Thursday, June 10, 2010

Markets surge on growth outlook

After big gains at the opening, stocks extended those gains & closed near their highs. Dow advanced 273, advancers over decliners more than 5-1 & NAZ was up 60. A scent of a robust recovery did wonders for stocks. Banks eagerly joined in. The Financial Index has its eyes on going over 200 (like it has many times in the last year).


% Change

MLPs had another good day as the index held & extended its AM gains, up 4½ to the 296s. The REIT index rose a massive 8½ taking it just under 200, almost wiping out the losses from earlier this week. Junk bond funds had mild advances, up 1% as the VIX fell 3+ to 30, an optimistic sign for the bulls. Treasuries had a huge sell-off. The yield on the 10-year Treasury bond jumped 13 basis points to 3.32%.

Alerian MLP Index -- 2 months

Dow Jones REIT Index -- 2 months

VIX --- 2 months

10-Year Treasury Yld Index - 2 weeks

Oil gave up some of the AM gains, but still had a respectable gain. However, cracking the 75 ceiling is proving to be very tough. Gold found a few buyers, limiting its losses for the day. It's holding above the important 1200 floor & wants to go higher, especially on the next financial scare.

CLN10.NYM..Crude Oil Jul 10..75.46 ..Up 1.08

GCM10.CMX..Gold Jun 10..1,220.50 ..Down 8.00

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Goldman Sachs (GS) sees no signs of a resolution with the SEC & its fraud claims against the firm. The SEC's probing a 2nd GS collateralized debt obligation in addition to the Abacus transaction at the center of the SEC’s suit. This has been a very difficult year for GS. The stock fell 3+ to the 133s (in a very strong market) & is off 50 from its highs this year.

Goldman Sachs's Cohn Sees `No Indications' of Resolution to SEC Fraud Case

Goldman Sachs --- 1 year

Constellation Energy (CEP) is an MLP which has had a rough time while the index has advanced. But they just published a fact sheet, an indication to me that they are trying to make a go of it. The units rose 12¢, taking it to $3. If they make it, there are big rewards for the brave. The fact sheet is on their main page of their website below.

Constellation Energy -- 1 year

Stocks went wild, what else is there to say? The markets were behaving as if worries are going to vanish. Maybe, Maybe not! Today they were encouraged by BP bouncing back (up 3¼) & the € inched over $1.21. In the meantime, enjoy the trading. Dow & NAZ are still slugging it out in the low end of their trading ranges & Dow went above 10K (again).

Dow Jones Industrials -- 2 months

Nasdaq --- 2 months

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