6th straight weekly gain for stocks

Stocks started mixed on earnings reports by GE & Citi. Buyers returned later in the day bidding up stocks. Unfortunately for the Dow, buyers could only manage a meager gain after selling at the close. Dow was up 6, advancers ahead of decliners 2-1 & NAZ rose 2. Financials (banks) also had a mild gain. It looks like the index is trying to get back to the 169 starting point for 2009.


S&P 500 FINANCIALS INDEX

Value 149.17

Change 1.89

% Change 1.3%

The Alerian MLP Index was up 2½ to the 204s, a level not seen in 2 months:

Alerian MLP Index --- 2 months




Even beaten up REITs are making a come back as they've returned to levels last seen 3 months ago:

Dow Jones REIT Index --- 3 months




Barclays Capital High Yield Bond ETF is back to levels not seen in 3 months:


Barclays Cap Hi Yld Bond - 3 months





Risk friendly investors are coming back to the markets. I bought an REIT for my IRA over 10 years ago. Thanks to reinvestment of divs & the recent rebound in the stock, I'm only down 1/3, not bad with a stock at a dismal price. They own shopping centers & malls (smaller version of General Growth Properties which filed for bankruptcy yesterday). This stock was on death's door at 1 just a couple of months ago but has rebounded to 3.10. They just cut the div sharply again, but at least they are paying at a 40¢ annualized rate. They're working with lenders to extend debts. By declaring the div, they're planning on surviving (see link below):

• Glimcher Realty Trust Board of Trustees Declares Quarterly DividendPR Newswire(Thu, Mar 12)

Glimcher Realty Trust --- 1 year




An MLP I've been watching for a couple of years is Constellation Energy (CEP). It primarily develops natural gas wells in AL, OK & KS. This has been a rough time for them, so they cut the distribution 75% in Q1 to a 52¢ annualized rate & the units have taken a beating. But it's bounced off the recent low of 1½, almost doubling to its present price of 2.77.


Constellation Energy --- 1 year




Then there's Citigroup (C), which I called a couple of months ago. It was mentioned as a long term call selling at 1, available for risk takers. Those who were brave & bought have seen the call shoot up to 3.69.


Citigroup ---- 2 months




Risky investments are attracting buyers. The markets are on a streak. The only question is how long it will last. For the moment, it looks like Dow is struggling but enjoys being above 8K.