Markets tumble on increased worries about the economic recovery

Dow sank 145, decliners over advancers 3-1 & NAZ fell 36 making for another bad day. Banks were weak as the Financial Index looks to be headed back for the 186 lows.


S&P 500 FINANCIALS INDEX

Value	191.65
Change	-4.05 (-2.1%)

The MLP index did well, up ½ to the 302s while the REIT index dropped almost 5 to the 194s. Junk bonds were flattish to lower. Fears are rising as the VIX shot up 3 to 30, last seen 2 weeks ago. The yield on the 10-year Treasury bond inched up a basis point to 3.12%, a 13 month low which is scary for investors in stocks. Oil was flat but gold jumped 7 to 1240 on global anxieties.

Alerian MLP Index -- 2 weeks






Problems seem to go from bad to worse. The € is $1.23¼ as worries escalate on Greek debts. It costs 10¢ on the $1 to insure their debt because of increased nervousness about default. The financial regulation bill could be announced as soon as tonight & there are plenty of anxieties about it. Bigger picture, there is a feeling that too many problems around the world are spinning out of control which explains the strength of Treasuries & gold.

Sorry about the shortened post. Blogger just lost what I wrote (very frustrating), so I had to recreate it very quickly.