Dow dropped 81 taking it below 9K, but advancers were over decliners 3-2 & NAZ was down 4. The VIX ticked up a few pennies, but still moderate in the 39s (when compared with recent values in the 80s).
Worldwide conflicts & strife were the major influence on oil, up big again:
| CLG09.NYM | ...Crude Oil Feb 09 | ....48.43 | .. 2.09......(4.5%) |
Auto sales last month were in line with expectations, disastrous. Toyota & Honda led the decline, but the American companies were just behind them in sales declines. Year-end discounts & free financing programs did little good. General Motors (GM) said sales last year were the lowest since 1959. As a result, US companies only had 47% of the US auto market. Ford already said Q1 auto sales will continue to be bad. Last year auto sales were near 13M, lowest level in 16 years.
•GM's 2008 U.S. Sales Drop to 49-Year Low; Ford, Honda December Sales Fall
The Madoff case goes from ugly to uglier. Federal prosecutors are asking that Madoff be sent to jail for violating terms of bail (transferring assets). Meanwhile congresional hearings are proceeding, trying to figure out what went on with his scheme.
•Madoff Transferred $1 Million of Assets, Should Be Imprisoned, U.S. Says
The Alerian MLP Index has had undoubtedly its best 3 days in history with a 30 point gain, getting within inches of 200. It pulled back in the PM, to close at 195.70, up 7 (still not a bad day) for a 3 day gain of 25 points or 15%. However, high yield securities are getting different responses. The Lehman High Yield Bond ETF had a nice bounce in the last few days. But REITs still can't get no respect, even with double digits yields:
Alerian MLP Index --- 2 weeks
Lehman High Yield Bond ETF --- 2 weeks
Dow Jones REIT Index --- 2 weeks
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