Bank stocks lead markets higher

Dow rose 108 with buying strength in the last hour, advancers over decliners 3-2 (not impressive) & NAZ was up 14. Banks had strong gains on a buy recommendation from an analyst. But the index remains in the sideways 150+ band its traded in for the last 2 months.

S&P 500 FINANCIALS INDEX

Value 154.60

Change 5.27

% Change 3.5%

MLP index is near the 2009 high, but is resting today (down 1½). The Dow Jones REIT Index is up 1¾ from its depressed levels. Junk bonds are stronger while the yield on the 10 year Treasury is flat at 3.30%.

Alerian MLP Index --- 2 weeks




Dow Jones REIT Index --- 2 weeks




10-Year Treasury Index - 2 weeks





Oil hit another interim low, some are calling for a test of the next support level at 50.

CLQ09.NYM

...Crude Oil Aug 09

...58.85

... 1.04 .......(1.7%)

Not much happening. Stimulus II appears to be dead while the new health care plan is waffling in congress (both favorable signs for the markets). Banks are having a good day following a recommendation but that enthusiasm may not last. Earnings, including some for the big banks, are coming later this week.

Dow Jones Industrials --- 2 weeks