Euro concerns will continue to weigh on the market until the issues with Greece and then Spain (and maybe more) get resolved. This non-stop market sell-off has taken back most of the huge gains from the rally that started last December. We could maybe see a turnaround next week.
All time lows: ANR FSLR SVU ZNGA
Pops: WMT
Drops: AAP, ADSK, ANF, AZO, JCP,
Next week: Economic reports
Companies reporting Earnings next week include: AZO, BBY, COST, DELL, HPQ, LOW, TIF
| Market Commentary |
The technicals point to a very oversold condition, but I think we could see a bit more selling before a turnaround (maybe capitulation?). This sets up some nice potential 'long' trades on the indexes (like the SPY) using 'Put Credit Spreads'. You can also look at maybe shorting Bonds (or TLT).
This week's charts:
Weekly Unemployment claims
S&P 500 -broke support
OptionsMakeSense -trade ideas
More carnage...
Commodities/Futures (charts):
Oil prices dropped further, closing near $91.48
Natural Gas continued to rally, closing near $2.74
Gold was up, closing near $1591
30 year Bond futures rallied again as stocks dropped, closing near $148.31
The US Dollar rallied as the Euro fell, closing near 81.43
US Dollar -double top??
NEWS:
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Week Ahead: Europe May Rattle the Market's Cage
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Treasuries Gain for the Ninth Week, US Stocks Extend Losses
When will the sell-off end?
Short Trade Is Getting Crowded
Facebook IPO fails to ‘pop’ in rough debut
Regulators Snooze While JPMorgan Lights the Fuse
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