Dow jumped 185

Dow has biggest gain since June 1 but on light volume. Dow rose 185, advances 4-1 over decliners & NAZ gained 37. On an analyst recommendation, banks had their day in the sun (plus 10 is a very big daily gain):

S&P 500 FINANCIALS INDEX

Value 159.06

Change 9.73

% Change 6.5%

Value for S5FINL:IND




MLPs have outperformed the market all year, including this month. But today they were left behind with a modest 1.73 gain. That put the index within 6 of its yearly high made last month. The REIT index popped 5 off a low level. Junk bonds were higher but Treasuries sold off digesting recent gains. The yield on the 10 Year Treasury bond went up 5 basis points to 3.35%.

Alerian MLP Index --- 3 months





Oil rebounded in the PM, bringing it back to near even for the day. But it remains at a 2 month low & down 87 from the peak last year at this time.

CLQ09.NYM

..Crude Oil Aug 09

..59.73

.. 0.16 ......(0.3%)

Tomorrow earnings season begins in earnest with Goldman Sachs (GS), up 7½ in anticipation. The gov reported that the budget deficit already topped $1T with 3 months left in the fiscal year. This is what $1T looks like in numbers:

$1,000,000,000,000

• Budget deficit tops $1 trillion for first time- AP

Dow Jones Industrials --- 3 months