Wednesday, September 15, 2010

Markets rose, but on low volume

Dow rose 46, advancers barely ahead of decliners & NAZ gained 11. But volume was low at 0.9B shares on NYSE floor. A few buy or sell orders determine whether the stock had an up or down day. Bank stocks rose giving the Financial Index a modest gain.


Value 198.27 One-Year Chart for S&P 500 FINANCIALS INDEX (S5FINL:IND)
Change 0.73 (0.4%)

The Alerian MLP Index edged down ½ in the 329s, remaining close to the 335 yearly highs. The REIT index went up 1½ to the 214s, a high since its yearly highs at 219 reached in early May. Junk bond funds were marginally lower while the VIX was up a fraction to the 22s. The € just went over $1.30, essentially even. Treasuries sold off, the yield on the 10 year Treasury bond rose 6 basis points to 2.72%.

Treasury Securities

U.S. 3-month
U.S. 2-year
U.S. 10-year

Alerian MLP Index --- YTD

Dow Jones REIT Index --- YTD

Oil fell on a stronger dollar & signs of weakness in the US economy. Gold took a breather after yesterday's record run. Traders have their eyes on 1300 & hope to see that very soon.

CLV10.NYM...Crude Oil Oct 10...75.74 ...Down 1.06

GCU10.CMX...Gold Sep 10...1,266.70 ...Down 3.00

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Enbridge Energy (EEP) fell 44¢ to 52.56. EEP expects to reopen the pipeline in Illinois in a few days, but this spill is costing them money & there is still nervousness about the unknown.

Enbridge Energy -- 2 weeks

There were no major news drivers today resulting in low volume. But the Sep rally is still on. Dow is working its way higher, its next goal is to top the10.7K high reached in early Aug.

Dow Jones Industrials --- YTD

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