Stocks seesaw

Markets drifted on a day with little stirring news. Dow was up 20, decliners over advancers 3-2 & NAZ fell 3. Banks also had a minor loss. The Financial Index is little changed from where it was 3 months ago.

S&P 500 FINANCIALS INDEX

Value 198.54

Change -0.89

% Change -0.4%

The Alerian MLP Index dropped 1½ to the 259s, the storm from the Gulf did not disturb MLPS. The Dow Jones REIT Index was also down 1½, the index has gone nowhere for 3 months. Junk bond funds were a little soft.

Alerian MLP Index --- 3 months




Dow Jones REIT Index --- 3 months




Oil couldn't hold above 80 but it wants to return to the higher levels. Gold was also a little weak, but hanging in above 1100.

CLZ09.NYM

..Crude Oil Dec 09

..79.03

.. 0.40 ......(0.5%)

GCX09.CMX

..Gold Nov 09

..1,101.90

.. 1.10 ......(0.1%)

The auction of $25B in 10 year Treasury notes went well. The rate was 3.47%, a tad under the estimate. Later in the day, the rate ticked up to 3.48%. The bid-to-cover ration was 2.81X & indirect bidders (some represent foreign bankers) were 47%, both respectable figures. Below is a graph for marketable debt which just dipped under $7T (that's T as in trillion). Hard to believe!

Treasuries Little Changed After $25 Billion 10-Year Note Sale


US Marketable Debt - 1 year






This turned out to be one of those drab days with no exciting news. Markets just drifted. Tomorrow is a semi-holiday & the rest of the week may feature more sideways trading.

Dow Jones Industrials --- 3 months




I may not be online on Wed, but will try for a post in the PM.