S&P 500 FINANCIALS INDEX
| Value | 196.53 | |
| Change | -1.03 (-0.5%) |
The MLP index inched up a fraction at 329 & has been trading sideways for about 2 months (shown in the graph) while the REIT index was up a fraction today in the 213s. Junk bond funds were mixed to lower & the VIX was little changed in the 21s. The € slipped to under $1.30½. The yield on the 10 year Treasury bond rose 1 basis point to 3.74%. The yield on the 2 year Treasury note fell to within spitting distance of its record low, just above 0.45%.
Treasury Securities
| U.S. 3-month | 0.15% | |
| U.S. 2-year | 0.46% | |
| U.S. 10-year | 2.74% |
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
VIX --- YTD
10 Year Treasury Yld Index --- YTD
Oil fell as the Enbridge Energy (EEP) pipeline came back on line. Gold reached 1282+ before settling back & has had a nice run in the last month.
| CLV10.NYM | ..Crude Oil Oct 10 | ..73.65 | .. 0.92 ......(1.2%) |
| GCU10.CMX | ..Gold Sep 10 | ..1,275.60 | .. 3.70 ......(0.3%) |
GLD (ETD) --- 1 month
While Congress is fiddling, taxpayers are fuming. Unless Congress votes by Nov to extend tax cuts, the IRS will advise employers to increase deductions from paychecks beginning Jan 1 because the IRS needs time to prepare & distribute tables used to calculate withholding taxes. Most politicos in DC are in agreement about extending current tax measures for the lower 98% or so, but they are haggling about how to treat the wealthy taxpayers. This can be a significant worry for the stock markets.
Paychecks Could Be Whacked If U.S. Tax Vote Slips
Concerns about Irish sovereign debt crisis were a drag in the markets on a day when there was not a lot else to focus on. Stocks & gold have been strong in Sep, a significant disconnect that can not last. Maybe next week will give more guidance about where the markets want to go.
Dow Jones Industrials --- YTD
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