Bond futures pulled back from extreme levels (in price). Oil looks like it's trying to put in a bottom around $85. The US dollar continued to pull back, indicating higher prices for stocks and commodities.
New all time highs: DIS DG EXPE PETM UA
All time lows: ANR
Pops: ULTA WMT
Drops: LULU TPX
Next week: Economic reports Options and Futures expiration on Friday.
| Market Commentary |
The market reversed up this week, catching a lot of people off guard. June expiration is coming up next Friday (options and futures), and all the shorts will be squeezed, driving the market even higher! This is a 'quarterly' expiration cycle. Also everyone that bought bonds for 'safety' will be disappointed too. Welcome to Mr. Market!
Longer term though, the trend is still down, unless this upcoming week proves otherwise.
This week's charts:
Weekly Unemployment claims
S&P 500 -if this reversal holds, that was the bottom!
OptionsMakeSense -trade with high probabilities
Commodities/Futures (charts):
Oil was up a bit, closing near $84.10
Natural Gas was mostly unchanged, closing near $2.30
Gold dropped, closing near $1591
The 30 year Bond pulled back from the huge rally, closing near $149.22
The US Dollar was down a bit, closing near 82.56
NEWS:
Stocks: Best week of 2012
Apple: It's The Week We've All Been Waiting For
When the Chinese Cut Rates It's Time to Worry
A Perfect Failure: Why the 401(k) Has Been a Flop
Some Sun Shines on Chinese Solar Companies
Spain seeks $125 billion in EU aid for banks
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