Friday, May 9, 2014

Dow crawls to a new record

Dow inched up 32 (good enough to barely reach a new record), advancers just ahead of decliners & NAZ went up 19 as techs rebounded.  The MLP index fell 2 to the 483s (the EPA wants to take steps to the regulate the use of chemicals used in fracking) & the REIT index was flat at 299.  Junk bond funds edged lower & Treasuries were weak.  Oil pulled back & gold has been about even for more than 2 days.

AMJ (Alerian MLP Index tracking fund)

This Undervalued Energy Stock is Set to Soar! Special Report

Treasury yields:

U.S. 3-month


U.S. 2-year


U.S. 10-year


CLM14.NYM....Crude Oil Jun 14....99.77 Down ...0.49  (0.5%)

Live 24 hours gold chart [Kitco Inc.]

The IMF may cut its forecast for China’s economic growth this year, according to Changyong Rhee, director of the fund’s Asia & Pacific Dept.  He spoke today at the Peterson Institute for International Economics.  The fund’s current forecast is for a 7.5% expansion in the world’s #2 economy.

IMF May Cut China 2014 Growth Forecast, Fund Official Says

US employers put up fewer help-wanted signs in Mar, showing last month’s hiring swell will probably give way to more moderate payroll growth.  The number of positions waiting to be filled fell 111K to 4.01M in Mar from a revised 4.13M the prior month, the Labor Dept reported.  Openings surged 251K in Feb, the biggest jump in a year.  Payrolls climbed in Apr by the most since early 2012 as the economy got back on track after an unusually harsh winter.  The drop-off in job ads at the end of Q1 indicates employment will climb at a more sustainable pace, giving Federal Reserve (FED) policy makers reason to continue to reduce stimulus at a measured rate & keep interest rates low.  The Job Openings & Labor Turnover Survey (JOLTS) adds context to monthly payrolls figures by measuring dynamics such as resignations, help-wanted ads & the pace of hiring.  Although it lags other jobs data by a month, the FED follows the report as a measure of labor-market tightness & worker confidence.  The forecast projected there would be 4.13M openings in Mar after a previously reported 4.17M a month earlier.  Last year, the economy added about 194K jobs each month, compared with 186K in 2012.  Economists project payroll gains this year will reach a 205K monthly pace.  The number of openings in Feb was just short of an almost 6-year high reached in Nov.  2.48M quit their jobs in Mar, little changed from a month earlier.  The quits rate held at 1.8% in Mar from the prior month.  It was 2% when the recession started at the end of 2007.  The number of people hired in Mar eased to 4.63M from a 5-month high of 4.7M in Feb.  About 1.57M were dismissed from their jobs in Mar, the fewest since Nov & down from 1.6M the prior month.  The discharge rate declined to 1.1%, matching the Nov & Oct readings (the lowest since records began in 2000).

Employers in U.S. Put Out Fewer Help-Wanted Signs in March

Apple is believed to be close to striking a deal to acquire Dr. Dre.  In what would be its largest purchase, AAPL is in advanced talks to acquire headphone maker & music-streaming service Beats Electronics $3.2B.  A deal would bolster AAPL’s online music capabilities by giving it ownership of the Beats Music service that started earlier this year.  For $10 a month, subscribers get unlimited access to all of the songs in the service’s catalog through a smartphone, tablet or web browser.  Music has long been one of the cornerstones of AAPL business, with its iTunes store & the iPod music player that reignited the company’s growth more than a decade ago.  Yet digital-download sales fell for the first time ever last year as people turn to streaming services.  While the $3.2B would use just a fraction of its $150B in cash & investments, a deal would signal that the company is serious about introducing its own music-subscription service.  A deal would give AAPL control of the Beats headphones, for which the company is well known.   AAPL stock fell 2+ to the 585s.  If you would like to learn more about AAPL,
Click here for a FREE analysis of AAPL and be sure to notice the intermediate time frame
Apple Said Near Buying Beats Electronics for $3.2 Billion in Biggest Deal

Apple (AAPL)

Stocks had another quiet day.  With a small amount of buying at the close, Dow crawled to a new record (3 above the prior record).  For the last 13 trading days, Dow has been hovering near a record.  But a lack of will to go reach new highs has to be discouraging for the bulls.  Putin has become the new world leader & everybody is watching what he will do next in the Ukraine crisis.  Earnings from retailers are coming next week, led by Wal-Mart (WMT), a Dow stock & Dividend Aristocrat, next Thurs.  I don't think retailer earnings will take Dow higher next week.

Dow Jones Industrials

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