Stock Market Blog -Feb 6th

The market recovered from the previous week's drop, with the DOW closing above 12,000 and the S&P500 over 1300. The QQQQ and IWM seem to have hit a ceiling, maybe.

The monthly jobs report showed a miniscule increase in jobs, and the unemployment rate dropped to 9%. Market reaction was muted.

New all time highs:
IBM, CAT, UTX (DOW stocks), MDY (mid-caps)
CY, DLM, GMCR, LULU, NFLX, PETM, RAX, ROST, TJX, SINA,

New unemployment claims dropped to 415,000! (chart).
This week, three more banks were shut down by the FDIC! (list).

Next week: (Economic reports link). Next week we get more earnings reports, to include:

Mon:
Tue: TM, DIS
Wed: KO, CSCO
Thu:
Fri:

Market commentary: We saw a nice rally this week as earnings continue to come in. It's anyone's guess as to when this market might slow down! Bonds took a tumble this week. We continue to be very overbought, with divergence seen in both the Nasdaq 100 and the Russell Small-caps (RSI indicator).

Commodities (charts):
Oil prices dropped, closing near $89 per barrel.
Natural Gas was unchanged, closing near $4.30.
Gold was up, closing around $1348.
The 30 year Bond saw a huge drop! ...closing near $117'28.
The US Dollar was up, closing just over 78.

Soybeans, Corn, Wheat, Cotton were all up as well!
Surging prices lift cotton-futures ETN

News:
Stocks Turn Higher As Leaders Perk Up
What’s after Dow 12,000 and S&P 1,300?
Unemployment rate plunges, while job growth is weak. Huh?
Dollar rallies after ECB’s Trichet speaks
Louis Navellier's Market-Beating Stock Picks

Fed Holdings of U.S. Treasuries Surpass China's
CBO: U.S. budget deficit to hit $1.5 trillion
5 ETFs To Watch As China Grows
China's love affair with Apple