S&P 500 FINANCIALS INDEX
The high yield sectors haven't changed much from AM trading. The Alerian MLP Index rose 0.87 to just under 330 & the REIT index gained 3+ to the 213s. Junk bond funds were higher & the VIX dropped 0.78 to the 21s, a 5 month low. The € continued strong, up 2 pennies at $1.28½. The yield on the 10 year Treasury bond was down 5 basis points to 2.74% as buying by the FED is raising prices of medium term Treasuries.
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
VIX --- YTD
10-Year Treasury Yld Index --- YTD
The Enbridge Energy (EEP) pipeline remains shut in Ill bringing out buyers for oil, although AM gains were trimmed. Oil remains in a sideways trading pattern & still near its record highs above 1260.
|CLV10.NYM||..Crude Oil Oct 10||..77.25 ||.. 0.80 |
|GCU10.CMX||..Gold Sep 10..||1,245.10 ||.. 0.50 |
$$ Gold Super Cycle $$
China's premier Wen Jiabao
China’s Premier Wen Jiabo said that China's economy is in “good shape,” a sign of his confidence China will avoid a sharp slowdown. “China’s economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability,” Wen said. The country’s stock index rose the most in a week & the yuan advanced to the highest since a peg against the dollar was scrapped in Jul 2005. Better-than-expected economic data for Aug eased concerns that the gov may overshoot in cooling an economy that grew 11.9% in Q1. Industrial production rose 13.9% (over last year) in Aug, the most in 3 months. In addition, retail sales & lending figures exceeded economists’ estimates. This is the 3rd largest economy in the world & an important factor in global recovery.
Wen Says China Is in `Good Shape,' Signaling Confidence in Economic Growth
Apple (AAPL), with the 3rd largest market cap, has had a good run in recent weeks, taking it near its yearly highs & leading stock markets higher. Today it was up 3½ to 267.
Apple --- 2 months
Buyers were feeling good, even a midday dip did not dampen enthusiasm. Dow is looking strong & would like to take out its yearly high above 11K. 2 years ago was Lehman collapse time. We've come a long way since then!
Dow Jones Industrials --- YTD
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