S&P 500 FINANCIALS INDEX finally had a good day, closing near the highs, but is only modestly above the 108 low reached 6 sessions ago. Banks are still in the doghouse in this sideways market.
| Value 122.84 | Change 4.43 | % Change 3.7% |
The Alerian MLP Index keeps plugging along making its way up the recovery ladder, up 2½ to 204. It's above former 200 ceiling, 220 will be the next ceiling (where it stalled before). So far MLP distributions have been favorable except for the one from Constellation Partners (CEP) pre-announced in Dec. Favorable announcements bring out buyers. Watch out for cuts from weaker MLPs, including even big cuts, coming in the next week. They should not hurt the stronger MLPs unless selling bleeds over.
Alerian MLP Index --- 3 months
REITs were up a little but junk bond funds have a more interesting story on another up day for them. They are up 50-75% off their overly depressed lows (when yields were approaching 30%) set 2 months ago. Barclays Capital High Yield Bond ETF shows a less dramatic move than most of the actual junk bond funds, but the picture is clear. Extremely high yields continue to attract buyers.
Barclays Capital High Yield Bond ETF - 2 months
Oil had its 2nd down day, but today it tumbled badly. Grim economic numbers sank oil which looks to be heading under 40.
| CLH09.NYM | ..Crude Oil Mar 09 | ..42.09 | .. 3.64......(8.0%) |
During earnings season & when congress is coming up with a stimulus package, stocks are in a rut:
Dow Jones Industrials --- 2 weeks
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