S&P 500 FINANCIALS INDEX
| Value 153.46 | Change -1.31 | % Change -0.8% |
The high yield sector has been losing fans in recent weeks. The Alerian MLP Index & Dow Jones REIT Index each are down 2 today. Even junk bond funds which have been on a tear this year have seen selling in recent weeks. The VIX is waffling just under 30 & the 10 year Treasury yield is essentially flat at 3.50% (ahead of another a $35B three year auction at lunchtime).
Alerian MLP Index --- 2 months
Dow Jones REIT Index --- 2 months
Barclays Capital Hi Yld Bond - 2 months
Oil continues on its short term losing streak, down 10 from its high one month ago. Commodities have been dragged down by growing worries about a prolonged recession.
| CLQ09.NYM | ...Crude Oil Aug 09 | ...63.04 | ... 1.01 .......(1.6%) |
Charts for the Dow & S&P 500 point out markets have had a tougher time of it in the last 2 months. Dow may want to test the 8K floor & S&P 500 slipped back into the red YTD (below 903). Tomorrow, after the close, earnings season is launched by Alcoa (AA) & markets are already preparing for the worst. Also, pressure from added gov borrowings is being felt. In recent weeks, $100B of new debt sold by the Treasury is becoming ordinary. That used to represent the deficit for 6 months or even a year. A new health care plan may be approved by Congress, suggesting even more gov spending (and borrowings). Will increased spending ever stop?
Dow Jones Industrials --- 2 months
S&P 500 --- 2 months
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