Stock Market update: Stock Market Blog -Oct 28th

After a big week for earnings reports, the market dropped further, maybe signaling a new downtrend. Oil and Gold also dropped. We got a better than expected GDP report as well.

Much to everyone's surprise, AAPL never rallied prior to their earnings release, and actually dropped after reporting on Thursday. So far AAPL stock has lost around $100 since the iPhone5 launch. Lots of AAPL 'Call' options expired worthless on Friday.

Meanwhile EXPE, PCLN, FB, and AMZN rallied.

New all time highs: CMCSA, COG, N
All time lows:
Pops: FB, EXPE
Drops: BBY, CLF, DD, DECK, FFIV, MNST, RF, SHW, UA

AAPL -4 weeks of declines (post iPhone5 top) -this week, 5th week down!

Next week: Economic reports Monthly jobs report on Friday!!

Earnings reports next week:
Mon: L, CRUS
Tue: F, CMI, PFE, VLO
Wed: MA, V, PSX, GM
Thu: NEM, SBUX, , XOM, CHK, K
Fri: CVX

Market Commentary

Earnings reports next week will again drive stock prices, but last week was the big one. Support might hold at 1400 on the S&P500, and we could see a small bounce from there, with the market being a little oversold. The Jobs report on Friday could also be a catalyst.

This week's charts:

Weekly Unemployment claims
S&P 500 -heading down further?
OptionsMakeSense

Biotechs broken...

Commodities/Futures (charts):
Crude Oil dropped, closing near $86.28
Natural Gas dropped, closing near $3.40
Gold dropped, closing near $1711
The 30 year Bond was up, closing near $148
The US Dollar was up, closing near 80.16