January was the worst January in history, the negative trend continues on the first day of trading in February. Asian & European markets sold off & Dow futures this AM were down 100+. Dow plunged 100 at the opening, tried a rally & then pulled back to down 77. In all fairness, it has been giving up ground grudgingly, but giving it up nevertheless. Decliners lead advancers 2-1 & NAZ gained 6. Below is an article explaining today's declining world markets. Nothing new, dismal news just keep coming with no end in sight (at least for the short term):
S&P 500 FINANCIALS INDEX had another terrible month, down 27%, ending near the new low of 108. Today's it's down another 1, two years ago it was at the lofty level above 500. Banks are weak on the expectation that bailout money may come with strings forcing them to lend more.
Dec_31... 169
Jan_31... 124
The MLP index is lower in response to the down markets, down 2 to 199. That 200 floor may return to acting as a ceiling. MLPs were one of the best performing groups in Jan, thanks to a gain. Other high yield securities are mixed today.
Alerian MLP Index --- 2 weeks
The VIX, volatility index, is up 3 to 48 on growing fears & may be headed higher. 6 months ago, 20+ was considered very high & 35 was hard to imagine.
VIX ----- 2 weeks
More glum earnings reports are coming while the senate debates the stimulus package. The Dow hovers not near but under 8K. This may lead to a test of the Nov lows at 7½K.
S&P 500 FINANCIALS INDEX had another terrible month, down 27%, ending near the new low of 108. Today's it's down another 1, two years ago it was at the lofty level above 500. Banks are weak on the expectation that bailout money may come with strings forcing them to lend more.
Dec_31... 169
Jan_31... 124
The MLP index is lower in response to the down markets, down 2 to 199. That 200 floor may return to acting as a ceiling. MLPs were one of the best performing groups in Jan, thanks to a gain. Other high yield securities are mixed today.
Alerian MLP Index --- 2 weeks
The VIX, volatility index, is up 3 to 48 on growing fears & may be headed higher. 6 months ago, 20+ was considered very high & 35 was hard to imagine.
VIX ----- 2 weeks
More glum earnings reports are coming while the senate debates the stimulus package. The Dow hovers not near but under 8K. This may lead to a test of the Nov lows at 7½K.
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