Dow slides 89 to 7465

After trying for a recovery day, markets headed back down with another major loss. Dow was even at midday, but slipped & slid in the PM. It was hurt by Hewlett-Packard (HPQ), losing 2½ (8%), after a disappointing earnings report last night. A weak stock market didn't help. Caterpillar, a Dow stock I like, has gotten pummeled (from the 80s last year to 27) in the market selloff:


Caterpillar --- 10 years






Dow dropped 89 (down over 1200 YTD), decliners over advancers 2-1 & NAZ fell 25 (tech was hurt by the HPQ report). Dow fell on all 4 days this week, after the big stimulus package was announced!


S&P 500 FINANCIALS INDEX fell 5½ to 100, just another new low. For $7, somebody can buy one share of Bank of America (BAC) + 1 share of Citigroup (C), both Dow stocks, & have change left over. When banks are in the dumps, the stock market has only one direction to go, it's not up.

The Alerian MLP Index is losing it after a nice run this year. Down 2 to the 191s, it's back at the low end of trading range (190-200) where it has spent much of January.


Alerian MLP Index --- YTD





The Dow Jones REIT Index fell 5 to 100, nearing the sub 100 low from 3 months ago. Junk bonds were mixed to weak while the VIX also fell, down 1½ to the 46s.

Oil had a stellar day on a lower oil inventory report. Inventories fell 200K barrels compared with an expected increase of 3½M barrels. These numbers bob around from week to week, but it encouraged oil buyers.


CLH09.NYM..Crude Oil Mar 09...38.81 ... 4.19..(12.1%)

Oil prices surge on report of falling inventories- AP

There seems to be a plague of massive fraud schemes which are being uncovered. Stanford is in hiding as investigators are trying to find out what went wrong & how much money is involved. With markets in the doldrums, down 40-50% around the world, this is another kick in the head they don't need.

Stanford probe widens, Venezuela seizes bank- Reuters

This has been another dreary day for the markets. Massive gov spending which will be spread over a few years is not warming the hearts of investors. The other bailout proposals are also not getting good reviews. When banks languish & drift south, markets will continue to slip & slide. Even MLPs, which have done so well this year, are getting dragged down.