S&P 500 FINANCIALS INDEX
| Value 162.25 | Change -2.42 | % Change -1.5% |
Gloomy earnings from BAC, GE & (C) appear to have been already discounted. The 2 banks were essentially even while GE tumbled 76¢. The most worrisome statement was from BAC. They predicted the recession will drone on into next year & they are setting aside even more money to cover bad loans. Times are tough. Only $28 is needed to buy one share of each company (13 +12 +3).
•Bank of America Earnings Drop as More Money Is Set Aside for Credit Losses
•Citigroup Posts $4.28 Billion Profit on Gain From Smith Barney Stake Sale
•GE Falls After Second-Quarter Sales Decline More Than Analysts Estimated
MLPs continue on a roll, up .83 to the 237s, another 2009 high. To keep it in perspective, the record high for the index was 342 reached 2 years ago this month. REITs were weak (the index dropped 3), junk bonds were soft & VIX pulled back a fraction, taking it below 25 (a low since the Lehman collapse last year). Treasuries are selling off again. The 10 year Treasury yield is up 8 basis points to 3.63%.
Alerian MLP Index --- 2 weeks
10-year Treasury Yld Index - 1 month
After everybody was counting oil out, it has had a nice bounce back this week taking it above 63.
| CLQ09.NYM | ...Crude Oil Aug 09 | ...63.11 | ... 1.09.......(1.8%) |
After an outstanding week, Dow is resting. Successful traders are probably taking a long holiday weekend.
Dow Jones Industrials --- YTD
No comments:
Post a Comment