Stock Market Blog -Jun 24th

The market dropped this week, seemingly after the Fed failed to announce any new stimulus for the economy. Bonds dropped a bit too -they usually go in opposite directions. Gold, Silver, and Oil dropped as well. Moody's also downgraded 15 large banks!

New all time highs:  FF DG  MJN N ONXX QCOR TRIP WFM V VZ
All time lows:  TVIX

Pops:  ARNA ONXX
Drops:  BBBY CELG PG R WAG

Next week: Economic reports

Earnings reports from: FDO, GIS,  MON, NKE, and RIMM

Market Commentary

The market reversed the up-trend for now, after the big drop on Thursday. We're still in a market without any real direction, and I still think we could see the rally continue before we hit earnings season in July. Meanwhile, there are some good potential trades in market leaders and momentum stocks while we wait for the bigger trend to setup.

This week's charts:
Weekly Unemployment claims
S&P 500 -more up-side next week?
OptionsMakeSense -trade with high probabilities

Commodities/Futures (charts):
Oil was down again, closing near $79.76
Natural Gas was up a bit, closing near $2.63
Gold was down, closing near $1567
The 30 year Bond was down, closing near $149.34
The US Dollar was up a bit, closing near 82.44

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