $90 level, while Gold saw some more losses. Bonds were mostly unchanged.

New all time highs: APC, AAPL, AMZN, CY, CSX, FFIV, IBM, RAX, SINA, TCK, PCLN
...mostly 'tech' -it's 1999 again!

Also: MDY Mid-cap ETF! interesting...

New all time lows: QID, SDS, TZA (same story -all the inverse index ETFs!)


New unemployment claims rose again, this time to 445,000! (chart).
This week, another bank was shut down by the FDIC! (list).

Next week: (Economic reports link). Next week kicks off earnings season, Big week -earnings and option expiration.

Market commentary: Most likely we'll see the market begin to react to earnings reports next week. I still maintain that there is more risk in being 'long' at this level. The market has rallied almost non-stop since September. Bond prices may be seeing a bottom in this area too, while the US Dollar might be seeing a short term double top.

Commodities (charts):
Oil prices were slightly lower, closing around $88 per barrel.
Natural Gas was up then down, closing unchanged near $4.40.
Gold dropped, closing around $1370.
The 30 year Bond dropped, closing near $121.
The US Dollar index rallied, closing around 81.40.

News:
U.S. stocks post seventh week of gains
Gas prices head for $4 a gallon