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So Dow is up 400 Tuesday, down 300 on Wednesday, up almost 300 today...guys on the floor have finally figured out how to make money in this market. Come in every other day.
It started with Fannie Mae [FNM
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] and Freddie Mac [FRE
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] this week (both up over 50 percent for the week), but this week's rally quickly spread to financials, then finally to other large cap stocks like GE (our parent) and Wal-Mart (3 year high today.)
Dow movers this week:
JP Morgan up 24.7 percent
BofA up 16.4 percent
Citi up 13.1 percent
GE up 11.0 percent
WMT up 7.4 percent
The dollar rally (up 2.2 percent) was the primary factor hurting commodities this week, though many precious metals and agricultural and metal commodities were clearly overbought.
Commodities this week:
Nat. gas down 8.1 percent
Gold down 8.0 percent
Copper down 6.7 percent
Coffee down 14.0 percent
Wheat down 17.1 percent
Not surprisingly, large commodity stocks were down.
Commodity stocks this week:
Freeport McMoran down 13.3 percent
Newmont down 13.6 percent
Alcoa down 9.2 percent
ExxonMobil down 1.0 percent
Next week, the major market movers will be:
--pre-announcement season begins
--end of quarter
--Treasury's TSLF auction
--new/existing home sales
For the week: Dow up 3.4 percent, NASDAQ lagging up 2.1 percent.
Questions? Comments?
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Data is a real-time snapshot *Data is delayed at least 15 minutes