Markets don't know where to go

Dow began higher but slipped into the red. Buyout bids can be bullish, but not today. Dow was off 18, advancers modestly ahead of decliners & NAZ dropped 3. Bank stocks found buyers as the Finanical Index has been quietly rising off its lows below 190 just a few weeks ago.


S&P 500 FINANCIALS INDEX

Value 196.23

Change 1.63

% Change 0.8%

The MLP index was flat while the REITs index inched up. Junk bond funds were mixed. Treasuries were also quiet as the yield on the 10-year Treasury bond gained 1 basis point to 3.78%.

Alerian MLP Index --- 2 weeks




Dow Jones REIT Index --- 2 weeks








Oil got over the magic 80 level but wasn't able to hold. Gold also drifted lower.

CLH10.NYM

...Crude Oil Mar 10

...79.49

.. 0.32 .......(0.4%)

Gold

...1,115.30...

-6.80

...-0.6%

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Schlumberger (SLB), the world's biggest oilfield services company, agreed to purchase Smith International (SII) for about $11B in stock, to diversify. Smith makes drilling tools, bits & other products for the oil & gas industries. Schlumberger reported profits of just over $3B on $23B in revenue in 2009 & said its business will benefit as recovering countries burn more fuel. Each share of Smith will be swapped for 0.6966 of a Schlumberger share. Schlumberger reported profits of just over $3B on almost $23B in revenue in 2009. Smith is less than half its size with earnings of about $1B on revenue of $8.2B last year. SLB fell 3.80 while SII rose 2.39.

•Schlumberger Weighs Drilling Future With $11 Billion Acquisition of Smith


Schlumberger --- 2 years







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Other than the SLB deal, there wasn't much happening. Greece is trying to work a bailout deal with about anybody. Its troubles are causing some to wonder about the future of the Euro (€). The president is hoping more meetings in DC will revive his healthcare plan.


Dow Jones Industrials --- 2 weeks