Stock Market update -Jul 26th

We got a pullback this week, in spite of the big rally in AMZN and others. What goes up must come down -the Nasdaq was very extended. AAPL dropped after earnings, as did other DOW stocks CAT, IBM, MMM, UTX, and others (BIIB plunged). Meanwhile Gold, Oil, and other commodities continued to drop this week. Bonds were up.

The DOW is now in a losing position for the year and we may be seeing the start of a correction in the market.  I stand by my comment earlier this year that we are forming a big rounded top.

U.S. jobless claims drop to 41-1/2-year low


New all time highs:    AMZN, FTNT, ITEK, LGF, PANW, SBUX, SYK, TWC, V, VRX
All time lows: WIN
Pops    AMZN, CMG, ISRG, V      Drops:    BIIB, CAT, IBM, MMM, UTX
Mergers/Deals:  Anthem to buy Cigna,   AT&T buys DirecTV

Next week:  Economic reports,   Fed meeting
Earnings:      
M:  BIDU
T:  BP, CTXS, DD, ESRX, F, GILD, MRK, PFE, TWTR, UPS, X
W: DATA, FB, HUM, MA, MO, ORLY, SKX, WFM
T:  AMGN, COP, FEYE, VLO, EXPE, PG, OXY, 
F:  CVX, XOM

This week's charts:
Gold was down again, closing near $1098 -now below $1100!
The 30 year Bond was up, closing near 154.71
The US Dollar was unchangedclosing at 97.35

NEWS:
Stocks plunge more than 2% for week on earnings, global growth concerns
The clock is ticking for stocks: Acampora (Wed)
Is the Dow’s underperformance a big opportunity?
Visa earnings sail past forecasts; stock pops 6%
Amazon is now worth WAY more than Walmart
Anthem to acquire Cigna, leaving only 3 big insurance companies

Apple stock tumbles as iPhone sales disappoint
Apple's iPhone suppliers are getting crushed
As it happened: Apple falls 7% after weak forecast
Biogen is crashing after cutting the outlook for its blockbuster drug
Gold ETFs Aren’t Finding Support From India This Time

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