No excitement and markets wander

Stocks lumbered along all day. After hugging the break even line, Dow sold off in the last hour. Dow lost 19, advancers versus decliners were even & NAZ was down 2. Banks had a good day giving the Financial Index a gain of 10 off its recent low.

S&P 500 FINANCIALS INDEX

Value 196.82

Change 2.22

% Change 1.1

The Alerian MLP Index was up a fraction still in the 291s, little changed in the last week. The REIT Index also had a fractional gain. Junk bond funds slipped but near their recent interim highs. Ahead of a record $126M in auctions of Treasury debt this week, Treasuries were weak. The yield on the 10-year Treasury bond rose 2 basis points to 3.80%, near its highest levels in 2 years.

Alerian MLP Index --- 1 year




Dow Jones REIT Index --- 1 year





Oil managed to just barely get over the 80 line. Now it will see if that can hold. Gold fell a little, still range bound above 1100.

CLH10.NYM

..Crude Oil Mar 10

..80.03

.. 0.22 ......(0.3%)

GCG10.CMX

..Gold Feb 10

..1,112.60

.. 8.70 ......(0.8%)

Gold Super Cycle Click Here







Constellation Energy (CEP) reported 2009 results but did not get a round of applause. Revenues declined 15% last year (sometimes investors accept that from MLPs). Their focus is on paying down debt which requires a reduction in capital spending. The book value of their natural gas properties (fixed assets) declined 15% last year but they also reduced borrowings by $17M (plus an additional $5M so far in 2010). Their outlook for the all important resumption of a distribution was, “We currently expect that our distribution will remain suspended through the fourth quarter of 2010 and that we will resume capital spending to maintain our production rates in 2011.” The units fell 13¢ to $4.10.

Constellation Energy Partners Reports Fourth Quarter and Full Year 2009 Results


Constellation Energy --- 2 years








Find out what's inside Trend TV Click Here


Without leadership, markets are adrift. Corp buyouts did not help. Greek debt problems drone on. Toyota troubles keep going from bad to worse, not inspiring confidence in customers or stock buyers about corp management (TM fell a fraction to below 73, just above its 2010 low). When the president gives up on a revised health care plan, maybe markets will rise again. FED chief Bernanke testifies before congress tomorrow & markets are worried. Markets have become addicted to low interest rates, but they were not meant to last long term.

Dow Jones Industrials --- 1 year




Nasdaq --- 1 year