Out of the gate, the Dow was up 100. But stocks slipped back & are now about even (both Dow & NAZ), however advancers lead decliners 3-2. Last night, Microsoft (MSFT) had a good earnings report. Today the stock started out strong, but also slipped back to little changed. Caterpillar (CAT), a favorite of mine because it is an S&P 500 Dividend Aristocrat & a Dow stock, had a good earnings report, up 1.10.
The economic stimulus package may be getting bogged down in the senate, we will have to watch for delays of the tax rebates. In addition, rumors are flying about a number of hedge funds being in trouble. Right now this is only babble, but maybe rumor spreaders are on to something. These worries are enough to dampen any market rally.
MLPs have had an exciting week. After falling to new lows this week, they rebounded & are up 7% from the lows just a couple of days ago. It should be remembered that they have a low beta (low volatility), not this week.
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