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Wednesday, November 11, 2009

Morning Market Report

Veteran's Day will keep trading light and not all markets are open. The bond markets will be closed though the NYSE will havea full trading day. Yesterday, the Dow set a 15 month high finishing up 20.03 points to 10,246.97. The NASDAQ and S&P 500 were both down just slightly.

Futures are pointing upward this morning. The Federal Reserve "reinforced" the view that short term rates will remain as low as they are for the indefinite future. The markets are responding favorably to the continued loose money policy. The Dow futures are up about 60 points. Toll Brothers, the builder, reported solid earnings after markets yesterday. A Chinese company is close to buy Ford's Volvo unit.

While U.S. bonds are closed today, they had a mixed day yesterday. The ten year U.S. Treasury finished at 3.47%. That's the second day in a row it's been slightly better. The thirty year was slightly worse while the two and five were also slightly better. The yield spread between the two and ten year is now at 2.64%. That's still near the high for the last three months and only eleven basis points from the all time high set in June. Bonds in London were all slightly worse today and in Germany they were all slightly better. Oil is pushing $80 a barrel yet again. It's currently at $79.35 a barrel.

Markets around the world are looking strong. In the Far East, the Hang Seng in China was up 1.61%, the NIKKEI in Japan was up .01%, and the Straits Time Index in Singapore was up 1.21%. In Europe, the FTSE in London was up .97%, the DAX in Germany was up 1.24%, and the Spanish Index was up .16%. Strong manufacturing data from China sent their markets upward.

The dollar is down .21% against the Euro, up .56% against the British Pound, but up .03% against the Japanese Yen.

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