Gangbuster day for buyers!

The new year started off with bargain hunters snapping up beaten up stocks. Dow was up 258 with buying strength throughout the day, advancers over decliners 5-1 & NAZ was up 55. Volume continues very light (under .8M at NYSE), in a holiday mode.

The major news story was the Alerian MLP Index. It popped an amazing 12.30, 7%, one of its best days ever (which means the last couple of months). It looks like it benefited from a favorable mention yesterday:

[video] Top 2009 Oil Stocks

I posted an article on MLPs which should be published on the overnight, but it has the same message I have been talking here. When there is a sudden reversal from deeply oversold conditions with no fundamental changes, I always feel queasy. But this pop takes the index to a 6 week high:


Alerian MLP Index --- 2 months




Other averages were soft, that's putting it mildly. REITs, & junk bond funds were off while the S&P 500 FINANCIALS INDEX picked up 2% on a PM rally. However, the VIX pulled back 3 taking it under 37.


VIX ---- 3 months




Even beaten up oil had a very good day:

CLG09.NYM

..Crude Oil Feb 09

...46.23

... 1.63 .......(3.7%)

Mon the new year really starts in the business world & stock markets. Auto companies will report sales for Dec which are assumed to be dreary.