S&P 500 FINANCIALS INDEX
| Value 204.14 | Change 0.69 | % Change 0.3% |
While the averages are mixed, the Alerian MLP Index is up .66 to another yearly high (in the 256s) making for a very pretty short term chart. REITs were mixed while junk bonds funds were generally higher (still at or near 2009 highs). However, the yield on the 10-year Treasury bond shot up 9 basis points to 3.35% (18 basis points in 2 days). The weak auction yesterday for the 30 year Treasury bond is in my mind because there will be many more auctions to finance massive gov spending.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-year Treasury Yield Index - 2 weeks
Oil inched up in the 71s & gold finally fell back after its 4 day winning streak (taking it to record highs). Finally the dollar was stronger, a major influence on commodity price changes. It takes 89+ Japanese ¥ to buy a dollar (down from the low 88s yesterday but up sharply from the mid to high 90s earlier this year) & the € is worth 1.47+ (vs under 1.30 earlier this year).
| CLX09.NYM | ...Crude Oil Nov 09 | ...71.93 | ... 0.24 .......(0.3%) |
| GCV09.CMX | ...Gold Oct 09 | ...1,048.20 | ... 7.20 .......(0.7%) |
The Shanghai stock market had its biggest gain in 5 weeks, up 132 or 4.8%. However it was coming off an 8 day holiday when world markets had been rising. China’s banking regulator said it would be premature to start winding down stimulus efforts in China, the world’s 3rd largest economy.
Shanghai Index - 1 year
There are not a lot of developments in the the markets. Yesterday, Nancy Pelosi mentioned that a Value Added Tax (VAT) may be needed to help pay for expanded medical coverage . The way it would work is when buying something, there would be the state tax plus a 5% VAT tax. Ugh!! So much for the pledge about no new taxes! Not exactly a positive for a struggling economy trying to rebound so more workers can be hired.
Dow Jones Industrials --- 2 weeks
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