Stock Market Blog -Jul 8th

The market gave up some gains this week after another disappointing monthly Jobs report on Friday. WMT bucked the trend and hit an all time high! China and Europe reduced interest rates, and the Bank of England announced more bond buying! Lots of stimulus, but with little results. Earnings season begins next week, and will probably determine market direction for the next few weeks.

New all time highs:   CVS DFS IBB KMB LNCR LQD WMT
All time lows:  GRPN

Pops: NFLX
Drops: 

Next week: Economic reports 

Earnings reports begin:
Mon: AA
Tue:
Wed:
Thu: FAST
Fri: JPM, WFC

Market Commentary

The market chop continues. Earnings reports begin this week (including GOOG and JPM), with lots more the following week. I expect we'll see some disappointments, and maybe a corresponding drop in the markets. The short-term up-trend channel is still intact though. Volatility should increase, providing opportunities for those that trade options.

This week's charts:
Weekly Unemployment claims
S&P 500 -more pullback this week?
OptionsMakeSense -trade with low cost and high probabilities

Commodities/Futures (charts):
Oil rallied a bit, closing near $84.45
Natural Gas rallied, then pulled back, closing near $2.78
Gold pulled back, closing near $1579
The 30 year Bond rallied, closing near $149.88
The US Dollar rallied, closing near 83.56
Grains rallied again!

NEWS:
Investors shake as economy stalls
June Job Creation at 80,000; Rate Holds Steady at 8.2%
Earnings Are the Next Big Test for Stocks
Investors' focus shifts to earnings
Investors continue to flee stocks
The real national security threat: America's debt 
Why American workers are worse off today

Three Central Banks Act to Stimulate More Borrowing
Drought Stalks the Global Food Supply
Euro falls to two-year low against dollar
Explainer: Why the LIBOR scandal is a bigger deal than JPMorgan
Signs We Are Approaching a Zombie Economy
BRICs Priced for Economic Meltdown