Favorable job figures do not excite markets

Dow was up 15, advancers ahead of decliners 3-2 & NAZ was up all of 2. Banks were off only marginally.

S&P 500 FINANCIALS INDEX

Value 200.93

Change -0.22

% Change -0.1%

Buyers keep snapping up MLPs, the Alerian MLP Index is up another 1 to the 296s. It looks like nothing can stop the advance as shown in the charts, a scary thought. The Dow Jones REIT Index is up fractionally, I think its chart gives a better representation of what is happening with the economic recovery. Junk bond funds are flat. Treasuries sold off, the yield on the 10-year Treasury bond is up 6 basis points to 3.81% which is going to make new mortgages more expensive.


Alerian MLP Index --- 2 weeks




Dow Jones REIT Index --- 2 weeks





Oil is soggy but gold is picking up steam. For the time being, the 1100 floor has been able to hold pretty well.

CLG10.NYM

...Crude Oil Feb 10

...81.35

... 0.42 .......(0.5%)

GCF10.CMX

...Gold Jan 10

...1,136.00

... 17.90 .......(1.6%)

GLD (ETF) --- 2 months







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Planned layoffs at US firms fell in Dec to their lowest level in 2 years. Employers announced 45K planned job cuts, the fewest since Dec 2007, marking a 73% decline from 12 months ago. Over the course of 2009 employers announced plans to cut 1.3M jobs, the most since 2002. The pace of layoffs fell by 56% in H2 of 2009. While this news was expected, it is of little help to the 10% looking for jobs.

•U.S. December Job Cuts Drop to 84,000, Fewest Since March 2008, ADP Says


Announced corp layoffs - 1 year





This is another sideways day & MLPs remain the hottest group on the stock exchanges. In addition, junk bond funds are in demand.

Dow Jones Industrials --- 2 week