Stock Market update: Stock Market Blog -Jul 1st

The market rallied back up this week, with a strong surge on Friday, following the news that the European financial crisis was put on hold, again :)

Gold ans Oil surged on the news too, a reversal from the prior week. Among DOW stocks, DIS, WMT, and VZ broke to new all time highs -interesting!

NKE dropped on Friday, amidst the huge market rally.

New all time highs: ABT, AMT, CL, COST, CVS, DIS, HSY, VZ, WMT
All time lows: VXX

Pops:
Drops: CMG, NKE, ORLY, ROST

Next week: Economic reports Markets closed on Wednesday (4th July), and half day on Tuesday.
Monthly jobs report on Friday.

Earnings reports:

Market Commentary

The market reversed trend again, this time to the up-side -its been a choppy market to say the least. I still maintain that the rally will continue until we get to earnings reports in a couple of weeks. Watch out for this week's jobs report on Friday too. With the mid-week holiday, things will probably be quiet till the Friday jobs report. We seem to be forming an up 'channel' pattern in the indexes (chart below).

This week's charts:
Weekly Unemployment claims
S&P 500 -(last week's comment: more up-side next week?) -well, we got it!
OptionsMakeSense -trade with high probabilities

Commodities/Futures (charts):
Oil rallied on Friday, closing near $84.96
Natural Gas was up a bit, closing near $2.82
Gold rallied on Friday, closing near $1604
The 30 year Bond was down again, closing near $147.97
The US Dollar was down a bit, closing near 81.76