Stock Market update: 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:

S&P 500 -reversal...
10yr Interest Rates -rising
Labor Force Participation Rate (10 year chart)