S&P 500 FINANCIALS INDEX
The Alerian MLP Index dropped 6¾ to the 185s (back to break-even YTD). The REIT index fell 4 to the 195s. Junk bond funds were mixed to a little lower. The VIX added 3½ to the 35s on more nervousness from goings on in Europe & the oil spill which is getting worse day by day. It hit the mid 40's last month, far above prior levels near 16! The yield on the 10-year Treasury bond fell a tad, just below 3.30%. There was no encouragement for buyers to jump back in today.
Alerian MLP Index --- YTD
Dow Jones REIT Index -- YTD
Selling spread to commodities, & oil felt it. However, gold rose as traders had time to digest the downgrade of Spain's debt from AAA to AA on Fri. Israel's attack on the flotilla of aid relief ships to Gaza was another factor. Gold rises when global tensions increase. Its record price is 1249, not far away!
|CLN10.NYM||..Crude Oil Jul 10||..72.57 ||.. 1.40 |
Gold Super Cycle!!
Hewlett-Packard (HPQ), a Dow stock, & Hershey (HSY) announced plans to lay off workers to modernize. This is another reminder that high unemployment rates, necessary for a robust recovery, are some time away. HPQ fell 43¢ & HSY gained 1.20.
HP to Cut 9,000 Jobs and Take $1 Billion in Costs
Hershey May Cut Up to 600 Jobs at Historic Factory
Hewlett-Packard -- 2 years
Hershey --- 2 years
The € is back to $1.22½, near 4 year lows & probably headed lower. Markets look like they are extending May's miserable results. Almost all the selling was in the last hour when Dow dropped 100 & it's banging on the 10K floor, trying to see if it will hold. This performance has to be very discouraging for the bulls!
Dow Jones Industrials -- YTD
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