A triple witching day which decided little

Dow was hugging break even in the PM, ending up 20 with buying at the close. Advancers were ahead of decliners by 15% but NAZ rose a very big 31 on favorable earnings news. Banks had a good day with a strong close, taking the Financial Index back above the 190 line that had served as a floor for so long.

Value 191.28

Change 2.53

% Change 1.3%

It seems like nothing can stop MLPs, but today there was selling in the last ½ hour (always tricky to predict when those witches are out). The Alerian MLP Index fell 3 to the 277s. The Dow Jones REIT Index keeps muddling along in the high 170s, unable to take out its yearly high of 181. Today it managed to gain a fraction but still in the 178s. Junk bond funds were flattish with yields near 10½%. Treasuries were weak, the yield on the 10-year Treasury bond rose 6 basis points to 3.55%.


Alerian MLP Index --- YTD




Dow Jones REIT Index --- YTD





Oil advanced on problems with Iran & the potential shutdown of its oil wells. This time they seized an oil field in Iraq. For gold bugs, gold is getting support in the low 1100s.

• Oil jumps after Iranians seize Iraqi oil field- AP

CLF10.NYM

..Crude Oil Jan 10

..73.19

.. 0.52 ......(0.7%)

GCZ09.CMX

..Gold Dec 09

..1,110.20

.. 3.40 ......(0.3%)

The dollar continued strong, particularly versus the € (Euro) which has fallen to $1.43 (down 8¢ from its recent high). Iran gave us a reminder that it is lurking in the background & can stir markets any time it wants to. Dow was flattish, S&P 500 had a modest gain while NAZ had a very good day on favorable earnings news by some of the biggies. NAZ closed almost tying its 2009 high.


Dow Jones Industrials --- YTD




Nasdaq --- YTD





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