We got a nice rally this week as I expected, as Europe seems to be making some progress on their financial issues. Lets see what the rest of this new quarter will bring. Among the big news this week was the death of Steve Jobs, Apple's founder, and a true innovator. He will be missed for all his unique contributions to the technology world.
New highs: RAI
Drops: AMR, CLWR,
All time lows: UNG
New Unemployment Claims were up, coming in at 401,000 (chart)
This week, two more banks were shut down by the FDIC (list)
Next week: Economic reports
Earnings season kicks off again, with the following companies among those reporting:
MON:
TUE: AA
WED: PEP
THU: JPM, GOOG
FRI:
| Market Commentary |
We could see some follow up to this week's rally, taking the S&P500 to around 1225, which would move it back above the 50 period moving average. Earnings reports starting next week will help determine the next move, along with events in Europe, making it a very news driven week.
This week's charts:
Grains might be set for a rebound after a beating in September (commodities)
Commodities (charts):
Oil prices were up, closing around $82.98
Natural gas fell again, closing near $3.48
Gold was up a bit closing near $1635
The 30 year Bond futures were down, closing near $141.28
The US Dollar was down, closing near 79.09
NEWS:
Steve Jobs, Apple founder, dies
Stocks lock in weekly gains
Lessons you need to put into action as bear emerges
Average stock bear market lasts more than a year
A Long, Strange Trip: Market Goes Absolutely Nowhere Over 3 Years
The Big Money Is Now Headed for These 3 Safe Havens
Either We Are In For A Lehman Crash Or A Big Rebound
Could Morgan Stanley Go Belly Up?
$1.3 trillion deficit for 2011, CBO says
Wall Street protests grow after unions' endorsement
The Lowest Mortgage Rate ... Ever!
Where to next for oil — $50 or $100?
Fitch downgrades Italian, Spanish debt ratings
Bank of England hits the panic button
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