Markets were nervous from mixed economic data

Stocks were under water all day, but late day buying limited losses. Dow dropped 5, decliners over advancers 3-2 & NAZ fell 10. The Financial Index was also mildly lower. Nervousness summarized today's trading.


S&P 500 FINANCIALS INDEX

Value	200.52
Change	-0.76 (-0.4%)

The MLP index was up 1 to the 334s while the REIT index fell 3 to the 209s. Junk bond funds were flat to higher & the VIX was flat in the 22s. Treasuries were strong on the jobless news which was favorable for their interests. The yield on the 10 year Treasury yield index fell 4 basis points to 2.91½%. Its longer term chart below shows how far it has fallen in recent months. The € remains strong, just under $1.32 (its recent high).

Alerian MLP Index -- 3 months




Dow Jones REIT Index -- 3 months




VIX -- 3 months




10-Year Treasury Yld Index -- 3 months





Oil & gold did not know how to interpret the jobless news so they just drifted.

CLU10.NYM

..Crude Oil Sep 10

..82.07

.. 0.40 ......(0.5%)

GCQ10.CMX

..Gold Aug 10

..1,195.60

.. 1.90 ......(0.2%)

** Gold Super Cycle **
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Photo: Yahoo


DIRECTV (DTV) said Q2 profits rose 33% as it attracted customers from its US cable rivals & Latin American operations took off in part due to the World Cup fervor. DTV (the largest satellite TV provider in the US) said it added 100K net US subscribers in Q2. While down from 224K last year, when it was helped by the shutdown of analog broadcast TV signals, DTV remains one of the few subscription TV providers that is adding video customers. DTV reported EPS of 42¢ for Q2, up from 40¢ last year. These results include a hit of 18¢ from swapping former chairman John Malone's Class B shares for Class A shares. Without the deal's impact, DTV would have earned 60¢. Revenue rose 12% to $5.85B. US customers on average paid $87.90 a month, up from $83.16 a year ago, driven by higher prices & increased high-definition & DVR service fees.

Time Warner Cable (TWC) reported higher Q2 earnings as more customers signed up for digital cable TV, internet & phone services. Advertising revenue jumped, driven in part by a rebound in automotive ads. However the nation's 2nd largest cable TV company lost basic video subscribers in Q2. But it was offset by increases in digital cable customers & cable rate hikes. TWC had EPS of 95¢ up from 89¢ a year earlier. Revenue rose 5.8% to $4.73B. Advertising revenue increased 24% to $216M. DTV rose 90¢ while TWC fell 66¢.

DirecTV, Cablevision Sales Rise as People Watch Television to Save Money

DirectTV --- 1 year




Times Warner Cable --- 1 year





As expected, little was decided in the markets which is generally the case prior to release of the monthly jobs report. Today's jobless data was inconclusive once again. Reports on unemployment remain drab & this may have a large impact on the midterm elections in 3 months. But MLPs are still hot as are Treasuries, making for an odd combination. The Alerian MLP Index is so close to reaching an all time record close. However, the comparable index including reinvested income has been at record levels for much of 2010.


Dow Jones Industrials -- 3 months

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