Also, the US Dollar looks like it wants to start an up-trend, which could mean more downside action in stocks.
New all time highs: AMZN, DTV, GMCR, GLNG, NFLX, XLY
New unemployment claims dropped to 418,000 (chart).
This week, three more banks were shut down by the FDIC! (list).
Next week: (Economic reports link). Earnings reports start coming in. Also, Options expiration on Friday!!
Eanings reports:
Mon -AA
Tue -
Wed -YUM
Thu -GOOG, JPM
Fri -C
Market commentary: We are approaching the May top again, so be careful. Earnings will be driving market direction in the coming weeks. If we are able to break out above the May high, we could see a nice rally, otherwise we could be stuck in a trading range near 1300 on the S&P500.
This weeks charts:
SPY -S&P 500 -still approaching the May top
DTV -all time high
NFLX -all time high
XLY -all time high (Consumer discretionary!)
Commodities (charts):
Oil prices were up a bit, closing around $96.20 per barrel.
Natural Gas was down, closing near $4.20.
Gold was up, closing near $1541.
The 30 year Bond jumped on Friday, closing near $125.
The US Dollar was up, closing near 75.50
News:
Stocks end lower on weak jobs growth
Unemployment rose to 9.2 percent as hiring stalls
Hiring weak in June, with only 18,000 jobs created
Earnings growth cooled in second quarter
Transport stocks: The little engine that can't
'Cold Summer' for Markets as Rally Hits a Jobs Wall
FHA gives jobless homeowners one-year break
China June Inflation at 3-Year High; Revives Rate Debate
Go big on the debt ceiling
ECB raises interest rates, hints at more increases
The next, worse financial crisis
How nations go bankrupt, one sliver at a time
There is Nothing to Fear but the TSA Itself
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