Stock Market Blog -May 13th

This week we saw a drop in stocks and commodities as the US dollar rallied, and the Euro dipped below 130. Problems in Spain and Greece continue to escalate. Gold dropped below $1600. Financials dropped after JP Morgan announced a $2 billion trading loss, and CSCO dropped after reporting earnings. Otherwise, everything was normal :)

New all time highs:   DDS DNKN HAIN  WYN
All time lows: FSLR GRPN ZNGA RSH

Pops:  ARNA DDS MNST SODA
Drops: CRM CSCO CTSH JPM FOSL DISCA M MAKO MELI  RAX SNE

Next week: Economic reports 
Companies reporting Earnings next week include: HD JCP TGT WMT
Also look out for the upcoming Facebook IPO. Options expiration next week too.

Market Commentary

 We continue to see weakness in the market, though we are now at a support level, and could see a bounce in the S&P 500. Longer term though, the up-trend has been broken for now. Bonds have been showing surprising strength, and could continue higher. Gold equities have have shown major weakness in the past few months too, though I think we might be approaching a nice 'buy' level on the GLD or the GDX.

This week's charts:
Weekly Unemployment claims
S&P 500 -broke support
Gold -long term
OptionsMakeSense -trade ideas

What you don't want to see happen to your stock! Part 2

What you do want...

Commodities/Futures (charts):
Oil prices dropped, closing near $96.13
Natural Gas was up again, closing near $2.51
Gold was down again, closing near $1584
30 year Bond futures rallied as stocks dropped, closing near $145.13
The US Dollar was up, closing near 80.41

Sony: 25 years of nothing??

NEWS:
Dow Drops Most in 2012 as Europe Concern Resurfaces
S&P 500 flirts with two-month low before rebound
Wall Street Week Ahead: Stocks face choppy seas of bank woes, uncertainty
U.S. 10-Year Notes Add to Longest Gain Since ’88
JPMorgan $2 billion loss hits shares, dents image
Stock Trading Is Still Falling After ’08 Crisis
California Deficit Swells to $16 Billion, Governor Says (Update 1)

Euro at 3-1/2-month low as debt crisis fears rise
Spanish government rescues fourth largest lender, Bankia
Greece sinks deeper into crisis, chance of govt fades
China Lowers Banks’ Reserve Requirements to Support Growth