Banks are up, putting the S&P 500 FINANCIALS INDEX over 100. The last time it closed above 100 was Feb 27. Citigroup is gaining more fans, up 20¢ to 1.65 (doing what it can to help the Dow).
| Value 100.41 | Change 3.59 | % Change 3.7% |
The Alerian MLP Index was up 2½ to the 175s, still barely under water for 2009. The Dow Jones REIT Index pulled it back 1, taking it back down to 99, but junk bond funds were up. The VIX slipped another 2 to the 42s.
Yesterday the Energy Information Administration (EIA) lowered its forecast for global oil demand in 2009 by 200K barrels a day. Its projection for global oil consumption in 2009 is now 3M barrels a day below its forecast made in Sep, casting a long shadow on the oil market. Gold was up $4, but still below 900 an ounce.
| CLJ09.NYM | ..Crude Oil Apr 09 | ...44.38 | ... 1.33.......(2.9%) |
The Treasury is wants to proposing more financing to help banks sell bad loans. Ben Bernanke, chairman of the Federal Reserve, wants to see more regulation of money market funds. New ideas, we have to see how they play out. The problem is they're still making it up as they go along.
•Geithner May Use Capital Injections to Help U.S. Banks Sell `Bad' Assets
•Bernanke Proposes Money Fund Regulations Less Restrictive Than Volcker's
Congress passed the $810B spending bill which the pres is expected to sign. This contains plenty of pork, including the annual increase that those guys in congress think they deserve it (at a time when unemployment is reaching news highs & others are forced to absorb pay cuts).
•Congress Sends $410 Billion Bill to Obama That Boosts Domestic Spending
Bernie Madoff will plead guilty to federal charges today. It's not clear whether his prison will begin immediately or put on hold for another few months, but he could be sent away for a very long time!
I'm in the camp that the sputtering market is a negative sign. 7K is a new ceiling for the Dow & it looks like a barrier blocking further advance.
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