Stock Market Blog -Nov 27th

Another bad week in the markets as we saw continued selling every day. The Energy, Financials, and Materials sectors were the hardest hit. According to one headline, this was the worst Thanksgiving week for the S&P 500 since 1932! Oil and Gold dropped as well, though Bonds didn't rally as much as would be expected, considering the drop in stocks.

New all time highs: KMR ...not much in this market!

AMR, NFLX, and RIMM continue to sink lower...
Drops: FMCN

New Unemployment Claims were up, coming in at 393,000 (chart)
This week, no banks were shut down by the FDIC (list)

Next week: Economic reports
LULU, TIF, and other retailers report earnings next week.
The markets also eagerly await the monthly jobs report is due on Friday.

Market Commentary

Headlines in Europe still dominate, and based on the charts, we could drop back to the early October lows again! With any luck though, we'll get a relief rally. Not much to support any view on market 'direction' from here, other than the fact that we are oversold. Only 'traders' should be in this market until we get some sort of longer term trend going again.


This week's charts:
AMR -airline in trouble?
Gold 10 good years!

Commodities (charts):
Oil prices dropped, closing around $96.77
Natural gas was up a bit, closing near $3.54
Gold dropped again, closing near $1685
The 30 year Bond futures rallied as stocks fell, closing near $143.84
The US Dollar was up as stocks fell, closing near 79.83

NEWS:
S&P 500 Has Worst Thanksgiving Week Since ’32
Stocks: More 'fear, carnage and uncertainty'
Third-quarter growth revised down to 2.0 percent
FDIC: Bank earnings hit highest level in 4 years
Derivatives: The Worlds Biggest Margin Call And How To Play It

Super committee' fails to reach agreement
Could Bank Stress Tests Push US Back Into Recession?
Online sales surge 24% on Black Friday
Italian Bond Yields Doubled in Latest Bond Auction
German Bund Auction is Ominous Sign
S&P cut Belgium rating to AA