The market showed some strength this week, closing near the highs after the Fed speech on Friday. Gold spiked to just over $1900 per ounce before dropping back a bit. Meanwhile, Greece continues to have financing issues in Euroland.
Apple this week announced the departure of Steve Jobs as CEO.The stock dropped initially, then rebounded.
New all time highs: CF, RGLD, NGD,
COMPANIES HITTING 52-WEEK HIGHS/LOWS
New unemployment claims came in higher again at 417,000 (chart).
This week, no banks were shut down by the FDIC! (list).
Next week: (Economic reports link). Friday we get the monthly jobs report again -usually a market moving event.
Apple this week announced the departure of Steve Jobs as CEO.The stock dropped initially, then rebounded.
New all time highs: CF, RGLD, NGD,
COMPANIES HITTING 52-WEEK HIGHS/LOWS
New unemployment claims came in higher again at 417,000 (chart).
This week, no banks were shut down by the FDIC! (list).
Next week: (Economic reports link). Friday we get the monthly jobs report again -usually a market moving event.
| Market Commentary |
We got a nice bounce this week, which could indicate that the selling is over. The risk/reward favors the upside at this point so I would say it's safe to get in for a short term bounce. Until the market moves back over the 50 day and the 200 day moving averages though, the 'bigger trend' is still to the down side.
This weeks charts:
In charts: Weak GDP and weaker consumption
Gold hit another all time high, then pulled back
TAN -Solar ETF in the weeds
COCO -from $20 to $2!
Commodities (charts):
Oil prices were up, closing around $85.37 per barrel.
Natural Gas was mostly unchanged, closing near $3.93
Gold was up, then pulled back, closing at $1797.
The 30 year Bond futures was up again, closing near $138.16 Still no top...
The US Dollar was down a bit, closing near 73.71
Meanwhile Corn, Wheat, Soybeans, and Rice continue to climb in price.
News:
Stocks break four-week losing streak
Economy: 'Slowdown is here to stay'
Three Bond ETFs To Weather The Storm
Beware the Bond Bubble. Again
What Bernanke said in Jackson Hole
Investors stick with Treasuries after Bernanke
Editorial: The Fed Should Go On Vacation
Buffett bets $5 billion on Bank of America
Morgan Stanley borrowed $107 billion, most of all banks, during 2008 financial company bailout
What’s B of A's problem now?
Debt will haunt the market for years to come
One Number Says it All
What Makes Steve Jobs Great
Why McDonald's wins in any economy
Gold $3,000?
Greek Bond Yields Climb to Record High on Speculation Bailout Will Fail
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