S&P 500 FINANCIALS INDEX
| Value 187.74 | Change 2.26 | % Change 1.2% |
MLPs are having a very rough year following their best year in history (not to mention one of the best performing groups in the stock market last year). The index dropped 20 in less than 2 days. Today's 270 level brought back buyers who reduced the loss to "just" 4 in the 276s. Grrr! The REIT index rose 3¼ helped by a favorable report from Simon Property (SPG) which gained 3+. Junk bond funds got punished, down 1-3%. Demand was strong for Treasuries. The yield on the 10-year Treasury bond dropped 6 basis points to 3.55% (a 6 week low).
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
Commodities were also punished with oil leading the charge down. Oil is at a 7 week low. The decline for gold was less severe. Some are interested in gold as a defensive investment at a time when uncertainty it rising. Their YTD charts show investors are betting the global slowdown will drag on.
| CLH10.NYM | ..Crude Oil Mar 10 | ..71.00 | .. 2.14 ......(2.9%) |
| GCG10.CMX | ..Gold Feb 10 | ..1,056.70 | .. 5.70 ......(0.5%) |
OIL (ETF) --- YTD
GLD (ETF) --- YTD
Gold Super Cycle Click Here
Photo: APMarkets are becoming very nervous. Adding to the many worries is a financial crisis in Greece, Spain & Portugal. They are in big trouble & looking for bailout arrangements, but nobody is volunteering to help. This has the potential to shake the whole Euro Zone. Global financial leaders gathering in cold Canada are confronted with more market turmoil. A British official said he's afraid they're losing the unity that helped overcome last year's near meltdown. Uncertainty is on the rise!
Europe's debt crisis intensifies - AP
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Financial markets are becoming overwhelmed by global problems. The jobs report was another reminder that the recession is not healing quickly. Europe is coming unglued with 3 countries in the Euro Zone in deep trouble. The € which had been near $1.50 recently has sunk to $1.36. Dow is trying to hang on to 10K, not a good sign, while red hot NAZ has also been struggling. Earnings season is largely over & proved to be a dud. Despite the late day rally, bears are in charge.
Dow Jones Industrials --- YTD
Nasdaq --- YTD
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