This week commodity prices continued to fall, with grains taking a big hit (Corn, Soybeans, Wheat). Coffee is at multi-year lows and may present a buying opportunity. Gold plunged again -end of quarter selling?? Bonds recovered a bit, but this quarter interest rates had their biggest run up in many years!
New all time highs: AET, CBOE, DNKN, SBH, STX
All time lows: --
Pops: PTR, STEC -Drops: ACN, BBRY, WAG,
Next week: Economic reports Monthly Jobs report!!
Upcoming Earnings reports:
BlackBerry Posts Larger-Than-Expected Loss, Shares Plunge
Nike Earnings Run Past Forecasts; Shares Jump
| Market Commentary |
As I mentioned last week "look for setups to short the market on any rallies" -well we got the rally. Next week will be a short one, but we have the Jobs report which could move the market. If this really is a turn in the market from the top in May, we could see a lot more downside (SPX 1550 a good target for now?). We could be in for a rocky 3rd quarter.
Buy Gold and GDX now for a brief bounce?
This week's charts:
S&P 500 -resistance at the 50MA now?
Commodities/Futures (charts):
Crude Oil was up, closing near $96.56
Natural Gas was down, closing near $3.57
Gold plunged again, closing at $1223 -dropped under $1200 this time!
The 30 year Bond was up a bit, closing near $135.84
The US Dollar rallied, closing near 83.37
NEWS:
Stocks: Brutal June clouds start of year's 2nd half
Fed officials in damage control mode
Gold Posts Worst Quarter on Record
German Banks an Accident Waiting to Happen: Expert
Why China's Economy May Be Heading for a Crash
Can Rudd Stop the Rout in the Aussie Dollar?
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