Wobbly markets despite favorable earnings reports

Stocks hugged break even with a bias on the downside. Dow is down 15, advancers barely ahead of decliners & NAZ was off a big 14 in spite of Apple earnings. Banks started higher on good earnings reports but are sinking, bringing the Financial Index into the red.


S&P 500 FINANCIALS INDEX

Value	192.06
Change	-0.09 (-0.0%)

The Alerian MLP Index pulled back 1+ to the 329s, a well deserved rest. The chart below is amazing at a time when markets are just sloshing around. The REIT index fell 3 + to 194. Junk bond funds did little, remaining at lofty levels. The VIX, volatility index, was up ½ to 24½. Treasuries also did little as the yield on the 10-year Treasury bond rose 2 basis points to 2.93%, still in low territory.

Alerian MLP Index --- 2 weeks




Dow Jones REIT Index --- 2 weeks




VIX --- 2 weeks




10-Year Treasury Yld Index --- 2 weeks





The 2 important commodities are pretty much even.

CLQ10.NYM

...Crude Oil Aug 10

...77.44 Jul 20

...0.00 .......(0.00%)

GCN10.CMX

...Gold Jul 10

...1,191.70

... 0.20 .......(0.0%)

Gold Super Cycle!!
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Photo: Bloomberg


Earnings reports are coming & the biggies below did well. All stocks had big gains with Apple being the stand out:

Apple (AAPL)_______5.36
Coca Cola (KO)_____1.16
Morgan Stanley (MS)_2.30
United Tech (UTX)___0.44
Wells Fargo (WFC)___1.13


Apple --- 1 month




Coca Cola --- 1 month




Morgan Stanley --- 1 month




United Technologies -- 1 month




Wells Fargo --- 1 month





While the earnings reports were generally well received, Yahoo (YHOO) wasn't & fell $1.21, traders are also rereading the qualifications to better understand them. Federal Reserve Chairman Ben Bernanke testifies later with his semi annual assessment of the economy & markets are very nervous.


Dow Jones Industrials --- 2 weeks

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