Markets follow Asian markets lower

After the decline in Asian markets, US stocks sold off. Dow dropped 83, decliners over advancers almost 4-1 & NAZ fell 24. Banks were down, but not too badly. Flyers AIG (AIG) & Citigroup (C) were hit with selling, down 4.36 & 18¢ respectively.

S&P 500 FINANCIALS INDEX

Value 196.83

Change -1.30

% Change -0.7%

Joining in the the sell-off, the Alerian MLP Index fell 2+ taking it below 237 & the REIT Index dropped 3. Junk bond funds were also weak. Risk averse may be returning with Treasuries back in demand. But the yield on the 10-year Treasury bond fell only 2 basis points to 3.43%.

Alerian MLP Index --- 1 month




Dow Jones REIT Index --- 1 month




Nervous global stock markets dragged down oil, taking it below 70.

CLV09.NYM

...Crude Oil Oct 09

...69.90

... 2.84 .......(3.90%)

Asian markets are at center stage today after Japan voted in a new gov ending the ruling party's grip which lasted 5 decades. Nikkei, the Tokyo stock market, after rising 200 (2%) ended down 0.4%. Shanghai dropped 7% following a significant sell-off in the last month. Of course, this is a market that has doubled & then dropped 50+% in the last 2 years, but this decline may be a signal that their massive recovery package has its limitations.

Shanghai Composite --- 3 months




With many traders away & no major news events expected, this week should be quiet. Markets are having one of their best years in history, so they are entitled to take a breather which may be the theme for this week.

Dow Jones Industrials --- 1 month