S&P 500 FINANCIALS INDEX
| Value 159.95 | Change -2.66 | % Change -1.6% |
MLPs are coming off a great year, Jun is the first month since Feb that they've been challenged. MLPs have been taking advantage of the rising market to sell units, more & more. Last week, the leader Kinder Morgan (KMP), among many, had another offering. If my count is correct that's the 3rd offering in 6 months. Today Duncan Energy Partner (DEP) sold 8M units to repurchase an equal number of its common units owned by affiliates of Enterprise Products Partners (EPD), i.e. not for expansion. The MLP index ended May at 227, now it's at 222 (down 5 today). the REIT index was off 1½ & junk bond funds rose, near their highs for 2009 with relatively low yields.
Duncan Energy Partners offering 8 million shares
Alerian MLP Index --- 3 months
The VIX, volatility index, has been quiet lately in the high 20s & low 30s. Not much to write about but the spurt up in the last few days might be the start of a leg up.
VIX --- 1 month
Treasury yields are settling back after large offerings last week. The 10 year Treasury yield reached 4% after the 3rd & last bond sale on Thurs. Since then, the yields have pulled back, down 4 basis points today to 3.67%. However, this yield remains in high territory relative to the recent past, causing mortgage rates to shoot up.
10-Year Treasury Yield Index - 1 month
Oil gave up morning gains. It's always hard to tell what drives oil during a day, but unsettled Iran has to be a major factor.
| CLN09.NYM | ..Crude Oil Jul 09 | ..70.56 | .. 0.06 ......(0.1%) |
The idea that the next step in the economic cycle is recovery & that may be a slow process is weighing down markets.
Dow Jones Industrials --- 3 months
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