We got a rally this week and recovered most of the losses from the prior week. Crude Oil is approaching $105, while Gold dropped below $1300 again. Lots of tech earnings next week, including AAPL, AMZN, and MSFT.

IBM dropped after reporting earnings. YHOO rallied, mostly based on its Alibaba ownership.

New all time highs:   COP, HAL, 
All time lows:   -

Pops:   SNDK, YHOO    Drops:   IBM

Next week:  Economic reports, 

Earnings:     

Mon - NFLX, HAL

Tue - T, MCD, YUM, GILD, AMGN, ISRG

Wed - AAPL, FB, QCOM, PG, BA, EMC

Thu - AMZN, MSFT, VZ, UPS, CAT, V, BIDU, CELG, SBUX

Fri - CL, F

Market Commentary

We did get a bounce last week as I expected. Not sure if we'll see any follow through next week though -my guess is that there is a good chance for more down-side action again.

Implied Volatility on individual stocks tend to rise ahead of earnings, then drop sharply once the earnings are out. Options strategies can be used to take advantage of these predictable moves (e.g. selling Credit spreads).

This week's charts:

S&P 500 -forming a top?
10yr Interest Rates
Labor Force Participation Rate (10 year chart)

Commodities/Futures (charts):
Crude Oil was up, closing around $104.30  -still above $100!
Natural Gas was up, closing  at $4.74
Gold dropped, closing at $1293
The 30 year Bond dropped, closing at 133.90
The US Dollar was up a bit, closing at 79.90

NEWS:

 U.S. Deficit Cut by Almost One-Third to $492 Billion: CBO
10 of the Best ETF Trades of All Time
China New Credit Declines as Money-Supply Growth Decelerates
Don’t Get Hit By a Falling BRIC