Stock Market Blog -Jun 22

The market rallied after the Fed meeting then remained flat for the rest of the week, through quarterly options expiration on Friday. Of course we hit all time highs again. Gold also rallied, closing past the $1300 level once more. Volatility levels are almost at all time lows (VIX). We could however see the NASDAQ100 break out past the 3800 level next week,  the S&P500 reach for the 2000 level, and the DOW reach for 17000.

The British Pound vs the Dollar crossed the $1.70 mark.
FDX rallied on earnings.
ORCL and COH dropped after reporting earnings.



New all time highs:  ABT, AN, APC, BUD, CL, DFS, EOG, JNJ, HAL, KMX, COP, PEP, PSX, SN, TRV, WFC, CVX, XOM,
All time lows:   -
Pops:       Drops:  
Next week:  Economic reports,  
Earnings:     MU WAG MON CAG
 
 
 
Market Commentary

We got the anticipated bounce I mentioned last week! The stock indexes are again at all time highs (exc. the Small caps), as we approach the end of the Quarter. The low VIX could be a signal for a turning point in the near future. Meanwhile, if you are a trend trader, stick with this up-trend till it exhausts itself.  Gold and Gold Miners seem to have turned, so there may be some opportunity there.

If you are an Options trader, because of the low Volatility, this is a good time to do Calendar Spreads.
This week's charts:
S&P 500 -all time highs again!
10yr Interest Rates -holding
Labor Force Participation Rate (10 year chart)

Commodities/Futures (charts):
Crude Oil was mostly flat, closing at 106.83 -continuing to rise
Natural Gas dropped, closing at 4.53
Gold was up, closing at $1316
The 30 year Bond dropped a bit, closing near 135.34
The US Dollar was mostly unchanged, closing at 80.44


 
NEWS:
Posted by 123Trader

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