S&P 500 FINANCIALS INDEX
| Value | 195.62 | |
| Change | 1.58 (0.8%) |
MLPs are in demand as investors are not phased by the energy mess in the Gulf. The MLP index gained 2+ to 303 & is up 10% off its lows last month. The REIT index is up 2 to the 205s, also rebounding 10% off lows 2 weeks ago. Junk bond funds are generally higher. The VIX, volatility index, fell 1¾ to below 27, a low in the last month. Treasuries were only modestly lower, the yield on the 10-year Treasury bond dropped 2 basis points to 3.26%.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
VIX --- 2 months
Oil was higher, going above 75, as traders were more concerned with limited supplies in the US versus the Greek debt downgrade. Oil inventories in the US have fallen in recent weeks, implying greater demand. Gold edged up. Another button is provided below to get 10 trading lessons for free.
| Gold | __1228.10 | __3.60 | __0.3% |
| Oil (WTI) | ____76.10 | __0.98 | __1.3% |
Photo: Bloomberg
The National Association of Home Builders/Wells Fargo confidence index dropped to 17 from 22 in May, lower than all estimate & the biggest decrease in 19 months. The index was forecast to fall to 21. Readings lower than 50 mean more respondents said conditions were poor. It adds to evidence that home sales & construction may slump after the deadline to sign contracts & receive a tax break passed in Apr. Employment strength will determine the future for home building.
Builders in U.S. Lost Confidence in June After Tax Credit Ended
Builders confidence - 1 year
Photo: Bloomberg
Best Buy (BBY) reported worse-than-expected Q1 earnings as the company spent more to promote its services & consumers held back on pricey electronics purchases. Consumers bought more cell phones, but sales of TVs, gaming, music & movies were weaker. Sales of notebook computers, mobile phones & appliances were strong. The number of TVs sold rose, but that was offset by a decline in TV prices. Net income edged up 1% to $155M, or 36¢ per share the qtr ended May 29 from $153M, or 36¢ per share last year. Revenue rose almost 7% to $10.79B. Expected EPS was 50¢ on higher revenue of $10.93B. Revenue in stores open 1 year rose 2.8%. The shares fell 2.41 to 38.64 after being flattish for more than a year.
Best Buy's Profit Trails Analysts' Estimates on U.S. Sales
Best Buy --- 2 years
There are no good reasons why stocks are up other than "go figga!" European debt problems are far from being settled but the € inched up taking it above $1.23. Home building remains in the dumps. Energy big wigs will be grilled in DC as politicos want to make them look bad. BP (BP) is down 33¢ while other oils are up on the order of 1%. Dow is back up 500 above its lows last month.
Dow Jones Industrials --- 2 weeks
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