Stock Market Blog -Jun 26th

Lots of indecision in the markets this week. Seems like the Fed Chairman spooked the market on Wednesday, with a weak outlook on the US economy. The US Dollar rallied as the Euro dropped (not sure which came first!), while all other asset classes dropped, including Oil, Gold, and the S&P 500. Of course Bonds rallied as money looked for a safer place to hide.

New all time highs: SOLR -this solar company is rallying while all others are dropping!
Also BIIB, LULU


GOOG continues to drop as technology (XLK) tries to find a bottom in this downdraft.


Next week: (Economic reports link). Next week marks the end of the quarter -we could see some mutual fund window dressing affect the markets.

Market commentary: We are still trying to put in a bottom in the market -maybe after the quarter ends this week?

News:

Stock Market Blog -Jun 19th

The market continued its downward trend this week, approaching a potential level of support at 1250 on the S&P 500. We'll probably get a bounce at that level. With all the news about Greece, the Euro dropped, helping to push the US Dollar up, and stocks and commodities down. Oil and Natural Gas saw a big drop this week, while Bonds rallied.

RIMM tumbled some more this week on bad earnings.
AAPL & GOOG dropped on Friday -Options expiration??


New unemployment claims dropped to 414,000 (chart).
This week, two banks were shut down by the FDIC! (list).

Next week: (Economic reports link). We have a Fed meeting next week, along with earnings from ORCL and FDX. We should also get news on the financial crisis in Greece on Monday.

Market commentary: 'Looks like we may be headed down to the next support level near 1250 on the S&P 500' -This was last week's comment. We are almost there. I'm looking for a bounce in that area, but the big picture is still bearish.

This month marks the end of the Fed's QE2 stimulus program. This month also marks the end of the 2nd quarter (mutual funds window dressing?).

This weeks charts:
SPY -S&P 500 -approaching the March bottom
XLK -Technology -already past the March bottom
TLT -Gov bonds -will they go higher?

Commodities (charts):
Oil prices tumbled, closing around $92.90 per barrel.
Natural Gas dropped to near $4.33.
Gold was up a bit, closing near $1540.
The 30 year Bond was up again, closing near $127'06.
The US Dollar was up again, closing near 75.45.

Corn dropped, after rallying to all time highs last week.
Most commodities were down, as the Euro dropped, and the dollar rallied.

News:
Stocks have their first winning week since April
Investors search for signs U.S. will avert a double dip
Fed set to cut growth forecast during meeting
U.S. recovery could take until 2018
Investors Take Warning: Storm Clouds Gathering

Pandora sees quick rise and fall with IPO
Oracle seeks billions from Google over Java patent
J.C. Penney taps Apple’s retail chief as CEO
How long can BofA shareholders tread water?
10 Vintage Stocks Worth a Fortune
Greece poses $41 billion risk to U.S. banks
UK banks abandon eurozone over Greek default fears

Stock Market Blog -Jun 12th

Another ugly week in the markets. The market dropped as the US Dollar rallied against the Euro. Bonds held up, keeping interest rates down. The $600 billion QE2 stimulus from the Fed is winding down this month, so we'll see how the market reacts. BTW, QE2 didn't work -just more money down the drain!

AAPL stock continued to drop, in spite of the much anticipated developers conference with Steve Jobs on Monday. RIMM, CSCO, and others also continued to drop.


The major indexes are all down since May 1st.; meanwhile Bonds are up...


New unemployment claims increased again to 427,000 (chart).
This week, no banks were shut down by the FDIC! (list).
Unofficial Problem Bank list over 1,000 Institutions

Next week: (Economic reports link). Don't forget Options & Futures expiration this coming Friday, a quarterly expiration cycle.

Market commentary: Looks like we may be headed down to the next support level near 1250 on the S&P 500. We are also approaching the 200MA, so we can expect at least a nice bounce when we get there.

Commodities (charts):
Oil prices are still stuck in a trading range, closing just over $99 per barrel.
Natural Gas was up, then dropped to near $4.75.
Gold dropped a bit, closing near $1528.
The 30 year Bond was up a bit, closing near $126'31.
The US Dollar was up, closing near 74.83.

Corn rallied to all time highs after a negative crop report!

News:
Dow falls below 12K; stocks drop 6 weeks straight
Investors nervous as stock market eyes correction
Yes, You Should Buy TIPS; Here's How and When
Things could get ugly as debt cloud grows
Two Clear Warning Signs From the Corporate Bond Markets
It might be time to talk double-dip recession
Meredith Whitney: State finances are worse than estimated


Investing: Why bank stocks went bust
It's time to bet against the government
The Fallacy Of the Steep Yield Curve
Second-Mortgage Misery
Why do we fear a rising China?
Exxon discovers 700 million barrels in Gulf of Mex

Stock Market Blog -Jun 5th

We saw a sharp sell-off in the market this week after an attempted rally early in the week. Bad economic news, including a very disappointing jobs report on Wednesday and Friday, caused the market to continue the sell-off started on May 1st! The unemployment rate is back up to 9.1%, and the DOW is now down 5 weeks in a row.

The market was unable to gather any strength in spite of a pullback in the US Dollar. Bonds were up again as investors scurried for safety.

New all time highs: PHK, HANS, NFLX -nothing stops Netflix!


New unemployment claims dropped to 422,000 (chart).
This week, another bank was shut down by the FDIC! (list).

Next week: (Economic reports link).

Market commentary: Well, The S&P 500 did fail to stay above the 1340 level that I mentioned last week, and dropped like a rock when it got there! We could find support near here (1300), get a bounce, then drop again to the next support level near 1250.

Prior week comment...

This week!

Commodities (charts):
Oil prices were mostly unchanged, closing just over $100 per barrel.
Natural Gas was up again, closing near $4.70.
Gold was up, closing near $1541.
The 30 year Bond was up, closing near $126'18.
The US Dollar dropped, closing near 73.80.

News:
Stocks post fifth straight week of losses
Dow Average Has Its Longest Weekly Slump Since 2004
Payrolls Expand at Slowest Pace in Eight Months as U.S. Slowdown Persists
State of U.S. economy grows murkier

Unemployment Jumps Back to 9.1%
Falling Home Prices Hit Big Banks, Fannie, Freddie
R.I.P. Reaganomics Revolution: 1981-2011