S&P 500 FINANCIALS INDEX
The Alerian MLP Index rose 2+ to the 291s & would like to get back to the 300 high from last month. The REIT index shot up 2½ to the 178s. However, that is taking it back to the 181 Sep high from which it has remained near for many weeks. Junk bond funds had good gains. Treasuries were up slightly. The yield on the 10-year Treasury bond declined 2 basis points to 3.64%.
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
Oil had an exceptional day & gold was also strong. Once again the 75 & 1100 floors respectively held, making the bulls happy.
|CLH10.NYM||..Crude Oil Mar 10||..77.16 ||.. 2.73 |
|GCG10.CMX||..Gold Feb 10||..1,114.80 ||.. 10.50 |
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The housing news was good & auto sales sounded good although it's difficult for them to have unfavorable numbers when compared against last year's numbers. Earnings reports this week got a better reception than previous ones, markets liked that. Paul Volcker is testifying before Congress explaining how the changes for banks will work. When these changes were announced, banks led the markets lower, he has a lot to explain. And when politicos get involved, unpleasant surprises can be expected. Dow has had a modest recovery from its lows on Fri, but it has only returned to where it was 3 months ago.
Dow Jones Industrials --- YTD