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
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