S&P 500 1,119.51 +.18%
NASDAQ 1,950.48 +.61%
Leading Sectors
Networking +3.0%
Iron/Steel +1.99%
Disk Drives +1.78%
Lagging Sectors
Biotech -.83%
HMO's -1.62%
Gaming -3.25%
Other
Crude Oil 38.87 -.28%
Natural Gas 6.21 -.94%
Gold 393.20 +.36%
Base Metals 105.76 +1.51%
U.S. Dollar 89.73 -1.13%
10-Yr. Long-Bond Yield 4.56% +1.37%
VIX 16.55 -.42%
Put/Call .66 -18.52%
NYSE Arms .79 -2.47%
After-hours Movers
WWCA +15.42% after substantially beating 1Q estimates.
PRVD +6.16% after beating 3Q estimates and boosting 04 forecast.
GIVN +5.99% on rebound from today's decline after reporting 1Q results.
ZIXI -12.86% after missing 1Q estimates and lowering 2Q guidance.
ECLG -10.33% after meeting 1Q estimate and lowering 2Q forecast.
SNIC -4.15% after meeting 4Q estimates.
Recommendations
Goldman Sachs reiterated Outperform on MET, ADP, CEN, PAYX, BSX, PFE and KO. GS reiterated Underperform on BMY, RNR and HRB. Bank of America rated Offshore Drillers Underweight.
After-hours News
U.S. stocks rose modestly Tuesday after the Fed reassured investors that any increase in its benchmark interest rate will be "measured," even as policy makers dropped their pledge to be patient in boosting borrowing costs. After the close, Bloomberg reported that cholesterol-lowering drugs, including best-sellers like Pfizer's Lipitor and Merck's Zocor, may reduce death rates after surgery, according to a study in the May 5 Journal of the American Medical Assoc. U.S. auto sales rose .8% in April as Toyota and Nissan benefited from an expanding economy, new models and as fleet customers bought more GM vehicles, Bloomberg reported. Massachusetts Governor Mitt Romney introduced the first statewide advertising campaign aimed at preventing terrorist attacks against buses or trains, Bloomberg said. Best Buy plans to change its sales strategy to target five groups of customers, ranging from suburban mothers to small business owners, amid stiffer competition from Wal-Mart, Bloomberg reported. Royal Bank of Scotland agreed to buy Charter One Financial for $10.5B, Bloomberg reported.
BOTTOM LINE: The Portfolio fell slightly today as my shorts rose a bit more than my longs. I took profits in a couple of shorts in the afternoon, leaving the Portfolio with market neutral(shorts-longs=0) exposure. Today's modest advance came on light volume with mediocre breadth readings. Investor complacency still remains high with energy and interest rates continuing to climb. I expect another down-leg to commence once the current oversold technical bounce runs its course.
No comments:
Post a Comment