Stock Market Blog -Mar 18th

The market continued to move higher, helped by the Fed on Tuesday, and also by AAPL. The NASDAQ broke over the 3000 level, which it first crossed in 1999!

Banks also rallied as results of the stress test were mostly positive. Bonds have been slowly falling in value and finally started selling off this week after the Fed meeting. Gold also dropped, while Oil maintained  lofty levels. Natural Gas prices continued to linger at 10 year lows.

New all time highs:   BUD, CMG, DG, HLF, IBM, MHS, NKE, PM, SBUX, SPG

All time lows:  FAZ, QID, SDS -the usual suspects!
Pops:  Banks! (stress test). Also AAPL of course.

S&P 500: 3rd time crossing above 1400 in the past 12 years

Weekly Unemployment claims

Next week: Economic reports
Earnings reports from NKE, ORCL, RIMM, and LULU

Market Commentary

The S&P500 broke out above last year's high, which could be a bullish sign. We closed the week over the 1400 level. Looks like we could close out this 1st quarter with a bang! AAPL continues to drive higher, helping the NASDAQ and the S&P500 because it is a large component of those indexes. The small cap Russell 2000 is still lagging (IWM); maybe we'll see it break out in the coming weeks. I expect the rally will continue into the end of the 1st quarter.
This week's charts:
S&P 500 -broke 'above' resistance this week (so much for a double top...)
Natural Gas -how long will these low prices hold?
SBUX -coffee's still hot!
Bonds -breaking down (below)

 Bonds finally broke down

The VIX (volatility index) is approaching a bottom again -is the stock rally 'almost' over?

Commodities/Futures (charts):
Oil prices were unchanged, closing near $107.06
Natural Gas was up slightly, closing near $2.33
Gold sold off again, closing near $1655
30 year Bond futures dropped (chart below), closing near $136.44
The US Dollar was mostly unchanged, closing near 80.08

U.S. stock indexes end 2.4% up for week
Stock Market Today Ends Mixed, But At Multiyear Highs
Treasurys fall to end worst week since July
Is the bond bubble finally bursting? 
America’s recovery is neither robust nor dramatic. But it is real
Here Comes The 2012 Tidal Wave Of Foreclosures
How to Spot a Company That's at the Top of its Game
Apple continues to defy gravity as stock hits $600
It's not your father's Nasdaq 3,000
This market is headed higher

Is MF Global Getting a Free Pass?
Coal, Oil, Solar Stocks Rally On Multitude Of Causes
Natural gas: U.S. energy market’s best bargain?
Scarce Oil? U.S. Has 60 Times More Than Obama Claims
Brace for China's impending crash

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