Monday, October 4, 2010

Another soggy day for the markets

Worries are getting to traders & investors.  Dow fell 78, decliners ahead of advancers 5-2 & NAZ dropped 26.  Banks were weak taking the Financial Index down 1½ to the 193s & nearer its yearly low of 180.  The Alerian MLP Index drifted 2 points lower but buying in the PM brought MLPs back to eke out a gain measured in pennies, good enough for another post Jul 2007 high!  It needs 3 to reach a new record.  Gold was little changed, essentially at its record level at 1315.  Treasuries remain hot.  The 2 year note has a record low yield & the 10 year Treasury yield is below 2½% again, sending negative signals for the stock markets. 

Treasury yields:

U.S. 3-month   0.15%

U.S. 2-year       0.41%

U.S. 10-year    2.47%


Alerian MLP Index  --  2 weeks




GLD   (ETF)  --  2 weeks



10-Year Treasury Yld Index  --  2 weeks





Markets are getting another case of the shakes.  The jobs report is coming on Fri & once again it's not expected to be pretty.  The forecast is for a gain of 75K jobs in the private sector offsetting a comparable decline in census jobs.  New jobs created aren't enough to improve the unemployment rate which is expected to inch up to 9.7% with more resuming their search for work.  Then Alcoa (AA), a Dow stock, will kick off earnings season.  The Dow chart below shows it hasn't been able to break above 10.8K.  Investors are very nervous about earnings reports.    


Dow Jones Industrials  --  2 weeks




** Gold Super Cycle **


Get your favorite symbols' Trend Analysis TODAY!



Find out what's inside Trend TV!!

No comments: