Friday, December 18, 2009

Markets meander, looking for direction

Dow pulled back 29, decliners over advancers 3-2 but NAZ is up 13 on good tech earnings. Banks have finally rebounded but the Financial Index is still off 10% from its peak reached last month.

% Change

The Alerian MLP Index is up pennies in the 280s trying for another yearly high. The Dow Jones REIT Index is down 1½ after failing to reach a new high for 2009. Junk bond funds were a little soft, remaining near their recent highs. Treasuries backed off following a big rally yesterday. The yield on the 10-year Treasury bond rose 2 basis points to 3.51%

Alerian MLP Index --- 2 weeks

Dow Jones REIT Index --- 2 weeks

Oil is little changed despite the cold weather in the northeast. For its bulls, 70 is holding as a floor as it tries to get back to 75. The dollar is strong again accounting for weakness in gold which has dropped over 100 in 3 weeks, shown in the chart for GLD. Its long term prospects remain excellent, especially with massive spending by the US gov, but over the short term there are obstacles in its way.

CLF10.NYM...Crude Oil Jan 10...72.66 ET...Up 0.01

GCZ09.CMX...Gold Dec 09...1,100.40 ...Down 6.40

GLD (ETF) --- 1 month

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Oracle gained 7% to $24.58. Q2 net income rose 13% to 1.46B from 1.3B last year. Excluding some costs, profit was 39¢ per share in the period ending Nov 30. Analysts had estimated 36¢.

Oracle shares to trade higher following results
at MarketWatch

Oracle --- 1 year

Research In Motion (RIMM) jumped 9% to $69.44. Sales in the current quarter will be 4.2B-4.4B & EPS will be at least $1.23 according to RIMM. Estimates were for revenue of 4.12B & profit excluding some items of $1.12 a share. Blackberries are selling like hotcakes.

RIM profit, outlook top forecasts; shares surge

Research in Motion --- 1 year

This is a triple witching day but not a lot going on in the markets. It looks like the markets will just drift into the close.

Dow Jones Industrials --- 2 weeks

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