Dow edges up to a new high for 2009

Markets just lumbered along on a very quiet day as many successful players already started their long holiday weekend. Dow gained 30 to 9464, good enough for another new high for 2009. Advancers were ahead of decliners 2-1 & NAZ gained 6 (but short of a new yearly high). Banks lost ground remaining in the low end of their 3 month trading range, disturbing for those who want banks to lead a rally.


S&P 500 FINANCIALS INDEX

Value 197.17

Change -0.41

% Change -0.2%

MLPs continue their winning ways. The Alerian MLP Index was up 2.73 to the 268.38, another 2009 high. At the start of Sep 2008, just before the markets began plunging, the index was at 270. It has almost returned with many of the stronger MLPs at or near their record highs from 2007. The Dow Jones REIT Index had a ½ gain, still 11 below the interim high set 2 months ago. Treasuries having been quietly sneaking up as of late. The yield on the 10-year Treasury bond was off 4 more basis points to 3.29%, taking it near its recent low. The yield is close to its lowest in the last 6 months. Demand for stocks & Treasuries is strong simultaneously.


Alerian MLP Index --- YTD




Dow Jones REIT Index --- YTD




10-Year Treasury Yld Index - 3 months





Oil took off in the PM, the 75 floor held. Gold continues to soar, next stop is 1200 (maybe next week).

CLF10.NYM

..Crude Oil Jan 10

..78.01

.. 1.99 ......(2.6%)

GCX09.CMX

..Gold Nov 09

..1,186.90

.. 21.40 ......(1.8%)

GLD (ETF) --- YTD




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Last week, the number filing first-time jobless claims fell 35K to 466K, the fewest since Sep 2008. However, weekly jobless claims would have to drop below 400K for several weeks to signal actual growth in employment. This drop may be part of the regular bobbing around from one week to the next.

Jobless claims dip, spending up in sign of rebound - AP



Volume was slooow & on Fri exchanges will close at 1PM. NYSE floor volume was only 0.8B. The exciting news is gold soaring to another record. This is difficult to fathom, stocks reaching yearly highs while gold is setting fresh records almost daily. When there is optimism that the recovery is strengthening, gold is not supposed to lead the way!


Dow Jones Industrials --- YTD

Happy Thanksgiving to all!!