Bonds continued to drop -looking weak for 2012! Maybe Bonds topped on Dec 19th, when the stock market rally started.
New all time highs: ABV, BWLD, CCI, CMG, COH, DG, DKS, HLF, ISRG, IBM, KMI, LULU, MHS, MNST, NKE, ORLY, ROST, TJX, SBUX, CVS, NKE, PETM, SBH, UA, YUM, XRT (retailers), and more...
All time lows: FAZ, QID, SDS -the usual suspects!
Pops: SBUX, SWHC
Drops: GMCR, MCD
Weekly Unemployment claims
Next week: Economic reports
Another Fed meeting is scheduled this week, and we get quarterly Options expiration on Friday.
| Market Commentary |
The market re-bounded nicely this week to the previous high of a week earlier, and could be setting up for a double top here. Volume was somewhat low on this week's rally. The market could just hold up at these levels a while longer, as quarterly Options expiration approaches on Friday. Keep your powder dry till we get a better sense of direction from here.
This week's charts:
S&P 500 -setting up for a double top?
HPQ -Ugly chart! (DOW tech stock)
IBM -Pretty chart (DOW tech stock)
BP -can it break out over $50?
SBUX -how far can coffee go?
CMG -how far can Mexican fast food go?
INTC approaching a multi-year high
Commodities/Futures (charts):
Oil prices were up a bit, closing near $107.13
Natural Gas dropped, closing near $2.28 -a 10 year low!
Gold was mostly flat, closing near $1713
30 year Bond futures dropped, closing near $140.53
The US Dollar rallied, closing near 79.99
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