Stock Market Blog -Jul 21st

This week, the city of Detroit filed for bankruptcy. Meanwhile, the market continued to rally, in spite of missed earnings from a number of large tech companies. Next week we'll be flooded with more earnings reports -watch for possible market volatility. Also note that Bond prices have been moving up over the past two weeks.

MSFT had its biggest earnings miss in 12 years. IBM, INTC, MSFT, GOOG -big tech stocks' earnings have been somewhat disappointing so far. I'm guessing we'll see more of the same from AAPL and FB next week. ISRG and EBAY also dropped after reporting earnings.

On the positive side, GE, CMG, SLB, and YHOO rallied after reporting earnings.

New all time highs:   APC, COP, CVS, JNJ, GILD, HON, MMM, WFC, UNH, UTX, STX, WDC
All time lows:  --

Next week: Economic reports 
Upcoming Earnings reports:  
Mon -MCD, NFLX, HAL, TXN
Tue -AAPL, DD, MO, T, UPS, UTX,
Wed -BA, BIDU, CAT, F, FB, LLY, PEP, QCOM, V
Thu -AMZN, CELG, CL, BIIB, BMY, GILD, MMM, SBUX
Fri -

Market Commentary

 

Watch for market reaction to earnings this week, the busiest week for earnings, including AAPL, FB, NFLX, and AMZN. I still think the risk is to the downside here. Also Gold has been steadily recovering from the recent lows of under $1200.

This week's charts:

Weekly Unemployment claims
S&P 500 -still moving up

Commodities/Futures (charts):
Crude Oil was up again, closing near $108.05 -still over $100!
Natural Gas was up, closing near $3.79
Gold was up, closing at $1293
The 30 year Bond was up, closing near $135.50
The US Dollar dropped a bit, closing near 82.71

NEWS:
Dow, S&P 500 end 4th winning week
Jobless Claims See Largest Weekly Drop Since April
Key Earnings Reports Next Week
Earnings reports could shut down the tech surge

Gold settles at one-month high amid US stimulus hopes
Oil -Brent-WTI Spread Approaches Parity
Detroit files for bankruptcy
Detroit bankruptcy could hit millions of retirees