Stocks were looking for direction, but couldn't find clues today. Dow has not varied far from 7800 in the last 2 days. Buying in the last hour took Dow up 87 from the low, into the black. It rose 47 to 7837, advancers were ahead of decliners 2-1 & NAZ gained 29. Banks after losing their upward momentum from Mar 6-18, have traded close to 125 since then. Today S&P 500 FINANCIALS INDEX was up 1 to 124.
The Alerian MLP index had a good day, up 2.60 to 196, but still in the 190-200 range where it's been all year. It plunged in mid Feb taking it close to the sub 160 lows from late last year, then rebounded back into the sideways range by mid Mar. A flat performance early in the year showed strength, then sideways in recent weeks indicates weakness. Many of the strong ones are up a good 25% off their recent lows. In 2009 the Dow Jones REIT Index went straight down like the Dow. However, unlike the Dow, it had a limited recovery in the last month. It has pretty much traded sideways near the 100 low, just above the sub 100 lows reached late last year.
Barclays Capital High Yield Bond ETF in 2009 has a track record that follows the Dow, down followed by a recovery. All 3 groups continue with many securities offering double digit yields.
Markets are still groping & searching but may have to wait until next week to get more direction (the trading week closes on Thurs).
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