Thursday, June 17, 2004

Thursday Close

S&P 500 1,132.03 -.13%
NASDAQ 1,983.67 -.73%

Leading Sectors
Homebuilders +1.68%
Commodity +1.30%
Oil Service +.89%

Lagging Sectors
Networking -1.84%
Disk Drives -1.94%
Semis -3.38%

Crude Oil 38.80 -.03%
Natural Gas 6.54 -.61%
Gold 389.40 -.03%
Base Metals 106.79 +1.36%
U.S. Dollar 89.60 -.49%
10-Yr. T-note Yield 4.68% -.97%
VIX 15.15 +2.43%
Put/Call .78 +18.18%
NYSE Arms 1.08 +12.50%

After-hours Movers
AMHC +9.58% after beating 3Q estimates and raising 04 forecast.
CHTT +5.06% after beating 2Q estimates and raising 04 guidance.
SPEC +13.33% after beating 2Q estimates and raising 3Q forecast.
RHAT -8.62% after missing 1Q revenue estimates, but meeting profit forecast.

Goldman Sachs reiterated Underperform on TSG. Jim Cramer, of, said on CNBC he thinks QLTI may be a good buy at current levels.

After-hours News
U.S. stocks finished slightly lower today as oil rose on violence in Iraq and technology shares weakened on worries over slowing growth. After the close, Vodafone Group Plc said it has signed an agreement with the UN Foundation worth $27.54 million to fund UN projects on Aids, measles and global heritage site preservation, the Financial Times said. Yanzhou Coal has bought a coke plant from German coal miner RAG AG which it plans to dismantle and take back to China, the Financial Times said. Crude oil rose for a second day on concern that unrest will reduce shipments from the Middle East as sabotage to pipelines halted Iraqi exports from two Persian Gulf terminals, Bloomberg reported. Apple Computer and BMW are developing a device that will let users listen to songs from their iPod music players through the radios of BMWs and Minis, Bloomberg said. The benchmark 10-year T-note rose today after the prices-paid component of the Philly Fed. Index fell, Bloomberg reported.

BOTTOM LINE: The Portfolio finished the day unchanged as my falling shorts offset my declining longs. I did not trade in the afternoon, thus leaving the Portfolio with 50% net long market exposure. Stocks will likely remain neutral to slightly lower ahead of the handover of power to Iraq, end of the quarter repositioning, Russell re-balancing and Fed rate hike.

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