Stock Market Blog -May 6th

Equity markets took a hit this week as we got more dismal numbers from the monthly jobs report. European concerns continue to weigh on the market (France also elected a new leader on Sunday). As the futures markets opened on Sunday night, the Russell 2000 index dropped further and broke a support level from early March. The US Dollar also rallied against world currencies. Oil plunged back below $100.

Looks like we're beginning to slowly take back the December rally...
AAPL gave up most of its huge gains from last week too.
HLF was slaughtered, and GMCR coffee roasters were roasted! (charts below)

New all time highs:   HAIN HSY PZZA PSMT WFM (all food related!)
All time lows:  FSLR, GRPN

Pops: BKS FIRE LNKD PFCB PZZA TRIP WFM
Drops: GMCR, HLF, NUS, PEET, RIMM

Next week: Economic reports  Companies reporting Earnings next week include: CSCO, DIS, M, NVDA, NUAN, PCLN, TM

Market Commentary

Instead of going higher, the market turned around this week (at 1400 on the S&P 500). This seems to indicate further weakness ahead so I'd be cautious. Futures markets are already down now on Sunday night. I mentioned Europe last week, and it did in fact prove to be a catalyst for the market to move down further. We could see some support on the S&P 500 around 1350 (where it's currently trading on Sunday night).

This week's charts:
Weekly Unemployment claims
S&P 500 -could break support this week
OMX -approaching March 2009 lows (earnings this week)
OptionsMakeSense -trade ideas

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

Commodities/Futures (charts):
Oil prices plunged, closing near $98.49
Natural Gas was up again, closing near $2.28
Gold was down, closing near $1645
30 year Bond futures rallied as stocks dropped, closing near $144.06
The US Dollar was up, closing near 79.59

HD -last man standing in the DOW?

NEWS:
Stocks Could Face More Turbulence in the Week Ahead
40 Percent Upward Move in Stocks Coming?
Stock Market Behavior Signals Caution
U.S. Hiring Slows Sharply With Just 115,000 Jobs Added in April
Q1 earnings season wrap-up: IT continues to shine
Mutual Fund Investors Are Wising Up
The 86 million invisible unemployed
What Are The Bond Markets Trying To Tell Us?
Facebook Frenzy Begins
5 reasons to not 'like' Facebook's IPO

Delta Airlines buys oil refinery
Socialist Hollande in, Sarkozy out, as France elects a new president
Europe's next recession risk: Germany
Why Wall Street fears a Socialist French leader
Market Reforms a Game Changer for China Stocks
China Mobile Sits On A 3G Gold Mine With One Billion Mobile Subscribers