S&P 500 FINANCIALS INDEX
| Value | 194.79 | |
| Change | -1.84 (-0.9%) |
The MLP index was down a fraction in the 358s & the REIT index fell 1½ to 217, little changed in recent months. Junk bond funds slipped fractionally. Treasuries rallied help by increased tensions overseas. The yield on the 10 year Treasury bond fell 5 basis points to 2.87%, still in its upper levels in the last 4 months.
Treasury yields:
| U.S. 3-month | 0.15% | |
| U.S. 2-year | 0.52% | |
| U.S. 10-year | 2.87% |
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-Year Treasury Yield Index --- 2 weeks
Oil fell on concern Ireland’s debt crisis will spread to Portugal & Spain, reducing economic growth & fuel demand while tensions in Korea mounted. Gold declined the most a week as demand in China may slow & the dollar’s rally reduced the appeal of the metal.
| CLF11.NYM | ....Crude Oil Jan 11 | ....83.61 | ... 0.25 | (0.3%) |
| GCX10.CMX | ...Gold Nov 10 | .....1,372.10 | ... 0.80 | (0.1%) |
Gold Super Cycle Link! Click Here
Standard & Poor's downgraded Ireland's banks as speculation mounts that an EU-IMF bailout of Ireland could require senior bondholders to help cover the losses. S&P said it was lowering Anglo Irish Bank a very big 6 notches to a junk-bond B grade. It also cut the ratings on Bank of Ireland & Allied Irish Banks one notch each to BBB+ and BBB, respectively. The agency says bonds issued by Anglo are particularly at risk of being discounted as part of the EU-IMF rescue mission to Dublin & Ireland "may be forced to reconsider its current supportive stance toward Anglo's unguaranteed debt." Junior bondholders at Anglo already have been forced to accept losses of 80-95% on their loans. Concerns are growing that Ireland’s capitulation in accepting a bailout of its banking industry stokes concern that other countries also will have to seek aid. The € fell another penny to $1.32½.
The YTD charts for 3 Dow stocks are shown below. The companies are doing well, the stocks have yields of 2½-4% but stock prices are just muddling along. Dow is up 5% YTD, these are not helping with the advance. That's the kind of year it is, tough to follow after last year's spectacular gains.
Intel --- YTD
Microsoft --- YTD
Pfizer --- YTD
This is a sleepy day for stocks. Intl concerns grow, but many traders are taking a long holiday weekend. Markets close early, very little will be decided by the shortened day's end. Hope everybody has a happy weekend!
Dow Jones Industrials --- 2 weeks
Global Strategy Portfolio/Diversification Doesn't Work!.
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