Also, Bond prices were up! With the US credit limit at stake, one would have expected bonds to drop -so much for trying to figure out market direction.
Bonds were up this week!Check out the debt clock on the left side of this blog! It was just in 2008 that the debt clock in Times Square, NY ran out of digits as we hit $10,000,000,000,000 in debt!
New all time highs this week: DECK, GMCR, GLD, IAU, JAZZ
Drops: AEM, IMAX, JNPR, MMM, MRK, STEC, S
New unemployment claims were under 400000, coming in at 398,000 (chart).
This week, three more banks were shut down by the FDIC! (list).
Next week: (Economic reports link). The markets anxiously await a final resolution to the debt ceiling issue. Next Friday we also get the much anticipated monthly jobs report.
Earnings reports continue to come in next week to include:
Kraft Foods, Clorox, Mastercard, Priceline, and Pfizer.
Market commentary: So much for breaking out above the May high in the S&P 500! We gave up all the gains from the prior week, with all the indexes taking out the mid-July low. Now we may see the market test the 'lows' before resuming any up-trend.
This weeks charts:
GLD -new all time high
Commodities (charts):
Oil prices dropped, closing around $95.70 per barrel.
Natural Gas was down, closing near $4.15.
Gold was up again, closing at $1631
The 30 year Bond was up, closing near $128.19
The US Dollar was down again, closing near 73.90
Currencies rallying against the US dollar: Yen, Swiss, New Zealand!
News:
Stocks: Worst week in 2011
GDP grows slender 1.3% in second quarter
Why we’ll have 10% unemployment soon
Gold hits record high amid debt ceiling 'mud slinging'
Silver May Rebound to Test $100 Level, Citigroup Says
Nearly half of Americans believe members of Congress are corrupt, as debt talks continue
6% Of American Voters Think Congress Is Doing A Good Job
SOROS TO QUIT HEDGE FUND AND RETURN CASH TO INVESTORS
Moody's warns Greek default virtually 100 percent
Posts
No comments:
Post a Comment