The Financial Index
Value 195.62 Change +1.86 (+1.0%)
The Alerian MLP Index gained another 1 to the 341s. It needs another 1+ to break thru to a new record lebel, topping the prior record set in Jul 2007. REITs are strong, taking their index up 2 to the 215s & near its yearly high of 219. Junk bond funds rose, very close or at yearly highs. The yield on the 10 year bond inched down to 2.46%, a 5 week low, on expectations of increased buying by the Federal Reserve.
Treasury yields
U.S. 3-month 0.11%
U.S. 2-year 0.41%
U.S. 10-year 2.46%
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10 Year Treasury Yld Index --- 2 weeks
Rising stock markets bring out buyers for oil. But gold also shot up, to another record. Govs (US & Japan) announced they are going to buy more Treasury debt, increasing the supply of money.
CLX10.NYM ...Crude Oil Nov 10 ...82.11 ...0.64 (0.79%)
GCV10.CMX ...Gold Oct 10 ...1,330.00 ...14.60 ...(1.11%)
Gold Super Cycle Link! Click Here
GLD (ETF) --- 6 months
The index of non-manufacturing businesses rose to 53.2 in Sep from 51.5 in Aug according to the Institute for Supply Management’s (readings greater than 50 signal growth) & averaged 55.3 during the 6 year expansion that ended in Dec 2007. The median forecast was for a rise to 52.
Service Industries in U.S. Expanded at Faster Pace
Index for non-mfg businesses - 1 year
While markets have nice gains, the Dow has hardly budged from 10.8K in the last 3 weeks. Auto sales for Sep should be out today, giving more clues about strength in the recovery. The MLP index is up 56 (20%) YTD & should be able to go above its record. But Treasuries & gold are also flying to the heavens, not sure how long this combination will last. The jobs report on Fri & earnings next week will be major market drivers in Oct.
Dow Jones Industrials --- 2 weeks
Diversification Doesn't Work!!
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