Monday, May 1

Market conditions were decidedly mixed today, with the DJI and S&P down and up 0.14% respectively. The manufacturing heavy DJI fell on softer than expected production figures, and weaker than expected personal spending. The relatively technology heavy S&P performed better on continued positive earnings announcements from the IT sector.

Financials did modestly well as treasury yields recover from last week, and all of our S&P index trackers allowed us to perform modestly well on an otherwise weak day. Crude prices fell slightly more than 1% in trading today, causing our extensive energy based holdings to slide a bit. Our worst performer was Seadrill partners, down 2.3% in trading today. In the future we may take a more active position in that issue, but we’ll track its average correlation to oil price to see if that would be worth the short term risk.

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