Tuesday Close

S&P 500 1,110.70 +.56%
NASDAQ 1,943.09 +.20%

Leading Sectors
Gaming +1.47%
Banks +1.24%
Insurance +1.15%

Lagging Sectors
Networking -.79%
Biotech -.85%
Oil Service -.87%

Other
Crude Oil 37.35 -.24%
Natural Gas 5.66 -1.01%
Gold 402.50 +.73%
Base Metals 111.47 +2.08%
U.S. Dollar 88.59 -.25%
10-Yr. Long-Bond Yield 3.68% -2.19%
VIX 20.34 -3.74%
Put/Call 1.04 +1.96%
NYSE Arms .74 -73.38%

After-hours Movers
MAMA +4.19% continuing to rise after Mark Cuban reported 6.3% stake.
ANPI -6.01% on disappointing 4Q earnings report.
BAMM +23% after significantly beating 4Q estimates.

Recommendations
INFY rated new Buy at Janney Montgomery Scott with a $98.00 target. Goldman Sachs initiating coverage of HS with Outperform and $21 target. GS reiterating Outperform on AET. GS reiterates Outperform on SVU. TheStreet.com has a positive article on homebuilding stocks, making the case for continued gains. TheStreet.com thinks the selling in Airlines is overdone.

After-hours News
U.S. stocks gained, led by financials, after the Fed reiterated it will be "patient" about raising interest rates. However, breadth wasn't good as a number of stocks declined in the oil service, technology and biotechnology sectors. After the close, Manpower said its recently released jobs survey says, "Based on the hiring intentions that were reported across a majority of the companies surveyed, it is clear that demand for their products and services has finally surpassed the capacity and productivity of the current workforce." Jim Cramer, of TheStreet.com, thinks there is much less corporate corruption and fraud now than in the 90's, as the feds shutting down Arthur Andersen was a watershed event. The Italian government plans to keep its troops in Iraq, the Financial Times reported. The U.S. government may lodge a complaint to the WTO, saying China is breaking trading rules by giving tax breaks to local chipmakers, the FT said. The Univ. of Mich. said the FBI is investigating "the unauthorized access and public release" of February's report. General Motors said its profit from ventures in China more than tripled to $437M last year as the company's market share in that nation increases, reported Bloomberg.

BOTTOM LINE: The Portfolio had a good day today, notwithstanding its relatively low market exposure of 25%. I did not trade, as I do not see substantial signs of a short-term bottom. "Triple Witching" option expiration on Friday may provide the catalyst for a decent bounce. However, I will not trade too aggressively on the long-side as it seems this correction has a bit further to go.