Stock Market Blog -Mar 6th

This was a rocky week, with big moves up, and big moves down. The monthly jobs report on Friday showed a drop in the unemployment rate to 8.9%, but the market sold off anyway.

Gold, Silver, and Oil hit new highs, as the US Dollar continued to drop.

New all time highs: APKT, CVX, DTV, NTES, PAY, PHK, PNRA, PRGO, SLV, SLW, TJX

New unemployment claims were down to 368,000, a 3 year low! (chart).
This week, no banks were shut down by the FDIC! (list).

Next week: (Economic reports link). The Treasury auctions $66 billion in notes and bonds.

Market commentary: The up-trend is still intact, and I expect we will see the market continue higher in coming weeks -too many bearish traders expecting it to go down! The weak US Dollar helps to push it up too.

This month marks the 2 year anniversary of this huge bull run, with some indexes now up over 100%.

Commodities (charts):
Oil prices shot up again, closing near $104.4 per barrel.
Natural Gas was down, closing near $3.8
Gold was up, closing near $1428.
The 30 year Bond was down, closing near $120'26.
The US Dollar was down again, closing near 76.4 -approaching a double bottom??

News:
Stocks: Dow tumbles on oil fears
Week Ahead: Oil Pressure to Remain on Stocks
Oil Ends Above $104 in Highest Close Since September '08
Jobless claims fall to nearly 3-year low
U.S. adds 192,000 jobs; jobless rate dips to 8.9%
Charting unemployment – good news & bad news
Home prices: The double-dip is near