Gold mining stocks were up this week, with some breakouts.
New all time highs: CF, IEF, KO. Gold stocks -GDX, NEM, EGO, RGLD, NGD
New all time lows: TBT (inverse bonds), ZSL (inverse silver)
COMPANIES HITTING 52-WEEK HIGHS/LOWS
HPQ and RIMM are back below the lows of March 2009, the beginning of the 2 year rally!
New unemployment claims dropped, coming in at 409,000 (chart).
This week, two banks were shut down by the FDIC!(list).
Next week: (Economic reports link). Markets are closed on Monday for Labor Day.
| Market Commentary |
Well the market did bounce, then pull back. Was that the top for this recent bounce? It could be. We get to hear from the President on Thursday evening about creating new jobs again. We'll see how the market reacts. Can the 10 year bonds go any higher??
Issues in Europe with Greece and others could continue to keep the markets down. Our stock indexes seem to generally trade in the same direction as the Euro. September months can be ugly too!
This weeks charts:
Gold climbing again
Bonds still climbing!
Commodities (charts):
Oil prices were mostly unchanged, closing around $86.50 per barrel.
Natural Gas dropped a bit, closing near $3.86
Gold was up again, closing at $1879.
The 30 year Bond futures were up again, closing near $140'14. Still no top...
The US Dollar was up a bit, closing near 74.88
News:
Stocks plunge after US hiring dries up in August
Stocks Lose for Week as Recession Fears Grow
Feds sue big banks over sales of risky investments
U.S. Is Set to Sue a Dozen Big Banks Over Mortgages
How Low Can The 10-Year Treasury Yield Go? (Part 1)
Ackermann Says Market Reminiscent of 2008
Bank of America May Have to Sell Merrill to Survive
Bank of America Loses Its Bounce
Netflix stock falls as talks on Starz deal unravel
The 10 Highest Momentum Stocks
Guide for Nervous Investors: What to Watch This Month
Euro-zone manufacturing PMI drops to two-year low
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