Stock Market Blog -Aug 19th

The market continued to move up this week, extending the rally to highs not seen since the 2007 top. The SPY ETF (S&P500) is flirting with all time highs! In reverse correlation, we are finally seeing Bonds dropping in price. We could see a lot of Bond bulls capitulate, driving prices even lower, though we are now at a decent support level. Also, Oil is now above $95 per barrel again.

Facebook falls to half of public offering price
AAPL hit a new all time high this week.
WMT and SPLS dropped after reporting earnings

New all time highs:  AAPL, CVX, CF, DFS, FL, FBHS, KORS, PM, PSX, STX, STZ, SJM, SWI, TJX,
All time lows: FB, GRPN, MCP
Pops: ANN, CSCO, KORS, SJM
Drops:  CHL, GRPN, MRVL, NTES, SPLS

Next week: Economic reports  

Earnings reports:   Among companies reporting next week are: 
BBY, DELL, HPQ, LOW

Market Commentary

We are still heading to 1422 on the SPX (just about there), where I think we should see some kind of pullback.The VIX continues to drop, and is now below the April bottom, a level which could also confirm some downside in the market in the near future. Everyone is looking at the same predictions, which scares me into thinking we'll all get faked out and the market will continue higher -so be careful. Maybe sell Iron Condors to play both sides (OptionsMakeSense).
Bonds dropped again, and TLT still looks attractive, now at a support level.

This week's charts:

Weekly Unemployment claims
S&P 500 -almost at the April high. Will we see a double top?
OptionsMakeSense -trade with low cost and high probabilities

Commodities/Futures (charts):
Crude Oil rallied again, closing near $96
Natural Gas pulled back slightly, closing near $2.71
Gold was mostly unchanged, closing near $1617
The 30 year Bond dropped again, closing near $145.88 -4 week drop!
The US Dollar was mostly unchanged, closing near 82.67

NEWS:
Dow ends higher for sixth week 
Is This Market Rally Legit or Nothing but a Head Fake?
Apple Closes at New All-Time High
Sell Apple: Longs Could Be in For a Fall
State unemployment rates rise in 44 states
Fannie and Freddie: The Walking Dead
General Motors Is Headed For Bankruptcy -- Again
Think twice before jumping on gold’s bandwagon
Jim Rogers on the Coming Fiscal ‘Catastrophe’