Negative jobs data was not able to sink markets

Stocks muddled by on a light volume day. Dow, up 17, was able to hold above the 10K line, advancers & decliners were even & NAZ gained 7. Banks fell but not too badly.


S&P 500 FINANCIALS INDEX

Value 192.45

Change -0.87

% Change -0.5%

MLPs lost ground, the Alerian MLP Index fell .66 to the 257s. REITs were off, their index dropped 2.71 to the 160s. Junk bond funds were mixed & the VIX dropped 1.27 to the 24.16 on easing fears in the markets. The yield on the 10-year Treasury bond fell 3 basis points to 3.50% (near where it has resided for several months).



Alerian MLP index --- 3 months




Dow Jones REIT Index --- 3 months





For those who enjoy playing with fire, Constellation Energy (CEP), an MLP which has had a difficult year, announced a Q3 loss. They had to suspend the distribution (it used to be $2.25 a couple of years ago) early this year & have muddled by. While they reported a loss in Q3, EBITDA wasn't too far below last year (for the qtr & YTD). They have been reducing debt, including paying down $20M in bonds (to $200M) in Oct. Distributions may not be imminent, but if they get there finances squared away, even a partial restoration of the old rate would take the units up many notches. CEP was down 10¢ to 3.90 (double its low earlier this year). Again, this is only for those who like to gamble for big rewards after playing with fire.

Constellation Energy Partners Reports Third Quarter 2009 Results


Constellation Energy Partners --- 1 year





Oil was dragged down by the negative thoughts associated with the jobs report. That didn't hold back gold. Gold crossed 1100 but wasn't able to hold that price. Goldbugs are clearly happy when they see another record

CLZ09.NYM

..Crude Oil Dec 09

..77.39

.. 2.23 ......(2.8%)

GCX09.CMX

..Gold Nov 09

..1,095.10

.. 6.40 ......(0.6%)

• Gold breaks $1,100- CNNMoney.com

The markets held quite well in the face of ugly headlines about jobs. Today the President signed a bill extending the tax credit for purchasing homes & extended unemployment benefits. Next week, the Treasury begins another big week selling debt. In addition, as is common on Fri, volume was light (under 1B on the NYSE floor). Not sure how much to read into price moves today. The economy is on the mend but the nagging question is when will it truly begin its recovery? With all the uncertainty out there, Dow has only been able to hover around 10K.


Dow Jones Industrials --- 3 months