Early gains reduced to modest gains late in the day

Markets started hot out of thee gate this AM, but lunchtime the gains slipped. At the close Dow was up 57, advancers over decliners only by 25% % NAZ was up 10, not impressive. NYSE volume continues at 1.3B. Financials (i.e. banks) were strong but much the gains were lost by day's end. Lehman Bros (LEH), down 1.05, continues as the hot story, investors are mulling over what the changes mean. Oil rebounded from early losses, ending with a gain of 36¢ to 136.74. Supply worries from Nigeria helped bring buyers back. Retail sales helped drive gains in the AM, however analysis showed that much of the larger than expected gains were due to higher gas & fuel sales (i.e. inflation driven), something we have to constantly think about in today's world. Besides oil, commodities prices were very strong. Corn, our leading crop & export, reached a record price of 7.18. The main use for corn is feeding farm animals, that price will bleed through to a lot of groceries. The Alerina MLP index broke it's support level of 290, down 1.26 to 288.74

Key Bank (KEY) & First Horizon (FHN) are banks who were members of the S&P 500 Dividend Aristocrat list. Their divs have been cut. If not off that prestigious list, they will come off shortly. There are about 60 on the list, but even a track record of over 25 year as of higher divs year does not guarantee the future.