Monday, October 11, 2010

MLPs and gold reach new records while stocks are flat

Stocks had a sleepy time on a a semi holiday. Dow was up 2 & stayed above 11K, advancers ahead of decliners 5-4 & NAZ was up pennies helped by Apple (AAPL) reaching a new record. Lower bank stocks took the Financial Index down fractionally. The Alerian MLP Iindex soared 2 to 249, another record & an amazing 80 above the lows in May, a rise would make for an exciting 2 or 3 years in normal times. REITs & high yield bonds were little changed while the Treasury market was closed. Gold, after early volatility, settled at a record high.

S&P 500 FINANCIALS INDEX

Value	197.33
Change	-0.29 (-0.1%)

Alerian MLP Index --- YTD

GCV10.CMX

....Gold Oct 10

....1,353.60 ....

9.40 (0.70%)

** Gold Super Cycle **Click Here

MLPs, gold & Apple reached record levels simultaneously while the US economy is stuck in the mud. Amazing!

Apple --- YTD

This is the start of earnings week when some of the largest banks, along with other companies, will be reporting earnings. Last week, major banks announced they are halting foreclosures on mortgages because of what may be confusion over what's going on. Tomorrow that will play out & Congressional hearings are expected, adding uncertainty to a housing market which is still trying to find its footing so it can emerge from its depression. Not good for housing, a big part of the economy. Economists will have had more time to digest the dreary Sep unemployment numbers, at the root of the sluggish economic recovery. This could be a very interesting week for the stock market.

Dow Jones Industrials --- YTD