Thursday's unemployment claims report was much higher than expected. And the jobs report on Friday had both good and bad news -more jobs were added, but the unemployment rate is back up to 9%. The market rallied in the morning, then gave it all back!GMCR rallied (all time high), while OPEN plunged... BIDU dropped too, and ROST hit an all time high.
New unemployment claims rose unexpectedly, again, this time to 474,000 (chart).
This week, another bank was shut down by the FDIC! (list).
Next week: (Economic reports link). $72 billion more in Treasury auctions next week (selling dollars!)
Quarterly earnings season is winding down; companies reporting include:
Mon:
Tue: DIS
Wed: CSCO
Thu: NVDA
Fri:
Market commentary: After pulling back last week, we could now see the market resume the up-trend from the current support level in the S&P500. The direction next week would give us a hint as to whether we can expect more downside action. If the dollar continues to rally, it will have a negative impact on stocks (and commodities). Also, the pullback in Oil and Silver was so severe that we should at least see a little bounce.
Commodities (charts):
Oil prices plunged from $115 to close around $97 per barrel!
Natural Gas dropped, closing near $4.23.
Gold plunged, closing near $1491.
Silver plunged, closing near 35.28
The 30 year Bond rallied, closing near $124'10.
The US Dollar rallied, closing near 75.
Most commodities were hammered this week as the dollar rallied!
News:
Unemployment Rate Back to 9%
IShares Silver ETF has $1 Billion Outflow—Worst Week Ever
Panic in the Pits: Silver Plunge Spreads to Oil, Copper
Mini 'Crashes' Hit Commodity Trade
Commodities Bubble Bursting? Not By a Long Shot: Pros
THE TIPPING POINT HAS ARRIVED
Citigroup Tries to Boost Image With a Reverse Stock Split
Fannie bailout nears $100 billion
Fannie Mae seeks $8.5 billion more in federal aid
Inevitability of a Default in Greece
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