S&P 500 FINANCIALS INDEX
| Value 179.55 | Change 4.67 | % Change 2.7% |
S5FINL:IND
The Alerian MLP Index gained another 3½ to the 251s & nearing a 52 week high! In contrast, the Dow Jones REIT Index keeps struggling to get back to its starting value (151) for this year. Today's gain was 2+ to the 143s (still 100 below where it was at the Lehman collapse). It's interesting how 2 high yield sectors behaved so differently this year, MLPs are strong while REITs are muddling along. Junk bond funds continue to zoom (by their standards) back to levels at the Lehman collapse. Safe investments are being sold to buy risky investments. Risky investments that could not be given away late last year are being aggressively sought out now. Treasuries dropped again today, taking the yield on the 10-year Treasury up 14 basis points to 3.64%, in the area where the yield was at the time of the Lehman collapse.
Alerian MLP Index --- 1 year
Dow Jones REIT Index --- 1 year
Commodities were strong with oil being the highlight, up 2. It's near the highs reached last month & at the start of the year.
| CLU09.NYM | ..Crude Oil Sep 09 | ..71.43 | .. 1.98 ......(2.9%) |
Autos sales in Jul weren't too bad as expected. The cash-for clunkers program was a big boost for sales in the last week & the comparisons with last year's anemic numbers help make this year look good. However compared to the "good old days," sales are in depressed territory.
•Ford's U.S. Sales Rise 2.3% as GM, Toyota Pare Declines on `Clunkers' Cash
The popular averages have following winds behind them (i.e., momentum is up). S&P 500 & NAZ passed important milestones. The averages are up a dazzling 14% in less than a month. Next will be for Dow to go thru 10K which could be soon. Dismal economic numbers are not of concern to buyers.
Dow Jones Industrials --- 1 year
NAZDAQ --- 1 year
S&P 500 --- 1 year
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