Dow fell 33, advancers just ahead of decliners & NAZ was up 4. The Financial Index was off 1+ to the 244s. The MLP index retreated 1+ to 450 & the REIT index added pocket change in the 285s for a new multi year high. Junk bond funds were mixed & Treasuries found buyers as the yield on the 10 year Treasury is near a 10 week low. Oil had a fractional gain & gold was up 9 to 1605.
AMJ (Alerian MLP Index tracking fund)
There was selling at the opening, taking the Dow down over 100 on nervousness about the Cyprus debt mess. Buyers returned & limited the damage to almost break even (at record levels). Tomorrow anything is possible between end of Q1 evening positions & fiscal messes in Europe & the US. In addition, trading is light. I went to a meeting with fund managers for high yield funds. As usual, they were optimistic about junk bonds. But they are favoring higher quality debt versus lower rated bonds (CCC & even lower). Dow is up an enormous 1.4K in Q1, one of its best gains ever. But after my meeting today, there is a plenty of anxiety in the markets which continue to be overbought.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
There was selling at the opening, taking the Dow down over 100 on nervousness about the Cyprus debt mess. Buyers returned & limited the damage to almost break even (at record levels). Tomorrow anything is possible between end of Q1 evening positions & fiscal messes in Europe & the US. In addition, trading is light. I went to a meeting with fund managers for high yield funds. As usual, they were optimistic about junk bonds. But they are favoring higher quality debt versus lower rated bonds (CCC & even lower). Dow is up an enormous 1.4K in Q1, one of its best gains ever. But after my meeting today, there is a plenty of anxiety in the markets which continue to be overbought.
Dow Jones Industrials
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