Stock Market Blog -Mar 10th

The DOW and the Small Cap Russell 2000 continued to hit new all time highs this week, while the Dollar rallied, and Bonds dropped. The Yen, along with other currencies, continued to drop against the Dollar. A better than expected jobs report on Friday helped to keep the market up, with the unemployment rate dropping to 7.7%.

This weekly rally in stocks is now over 8 weeks old, so I expect it will take a break soon. A number of DOW stocks are also hitting new all time highs (charts below).

New all time highs:     NWSA, CBS, CELG, CVX, DIS, JNJ, HD, MMM, UTX, VMED, and more
All time lows: --
Pops:  CIEN, HRB     -Drops:  JCP, SKUL

Next week: Economic reports   Monthly & Quarterly Options expiration...
Earnings reports:   COST

DOW stocks acting like tech stocks!!

Market Commentary

 
I still think the market could be putting in a top in this area as the S&P500 approaches its all time high. The DOW has already taken out its high. We have Options expiration this week (monthly and quarterly), and the end of the 1st quarter is approaching. The VIX is approaching lows again. Stay long until it breaks?

This week's charts:

Weekly Unemployment claims
S&P 500 -the rally continues
OptionsMakeSense

 

  The USD/JPY rallies again! So much for a top...

Commodities/Futures (charts):
Crude Oil was up a bit, closing near $91.95
Natural Gas was up, closing near $3.63
Gold closed near $1576 -still below 1600
The 30 year Bond dropped, closing near $141
The US Dollar was up again, closing near 82.73

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