S&P 500 FINANCIALS INDEX
| Value | 206.58 | |
| Change | -1.21 (-0.6%) |
The Alerian MLP Index rose 2+ to the 364s for a new record high. The 79 advance YTD under ordinary circumstances would be an excellent 2 or 3 year gain, but this year it was accomplished in only 10 months. However the REIT index fell 2 to 227, still close to its yearly highs reached last week. Junk bond funds were mixed but at the highest levels in the last couple of years. Treasuries were little changed. The yield on the 10 year Treasury bond went up 1 basis point to 2,57% but has been near this low territory for almost 3 months.
Treasury yields:
| U.S. 3-month | 0.11% | |
| U.S. 2-year | 0.41% | |
| U.S. 10-year | 2.57% |
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-Year Treasury Yield Index --- 2 weeks
Oil climbed to a 2 year high while gold rose to new record levels, as a weakening dollar boosted prices of commodities. Gold surged to a record high for the 4th day running, fueled by renewed concern over high sovereign debt in euro zone countries such as Ireland & Greece along with inflationary pressures.
| CLZ10.NYM | ...Crude Oil Dec 10 | ...87.43 | ...... 0.37 | (0.4%) |
| GCX10.CMX | ...Gold Nov 10 | .....1,419.50 | ... 16.70 | (1.2%) |
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US job openings dropped in Sep for a 2nd month in a row according to the Labor Dept. Openings fell 163K to 2.93M, the number hired rose from the prior month & separations declined. This data signals unemployment will remain high for months, even years. Openings fell 5.3% from a revised 3.09M in Sep that was smaller than previously estimated. The rate of job openings fell to 2.2% from 2.3%. Leisure, hospitality, professional & business services accounted for the biggest decreases in available employment, while manufacturing, education & construction increased. Compared with the 14.8M who were unemployed in Sep, these figures indicate there are 5 people vying for every opening, up from about 1.8 when the recession began in Dec 2007. Just one more grim reminder of how bad it is out there, a major disconnect with strength in the markets.
Job Openings in U.S. Decreased 163,000 in September, Second Straight Drop
Job openings - 1 year
Inventories held at the wholesale level rose for a 9th consecutive month in Sep while sales rose for a 3rd month. Wholesale inventories rose 1.5%, a much bigger gain than had been expected, after a 1.2% increase in Aug according to the Commerce Dept. Sales at the wholesale level were up 0.4% in Sep after a 0.5% rise in Aug. Inventory rebuilding has provided critical support as the economy has struggled to emerge from a deep recession. Increased orders to fill empty store shelves have translated into higher production at the nation's factories. Rebuilding stockpiles was a big factor supporting economic growth in Q4 2009 & H1 of this year. Unfortunately rebuilding inventories does not represent ongoing growth, but is more of a temporary effect that lasts for a few quarters.
U.S. Wholesale Inventories Climbed Twice as Much as Forecast in September
Value of inventories
This is a fairly quiet week for news events. Emerging nations (led by China) are very worried about the Federal Reserve's plan to buy more Treasuries. They see this as bringing a rush of more "hot"money to their economies which they will have a difficult time absorbing. But the G-20 meeting in Korea later this week is not expected to decide much. Meanwhile gold, MLPs & Apple (AAPL) are surging to new record highs (APPL went over 320 today, a new record) making for a strange combination especially at a time when the overall US economy has only a minimal recovery.
Dow Jones Industrials --- 2 weeks
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