Favorable Payroll Data Lifts Markets

Stocks started higher & kept up their head of steam for the rest of the day. Dow closed up 122, advancers over decliners 4-1 & NAZ was up 34. Both averages are now in the black YTD. Banks had an excellent day, with the Financial Index gaining 4.

S&P 500 FINANCIALS INDEX

Value 204.73

Change 4.08

% Change 2.0%

The Alerian MLP Index recaptured lost ground & may be making another attempt on 300. Today it was up 2½ to the 298s. REITs are on fire, taking the index up a very big 5 to the 187s & near its 190 high for the last year. Junk bond funds were up, participating in the stock market rally. Treasuries rebounded a little in the PM, reducing the gain slightly on the 10-year Treasury bond yield to only 8 basis points for a 3.68% yield.


Alerian MLP Index --- YTD




Dow Jones REIT Index --- YTD





Oil was still higher on expectations about a strong recovery requiring more oil. However gold was flat, depressed on the same sentiments causing Treasuries to sell off.

CLJ10.NYM

..Crude Oil Apr 10

..81.60 ET

.. 1.39 ......(1.7%)

Gold

...1,134.20

___1.10

___0.10

Gold Super Cycle!! Click Here

Borrowing by U.S. consumers unexpectedly rose $5B (at a 2.4% annual rate) in Jan for the first time in a year, led by auto loans, indicating consumers are gaining confidence in the economy, according to the Federal Reserve, after consumer credit unexpectedly dropped $4.6B in Dec. This is a signal that consumers are feeling better about the economy & using credit more. The Jan gain was the biggest in a year & a half.

•U.S. Consumer Credit Increases for First Time in a Year, Led by Auto Loans

Find out what's inside Trend TV!! Click Here

Bloomberg TV had a guest who was head of the country's largest temp agency. He gave a subdued review of the jobless data. Companies are not laying off but they are also reluctant to hire. He sees that they are extending the existing workforce & using temps or outside contractors so they can retain flexibility if there is another downturn. His thoughts parallel my sentiments. But when the Dow & NAZ went into the black YTD, bulls were encouraged.

Dow Jones Industrials --- YTD

Nasdaq --- YTD