Markets little changed

Stocks began the day stronger but found it difficult to hold gains. Dow is up 12, advancers over decliner 2-1 & NAZ is up 4. Banks are strong again, the Financial Index is an inch from its recent 204.83 high.

S&P 500 FINANCIALS INDEX

Value 204.81

Change 2.73

% Change 1.4%

The Alerian MLP Index was flirting with its 2009 of 252, but backed off today. The Index is down .54 to the 249s. Enterprise Products Partners (EPD) is pricing their offering at $28 for 7M units & another 1M for over-allotments. EPD trades at 27.85 down .81. The Dow Jones REIT Index is up 2½, inches from its recent high. It began Q3 at 140 & has advanced 25% in 3 months. Risk is still welcome. Junk bond funds are flattish & have been trading sideways for about a week. The yield on the 10-year Treasury bond is down 3 basis points to 3.46%.

• Enterprise Products Partners L.P. Announces Pricing of Public Offering of UnitsBusiness Wire(Tue 9:21am)

Alerian MLP Index --- 2 months




Dow Jones REIT Index --- 2 months






Oil rebounded after yesterday's drop, but remains trading in the low 70s. Gold is another story. It wants to keep going up, some think the sky is the only limit. It is hard to justify why there is plenty of money to buy stocks & gold, competitive investments.

CLV09.NYM

...Crude Oil Oct 09

...71.25

... 1.54 .......(2.2%)

GCU09.CMX

...Gold Sep 09

...1,018.60

... 14.90 .......(1.5%)

There is not a lot happening to encourage buyers or sellers, but averages are still inches from their 2009 highs. Congress is getting ready to extend unemployment benefits to help boost consumer spending. However, this year consumers have become conservative & are saving more. The Federal Reserve is holding its 2 day meeting. No change is expected in interest rates but their comments can move markets. There is recognition that the emphasis for banks to improve their balance sheets is hurting their ability (& desire) to make more loans by toughening lending standards.


Dow Jones Industrials --- 3 months