S&P 500 FINANCIALS INDEX
| Value 192.03 | Change 1.84 | % Change 1.0% |
The MLP index is up 1+ to the 292s while the REIT is up 4½, recovering from a terrible 2 day period. Junk bond funds are up maybe 1% after recent selling. The VIX, volatility index, slipped 1 to the 32s. Treasuries dropped, taking the yield on the 10-year Treasury bond up 5 basis points to 3.22% (but still very low relative to the last 12 months).
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index -- 2 weeks
VIX --- 2 weeks
Oil is higher on China’s export numbers showing that global trade remains strong, the inventory report for oil released in a few hours is expected to show inventories dropped last week & the oil spill could bring a reduction in supplies. Gold is taking a breather after yesterday's record topping 1250. Its outlook remains bullish.
| CLN10.NYM | C...rude Oil Jul 10 | ...74.46 | ... 2.47 .......(3.4%) |
| GCM10.CMX | G...old Jun 10 | ...1,230.00 | ... 14.00 .......(1.1%) |
OPEC revised slightly its forecast for world economic growth but left 2010 oil demand largely unchanged as Europe's debt crisis, an oversupply of crude in the market & a potential cooling in China's growth pointed to "economic signs that are not rosy." It said world economic growth this year was revised up to 3.8% in Jun from the previous month's 3.5% forecast, driven mainly by improved performance in the Japanese economy which is forecasted to grow 2.7% compared to last month's 1.5% projection. "With half of the year already passed, economic signs are not that rosy," OPEC said, adding however that increasing world economic growth rates offered hope that oil demand would be supported. It estimates world demand in 2010 at 85B barrels per day, 1.12% more than in 2009.
The IMF said that most advanced economies are experiencing a "subdued" recovery. As advanced economies suffer stunted recoveries, Asia will continue to lead the world economic rebound, bringing its own challenges of increasing capital inflows & the risk of overheating if policy makers fail to take "appropriate" actions. Asia’s rebound is outpacing the rest of the world.
•IMF Says Global Risks Are Rising, Policy Makers Have Limited Room to ActThe € rebounded to $1.20½ as traders got tired of selling, a least for the moment. Stocks have had a nice recovery this week, Dow bounced off 9.8K to 10K. The 10K floor is holding as it has for the last 7 months. But it has also been range-bound & it continues at the low end of the range.
Dow Jones Industrials -- 2 weeks
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