New all time highs: PM,
New all time lows: AMR, UNG,
Drops: ANF, CF, CRM, NTAP, RMBS
New Unemployment Claims were down, coming in at 388,000 (chart)
This week, two more banks were shut down by the FDIC (list)
Next week: Economic reports
Earnings season is winding down, with the following companies among those reporting: HPQ, DE
Markets will be closed on Thursday for Thanksgiving. We await news from the Congressional Super Committee as well.
| Market Commentary |
We saw more weakness in the market this week, especially in the Nasdaq 100. Maybe some of it can be attributed to Options expiration, and certainly some of it was caused by weakness in the Euro (see chart below). We could get a bounce from all the selling last week, but not sure it will mean much. Europe headlines still dominate. Based on the charts, we should be at a support level here.
This week's charts:
NASDAQ 100 hitting resistance all year!
Commodities (charts):
Oil prices spiked up to $103, then closed around $97.41
Natural gas dropped again, closing near $3.31
Gold dropped, closing near $1726
The 30 year Bond futures rallied as stocks fell, closing near $142.78
The US Dollar was up as stocks fell, closing near 78.25
NEWS:
Stocks: It's all about Italy, Spain and jobs
A Month’s Worth of … Nothing?
What Nasdaq weakness is telling us
DOUBLE STANDARD: Congress Can Legally Trade On Insider Information While Wall Streeters Go To Jail
A snapshot of the global smartphone market as of Oct. 1
7 reasons the Kindle Fire is better than the iPad
Fannie and Freddie Need Another $14 Billion, but Losses May Be Slowing
The weak euro: Look out below!
European bonds signal more pain ahead
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