Dreary markets returned after a 2 hour rally yesterday PM. Dow is down 12, decliners are slightly ahead of advancers & NAZ declined 12. Financials, real estate, etc. led the rally but traders are cashing in now. Fannie Mae (FNM) & Freddie Mac (FRE) rose from 15 year lows yesterday on word that they are decent financial shape. Today those gains have been lost. Higher prices for oil makes markets nervous. Oil is up 1½ as Iran launched missiles following Israel's recent military exercise. The Alerian MLP index, up a big 5 & up from yesterday's 262 low, is trading in line with oil moves these days. The World Bank gave a gloomy assessment on the world economy, not encouraging words for the markets.
Bank of America (BAC), member of the S&P 500 Dividend Aristocrat list, may need $12B in outside financing putting the current div at risk. Last year on July 26, they proudly announced a large increase in the div. This year's press release may be glum.
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