The Alerian MLP Index is up again, up almost 4 today, inches away from 200. The Barclays Capital High Yield Bond ETF (JNK), note the name change from Lehman to Barclays, is up 61¢ to the high 33s (up from 27 last week). S&P 500 FINANCIALS INDEX, REITs & the VIX are up modestly, really treading water.
Oil continues climbing on worries the Mid East conflict could interrupt oil supplies. In addition, Russia is playing hardball about supplying natural gas to Europe (thru the Ukraine), not helping the energy complex.
| CLG09.NYM | ...Crude Oil Feb 09 | ....49.14 | ... 0.33.......(0.7%) |
Factories orders fell in Nov for a 4th consecutive month. The decline was 4.6%, much worse than analysts had expected.
•U.S. Factory Orders Fall Twice as Much as Forecast as Companies Cut Costs
The services sector index rose to 40.6 in Dec from 37.3 in the prior month. This reading was slightly better than expectations, however below 50 is considered a key sign of contraction (above 50 signals growth). The Nov reading was considered extremely gloomy, but the present level continues as a solid negative.
Pending home sales fell in Nov to the lowest level on record, the economic meltdown caused buyers to delay home purchases. The index plunged 4% to 82.3 from a downwardly revised Oct reading of 85.7, much worse than expected by economists.
•Pending Home Resales in U.S. Decline 4%, Worse Than Economists' Forecasts
Gary Shilling, who predicted the 2008 market collapse, sees more pain in 2009:
Congress is trying to come up with a stimulus package for the new president to sign while the senate is still trying to get its house in order, allowing it to pass key legislation.
No comments:
Post a Comment