Stock Market Blog -Apr 8th

I stated last week that 'the market is long overdue for some kind of pause'. Well, we got it this week, and it may continue into next week, after the disappointing Jobs report on Friday. The US Dollar rallied, while everything priced in dollars dropped -gold, commodities, stocks, etc. Bonds rallied along with the dollar.

New all time highs: AAPL, BBBY, DISCA, DLTR, FDO, FOSL, LULU, MA, V, TJX, ROST, SBUX, SBH...
All time lows:  UNG
Pops: BBBY

Next week: Economic reports
A Disappointing Jobs report triggered a sell-off in the S&P500 futures on Friday morning (the regular market was closed for Good Friday). We'll see if there is any selling follow through next week.

Earnings reports:
Tue: AA
Wed: CAT

Market Commentary

Next week marks the start of earnings season once again.We may be seeing the beginning of a correction here. Time will tell how deep the correction will be. The indexes have been range-bound for the past couple of weeks.

This week's charts:
Weekly Unemployment claims
S&P 500 -has the correction started?
HD -overbought?
PCLN -overbought?
SBUX -overbought?

  PCLN vs. AAPL 

Commodities/Futures (charts):
Oil prices were down again, closing near $102.22
Natural Gas is still dropping, closing near $2.09
Gold dropped again, closing near $1643
30 year Bond futures were up, closing near $140.16
The US Dollar was up, closing near 80.16

Earnings, Fed talk, economic data on tap next week
Weak Jobs Report, Earnings Season Could Test Market Bull
Ugly jobs report sparks bond rally
Stock futures, dollar sink after jobs data
'Sell in May and Go Away,' or Sell in April? 

One Month After Launch, PIMCO Total Return ETF Lives Up To The Hype
Greek pensioner kills himself before parliament
Did Gold Stocks Bottom Last Week?

No comments: