Stock Market Blog -Mar 3rd

The market rebounded a bit from the prior week's drop, even with the Dollar rallying, and with no government  resolution on the 'sequester'.  Gold still seems to be in a downtrend, while Bonds have rallied a bit. The DOW is about 100 points away from an all time high, so I expect we will see that high again. probably this week. AAPL continues to spiral down, while GOOG is now hitting all time highs. Maybe Google will be the new Apple this year? LNKD is also hitting new all time highs.



New all time highs:     CRM, COG, CELG, GILD, GIS, ETN, LNKD, MPC, VMED, etc.
All time lows: --
Pops:  CRM,    -Drops:  ISRG, JCP

Next week: Economic reports  Monthly Jobs report on Friday
Earnings reports:   SPLS, PETM




Market Commentary
 
The market could be putting in a top in this area as it approaches an all time high. After the euphoria, there's usually a pullback. We still have market headwinds from Europe, the effects of the sequester, unemployment, etc.  This month however also marks the end of the 1st quarter, so we could see it close out with some nice gains.

This week's charts:
Weekly Unemployment claims
S&P 500 ...getting ready for a bigger pullback?
OptionsMakeSense

  The USD/JPY could be forming a top here

Commodities/Futures (charts):
Crude Oil dropped, closing near $90.59
Natural Gas was up slightlyclosing near $3.42
Gold dropped, closing near $1580 -still below 1600
The 30 year Bond rallied, closing near $146.12
The US Dollar was up again, closing near 82.36

NEWS:
Dow Likely to Bust Through Record—Then What?
Forget Large-Caps: Small-Caps Are a Better Opportunity
Cramer: 5 Dow Dynamos Should Drive Bull Further
Home Buyers Are Back, but Where Are the Houses?

Best Stock Market Indicator Ever:
Treasurys Rise on Spending Cuts, Europe Woes
Euro Hovers Near 2-1/2 Month Low, Dollar Firm
Gold Ends Above $1,578, Setting Grim Milestone

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