The big movers today weren't all that big. After the Dow Jones REIT Index rose sharply yesterday, it was up a modest 2 to 153. In 2 days it has had a 17 point pop, from a severely depressed level. The VIX pulled back again. It dropped another 2½ to the 49s, the lowest level (with one minor exception) in 2 months. Decline in the fear index is one level of comfort. The 10 year Treasury bond now has a yield of only 2.19%, record low territory. Treasury securities are sought out by frightened investors.
Despite OPEC's largest production cut in history, oil slipped below 40 at one point (near 4 year lows) closing just above 40. Russia (not an OPEC member) also indicated it would cut back .6M barrels per day although they said the cutback largely happened last month, adding confusion to their announcement.
| CLF09.NYM | ...Crude Oil Jan 09 | ....40.43 | .. 3.17......(7.3%) |
Still no word from the White House about their auto bailout package. Maybe tonight.
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