S&P 500 FINANCIALS INDEX
| Value | 229.90 | |
| Change | 3.146 (1.4%) |
The MLP index was up a fraction in the 369s (from buying at the close) & the REIT index rose 1½ to the 236s, a new high since Sep 2008. Junk bond funds were higher. Treasuries pulled back from morning gains. The yield on the 10 year Treasury bond was down only 6 basis points (down 9 earlier) to 3.65%.
Treasury yields:
| U.S. 3-month | 0.11% | |
| U.S. 2-year | 0.83% | |
| U.S. 10-year | 3.65% |
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
10-Year Treasury Yield Index --- YTD
Oil prices dropped to their lowest levels in 2011 on what seems like a quieter Egypt. Gold continues in the doldrums. YTD charts for both ETF's are shown below.
| CLH11.NYM | ...Crude Oil Mar 11 | ...85.43 | ... 1.30 (1.5%) |
| GCG11.CMX | ...Gold Feb 11 | ......1,359.90 | ... 2.50 | (0.2%) |
$$$Gold Super Cycle$$$
OIL (ETF) --- YTD
GLD (ETF) --- YTD
Photo: Blomberg
Apple (AAPL) is working on new versions of iPhone that are aimed at slowing the advance of competing handsets by the competition, like Google (GOOG), based on Android software. One version would be cheaper & smaller than the most recent iPhone. AAPL is also developing technology that makes it easier to use the iPhone on multiple wireless networks. GOOG share of the global smartphone market more than tripled to 33% in Q4, eclipsing 16% for AAPL. AAPL will face another challenge as Nokia (NOK) & Microsoft (MSFT), a Dow stock,. join forces in smartphone development announced today.
The prototype iPhone was about one-third smaller than the iPhone 4, & had no “home” button. It will sell it at a low price mainly because the smartphone will use a processor, display & other components similar to those used in the current model, rather than pricier, more advanced parts that will be in the next iPhone. The stock was up 2½ to the 356s, just below its 360 record high.
Apple Is Said to Work on Cheaper, Smaller IPhones
Apple --- 1 year
Dow was up nearly 2% this week, quite impressive considering all the disturbing news from Egypt & greater concerns about European debt issues. All news is considered good or good enough. Earnings season is winding down & they got good enough reviews. Oil & gold, which usually benefit from this kind of news, saw selling. The KMI offering went well today, but that sentiment wasn't enough to help MLPs until the close. REITs have been quietly creeping up, although their yield appeal (3-5%) is less than in the past. An improving US economy will raise all boats & the markets are not going to let anything get in the way of advancing.
Dow Jones Industrials --- YTD
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