Rays of hope raise stocks

Markets were a little under water until the last 2 hours when buyers returned to give good gains. Dow rose 141, advancers over decliners 3-2 & NAZ was up 21. Merck (MRK), on its favorable earnings report, & IBM (IBM) were the leading gainers for the Dow. Each was up 2+. 8 more Dow stocks had 1+ gains. But there was no special news accounting for the gains other than Dow is reluctant to give up ground below 8K. That floor has held for almost 4 months.


Dow Jones Industrials --- 6 months





Banks, as shown by the S&P 500 FINANCIALS INDEX, have been a drag on the Dow. Bank of America (BAC) closed down 70¢ to 5.30, banks can't find friends.

Value 121.08

Change -3.13

% Change -2.5%

The high yield groups were quiet today & VIX, volatility index, dropped 2½ to the 43 on easing fears. A 2 day graph for Alerian MLP Index (blown up from the 5 day graph in the Yahoo widget on the right) shows it has been hanging tough, staying above the 200 line (closing at 201¼). This mirrors the Dow unwilling to give up ground below 8K. Enbridge Partners (EEP & EEQ), an MLP I like, reaffiirmed their 99¢ distribution is being paid in Q1 (today was the ex date).


Enbridge Energy Management, L.L.C. Confirms Amount of Share Distribution for Fourth Quarter 2008


Alerian MLP Index --- 2 days





The biggest auto makers reported terrible Jan sales numbers. Maybe it's no great surprise, but it shows the car companies are scrambling to merely muddle by. By next month, the big 2 (maybe 3) will likely need even more help.

• GM US sales fall 49 pct; Ford, Toyota, Honda down- AP

In the meantime, the Senate is debating the almost $1T bailout package.


On a fairly quiet day I brought back Misty. Jan 1 she turned 13, two weeks later she had a heart seizure. That was a surprise! Misty is doing fine but she has to take medicine, just like people do. I think she's also aged. She sends greetings, hoping we can all tough out these difficult time.