Gold rallied almost $60 after the jobs report on Friday.
New highs: DF DUK
New lows: DELL FB FSLR ACI/ANR/BTU
Pops: DUK, ABX (most gold stocks)
Drops: YUM, LVS
Next week: Economic reports
The Fed testifies before Congress on Thursday...
Investors fled to Gold and Bonds this week!
| Market Commentary |
The downward spiral continues, with the next stop around 1250 on the S&P500, where I think we'll see some capitulation and a bounce. We are at support levels in the Euro FX, as well as other indices. Bonds are at crazy levels. On any drop from here, I think the risk/reward favors being long the S&P (or your index of choice), and short Bonds (TLT or Bond futures). Selling July 'Put Spreads' on the SPY/QQQ/IWM as the market moves toward support, might be a safe way to play for a bounce (OptionsMakeSense).
Beaten down Gold stocks may be starting a new rally??? GDX, GDXJ, GG, AUY, EGO, etc.
This week's charts:
Weekly Unemployment claims
S&P 500 -nearing support again? 1250..ish?
OptionsMakeSense -trade ideas
May sell-off
How much higher will Bonds go???
Commodities/Futures (charts):
Oil prices continued to slide, again, closing near $83.23
Natural Gas dropped a bit, closing near $2.33
Gold rallied, closing near $1622
30 year Bond did a huge rally, closing near $152.63
The US Dollar rallied again as the Euro fell, closing near 82.98
NEWS:
U.S. stocks fall 2%-plus, adding to week’s gloom
Are Stocks About to Repeat Their Summer Horror Show?
Treasuries Surge as Dow Erases 2012 Gain
Europe, Fed-watching to dominate next week
Microsoft reinvents the wheel with Windows 8
Facebook closes below IPO price range
Well, We've Officially Had A "Correction!" But Stocks Still Aren't Cheap
German 2-Year Yield Drops Below Zero as Crisis Deepens
Europe Fears Bailout of Spain Would Strain Its Resources
Watching A Global Depression Develop In Slow Motion
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