Stock Market Blog -Jun 23rd

This was an ugly week for all markets -stocks, bonds, gold, and commodities, all sold off after the Fed updated their position on quantitative easing. Emerging markets continued to drop also (EEM, FXI, EWZ, IFN...). We'll have to see how the economy holds up as interest rates rise.

The indexes are now below their 50 day moving average, a signal to some that it's time to take profits, or exit the market until the trend turns up again.

ORCL dropped after reporting earnings

New all time highs:   CHTR, CI, RYAAY
All time lows:  NBG
Pops:  , ,    -Drops:  ORCL

Next week: Economic reports 
Earnings reports:  BBBY, BBRY, MON, NKE, WAG,

Market Commentary

 
The indexes gave it up this week and closed below the 50MA, indicating further selling to come, maybe after a small rally since we are very oversold. That being the case, look for setups to short the market on any rallies. Volatility is on the rise, so you could also use Option trades to take advantage of the high volatility.

This week's charts:

Weekly Unemployment claims
S&P 500

Commodities/Futures (charts):
Crude Oil dropped, closing near $93.69
Natural Gas was up & down, closing near $3.77
Gold plunged, closing at $1292 -now under $1300!
The 30 year Bond plunged, closing near $135.03
The US Dollar rallied, closing near 82.51

NEWS:
Week Ahead: Buckle Up as End of the Quarter Approaches
Everything Is Being Sold
Six positives to consider before you run for you life from the markets
Fed Shakes Up Global Markets as US Interest Rates Rise
10-Year Treasury Yield Climbs Above 2.5% on Fed Fears
Interest Rates Gone Wild?

Gold Prices Recover Some Ground and Settles at $1,292.00
Gold Could Test $1,000, Ignore ‘Snake-Oil Salesmen’ Says Trader
Brazil Riots Against Its Middle-Class Illusion
China's Credit Crunch Signals How Serious Beijing Is About Reform