Market Steamrolls Forward

The incredible Teflon market powered on this week,impervious to all events,both internal and external.A near meltdown in Japan,terrible housing data in the U.S. and low consumer confidence were all brushed aside as the market posted gains for the week.The Dow rose 3.1,while the NASDAQ added 3.8 and the S&P 2.7.The cash has to flow somewhere,and bonds are out of favor because of inflation fears,so it's pouring into risk assets.Light volume today shows that there wasn't great conviction behind this,however.
At the Bay Hill Club&Lodge in Orlando,Scotsman Martin Laird did play with conviction,shooting a second round 65 for a nine under par and the lead of the Arnold Palmer Invitational.South Korean K.J. Choi and American Spencer Levin shared second place at eight under.
The Mid-Atlantic region should be under a bit of snow Sunday morning,just when it was thinking spring was fully awake.Mostly it will be a covering for the grassy areas,with the roads having had a chance to rise above freezing in recent afternoons.
Next week will be focused on the March employment report issued on Friday,as well as the beginning of earnings season just around the bend.The S&P futures were modestly higher Friday evening,up 4.80,and Treasury bond and note prices declined.

Mama Bear Resists Tranquilizer

A mama bear shook off tranquilizer when she was darted by Maryland Department of Natural Resources biologists at a housing development in Deep Creek Lake.The mother was worried about her three cubs,which she had given birth to under a resident's back deck.The biologists felt it wasn't a safe place for them to dwell and were attempting to relocate the bruins to nearby Savage River State Forest.Finally,a few more darts did bring her down.She and the cubs were taken to a temporary den in the forest sporting their new ear tags so the officials can keep records on them.
The stock market couldn't shake off the newsy week and ended up modestly lower,with the S&P down 1.9.Many other Americans couldn't shake it off,either,besieged by media coverage of the Japanese catastrophe to the point of irrational reactions to the nuclear crisis 5,000 miles away.
Monday was looking more promising,with the S&P futures climbing 5.40,while 10-year Treasury bond prices fell.New and existing home sales data will draw attention from investors next week.

Californians Feel Japan Quake Aftermath

Californians were hit in the pocketbook by the Japan earthquake's attendant tsunami Friday.Millions of dollars of damage were done to harbors and boats along the SoCal coast by the powerful waves rippling off the Pacific.Docks were ripped from harbors in both California and Oregon,and dozens of boats were lost to the aquatic aftereffects of the Asian earthquake.
One California man was missing at sea and feared dead by the U.S. Coast Guard,having been swept away by the tsunami.The town of Newport Beach warned residents by robocalls Friday morning and closed Newport Beach Elementary School,but gave the all clear Friday afternoon.
The Toshiba Classic golf tournament,part of the Champions Tour of senior pro golfers,went ahead as scheduled at the Newport Beach Country Club.South African Nick Price led the field with a first round 60 for a -11,while German Bernhard Langer,the defending Charles Schwab Cup champion,tied for second with three Americans:Mark O'Meara,Mark Wiebe and Brad Bryant,all having shot 65s for -6s.
Though finishing up for the day,stocks drifted lower for the week,hurt by renewed European debt fears,the Libyan civil war and Japan's killer quake,with the S&P giving up 1.30.In the futures market Friday evening,the S&P rose a strong 11.70,and 10 year Treasury bond prices fell as the optimism from Friday's late trading carried over to Monday's prospects.

Market Has Good Week,Despite Oil

Oil price momentum slowed,but couldn't stop,the market this week.It ended slightly higher for the week.The Dow rose 0.33,while the S&P edged up 0.10 and the NASDAQ 0.13.All bonds ended in the green on Friday as stocks dropped modestly on the day,the fear trade returning in response to continued Libyan chaos on Friday.
Fear carried over into the futures market Friday evening,with the Dow losing another 85.00,the S&P a further 9.40 and the NASDAQ futures falling 12.00 more.
North Dakotans won't have to fear sweating on Saturday,with the forecast high being 16 F at Fargo.
A stiff breeze dried the sweat off golfers at the Honda Classic,a FedEx Cup event, in Palm Beach,Florida on Friday.American Kyle Stanley,23,topped the leader board with a 2nd round 66 for a -6,while South Africans Rory Sabbatini and Charl Schwartzel held 2nd and 3rd place respectively,Sabbatini shooting a superlative 2nd round 64 with 7 birdies and only 1 bogey.
American Mark Wilson leads the FedEx Cup competition so far.

Winds and Fears Buffet East Coast

The East Coast was buffeted by a number of winds and economic fears on Friday,leaving a lot to be forgotten about for a relaxing weekend to take shape.Gusts of near 70 miles an hour-hurricane force-tore siding off a home,knocked billboards over and power lines down,and delayed flights as high wind warnings were issued and a low pressure system moved up the coastline.It's unsettled spring conditions right before the start of meteorological spring on March 1,Tuesday.
The convulsing Middle East sent a dark cloud over fretting markets on Wall Street as oil prices reached more than 98.00 a barrel in after hours trading.Friday trading was light as institutions trimmed their purchases,anxious about any weekend developments overseas while the markets are closed.Consumers are feeling the oil surge at the gas pump and struggling at the supermarket check-out as well,with commodities soaring generally.
For the week,the Dow lost 2.1%;the S&P 1.72;and the NASDAQ 1.9%.It was the S&P's biggest weekly drop since mid-November of last year.The CBOE Volatility Index,the fear index,was up 17% on the week.
Next week will see the Institute for Supply Management issue its key reports on manufacturing and service sector activity for February,as well as earnings from H.J. Heinz and the February employment report on Friday.
The S&P futures were down 1.90 on Friday evening,but the NASDAQ futures went the other direction,rising 2.25,reflecting Friday's strength in the tech sector.
German Martin Kaymer was the sole number one seed to reach the quarterfinals of the World Golf Championships Accenture Match Play Championship at the Ritz-Carlton Golf Club at Dove Mountain in Marana,Arizona,where frost can still delay play at this time of year on the oasis course.Spaniard Miguel Angel Jimenez and American Ryan Moore were also still alive in the jagged desert scenery.
H.J. Heinz(HNZ)
Update:Martin Kaymer will play England's Luke Donald in the finals of the Accenture Match Play Championship on Sunday.Americans Matt Kuchar and Bubba Watson will play in the consolation match.Kaymer,26,became the world number one when he defeated Watson in Saturday's semifinal.