Stock Market Blog -May 27th

We got some attempts to rally this week, but the problems in the Euro region continue to weigh on the market. The up-trend is broken for now as you can see in the chart below (relative to the 50 period Moving Average). Also, both Bonds and Gold could be near a turning point.

New all time highs: BBBY HAIN
All time lows:  LDK

Pops:  WMT rallied...
Drops:  DELL LOW NTAP PCX

Next week: Economic reports  Markets are closed on Monday
The monthly 'jobs' report is due on Friday -could be a market mover.

The Euro may have a little more downside left...

Market Commentary

We got a little bit of a bounce, but the market is still weak, and the bigger trend is to the downside. We could see bounces along the way though. As the Euro drops and the Dollar rallies, stocks will continue to be under pressure.


This week's charts:
Weekly Unemployment claims
S&P 500 -nearing support?
OptionsMakeSense -trade ideas

Nokia -25 years of nothing?

Commodities/Futures (charts):
Oil prices continued to slide, closing near $90.86
Natural Gas dropped a bit, closing near $2.57
Gold dropped a bit, closing near $1569
30 year Bond dropped a bit, closing near $147.72
The US Dollar rallied as the Euro fell, closing near 82.53

NEWS:
Europe Has Wall Street's Bull on a Short Leash
More Downside Ahead
HP cuts 27,000 jobs...
Dell Drops as Profit, Forecast Miss Estimates on PC Slump
Google wins patent verdict in Oracle trial
Yoshikami: Four Things You Need to Know About Gold Now