Stock Market Blog -Apr 17th

The market recovered a bit on Thursday and Friday. If earnings reports are any indication though, of the four major companies reporting this week, all fell after reporting! (AA, JPM, GOOG, BAC). Bonds rallied, along with Gold and Silver. Major currencies rallied against the US Dollar too.

New all time highs: BIDU, MCP, MO, PRGO, SINA, XLP,

GOOG shares plunged $48 after reporting earnings on Thursday.


New unemployment claims rose to 412,000 (chart).
This week, six more banks were shut down by the FDIC! (list).

Next week: (Economic reports link). The markets are closed on Good Friday. Quarterly earnings season continues. Companies reporting include:

Mon: C, TXN
Tue: GS IBM INTC JNJ YHOO
Wed: AAPL T FCX TRV WFC
Thu: MCD GE MS DD MS

Market commentary: Earnings will be the driving force for the markets next week.

The VIX has dropped back to the low level we saw recently, which might indicate more downside for the market if you use the VIX as a contrarian indicator.

The RSI indicator is showing a negative divergence on the major indexes, indicating more downside for the markets as well.

Gold, and Silver continue to rally. Likewise for most currencies (against the US Dollar).

Commodities (charts):
Oil prices pulled back, closing just under $110 per barrel.
Natural Gas was up, closing near $4.20
Gold rallied further, closing near $1486! Another all time high.
The 30 year Bond rallied, closing near $120'17.
The US Dollar was down again, closing near 75.

News:
Earnings deluge awaits investors
U.S. economy in rough patch. Will it last?
Goldman Calls Commodities Top: Is Now the Time to Sell?
Bank of America's Mortgage Curse
The Fed Rescue Program Too Bizarre to Be True
Ten Stocks That Might Be Ripe for a Sell-Off
Why Europe’s debt crisis isn’t over