S&P 500 FINANCIALS INDEX
| Value 197.58 | Change -1.50 | % Change -0.8% |
MLPs found buyers in the PM pushing the Alerian MLP Index up 2+ to the 265s, (on its yearly high). However REITs were soft, their index pulled back 2½. It needs 13 to reach a new high for 2009. Junk bond funds were a little higher, they have been flat near their yearly highs (with correspondingly lower yields) for the last 2 months.
Kinder Morgan (KMP) announced they plan to pay a $4.40 distribution in 2010, up from $4.20 this year. The stock gained 57¢ to 57.20, $4 below its record high of 61 reached 18 months ago.
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KMP
Kinder Morgan expects to pay $4.40 annual dividend
Alerian MLP Index --- 2 months
Dow Jones REIT Index --- 2 months
Oil continues range-bound & gold settled back for a nominal gain.
| CLF10.NYM | ..Crude Oil Jan 10 | ..76.09 | .. 1.47 ......(1.9%) |
| GCX09.CMX | ..Gold Nov 09 | ..1,165.50 | .. 1.20 ......(0.1%) |
The Treasury had another record auction of debt, this time $42B of 5-year notes with a yield of 2.175%. The bid-to-cover ratio was a very strong 2.81X (its strength is shown in the graph below). Indirect bidders (including foreign central banks) bought 61% of the issue. Again, the graph below shows how important this class of buyers has been while the Treasury has been selling over $1T in new debt.
Treasury Notes Rise After $42 Billion 5-Year Sale as Fed Looms
Bid to cover ratio - 1 year
Indirect bidders - 1 year
The report from the FDIC about bank failures was to be expected. When that hit the markets sellers took over, but not too badly this time. Volume continued low in this holiday week. Wed & Fri should be even slower than today (NYSE floor volume was just under 1B).
Dow Jones Industrials --- 2 months
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