S&P 500 FINANCIALS INDEX
| Value | 215.59 | |
| Change | -0.07 (-0.0%) |
The MLP index is up a fraction to 358, stuck in a sideways rut while the REIT is also up a fraction but in the 223s. Junk bond funds are inching higher. The yield on the 10 year Treasury bond went up 3 basis points to 3.38%. Very little should happen in these markets for the rest of the week.
Treasury yields:
| U.S. 3-month | 0.15% | |
| U.S. 2-year | 0.70% | |
| U.S. 10-year | 3.38% |
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-Year Treasury Yield Index --- 2 weeks
Oil perked up from the storm & cold temps in the east. Gold is charging forward & will complete its 10th consecutive year of gains (during a troubled time for many financials). A link is provide to learn more about gold.
| CLG11.NYM | ...Crude Oil Feb 11 | ...91.31 | ...... 0.31 (0.3%) |
| GCZ10.CMX | ...Gold Dec 10 | ......1,405.40 | ... 23.00 | (1.7%) |
Gold Super Cycle Link! Click Here
Photo: Bloomberg
Consumer confidence slipped this month as more people worried that the job market is worsening. The latest survey from Conference Board showed a decline even after people increased their holiday spending at the biggest rate in 4 years. The Consumer Confidence Index fell to 52.5 in Dec, down from a revised 54.3 in Nov & below expectations of 55.8. The decline reverses 2 consecutive months of increases. It takes a reading of 90 to indicate a healthy economy, not approached since the recession began in 2007. The declines come even though economic indicators suggest layoffs are slowing, businesses are buying more goods & consumers are spending more money. Economists are raising growth forecasts for Q4 & 2011. One measure of the Confidence Index, which assesses how shoppers feel now about the economy, declined to 23.5 from 25.4 in Nov. The other barometer, measuring how shoppers feel about the economy over the next 6 months, fell to 71.9 from 73.6 in Nov However consumer confidence is no worse off today than it was a year ago with the outlook remaining cautious. This contrasts to preliminary figures from Thomson Reuters/University of Michigan which showed a climb to a 6 month high in Dec. Nothing like a little confusion to sort thru. The latest storm related problems are not going to help.
Consumer Confidence Unexpectedly Falls on Jobs Outlook
Consumer confidence - 1 year
Consumer sentiment - 1 year
Holiday sales jumped 5.5%, the best performance in 5 years. Retail sales, excluding autos, rose to $584B from Nov 5-Dec 24, said MasterCard Advisors. Spending Pulsewhich, measures retail sales by all payment forms, said sales had a 4.1% gain from a year earlier (including sales made over the Web). Last-minute Christmas shoppers pushed sales at stores open at least a year up 4.8% in the week ended Dec 25, the strongest year-over-year gain since Apr according to the International Council of Shopping Centers. It said sales for the Nov-Dec period will rise 4% or more which compares with a previous forecast of 3.5-4.0%. Apparel sales grew the fastest in the 50 days before Christmas, with an 11% gain, more than 10 times the pace of last year (helped by cold weather in Dec). Luxury sales rose 6.7%, compared with only 0.9% a year ago. Consumer electronics sales increased 1.2% after falling 4.6% a year earlier. Results look to be good enough, but are short of sensational. This week could be poor with weak performance by stores in the eastern US.
U.S. Retailers' Holiday Sales Increase 5.5%, Most Since 2005
Usually little happens during this holiday week. Many traders & investors are waiting for the new year before making commitments. The move by China yesterday to tighten monetary policy will affect countries all over the world as China has become a major player in the global economy. It could have brought out more buyers for gold which is just a few dollars from setting another record. The storm in the east along with this being a slow week could cause distortions one way or the other in the jobless data on Thurs.
Dow Jones Industrials --- 2 weeks
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