S&P 500 1,109.11 -.82%
NASDAQ 1,935.32 -1.56%
Leading Sectors
Drugs +.24%
Fashion +.21%
Defense +03%
Lagging Sectors
Software -3.13%
Airlines -3.95%
Homebuilders -4.89%
Other
Crude Oil 40.18 +2.81%
Natural Gas 6.17 -3.14%
Gold 407.50 -.17%
Base Metals 112.35 -.35%
U.S. Dollar 87.60 -.05%
10-Yr. T-note Yield 4.47% -.09%
VIX 16.20 +2.47%
Put/Call .89 -9.18%
NYSE Arms 1.98 +76.79%
After-hours Movers
None of note.
Recommendations
Goldman Sachs reiterated Underperform on PBG.
After-hours News
U.S. stocks finished lower today on rising oil prices, terrorism worries and earnings concerns. After the close, DaimlerChrysler said its commercial vehicles unit may use its China truck-making joint-venture as a base to export to India, Russia and South Korea, the Financial Times reported. Cases of syphilis increased so much among homosexual men in San Francisco and Los Angeles that U.S. government scientists are warning about the risk of a wider spread in the virus that causes AIDS, Bloomberg reported. Adelphia Communications founder John Rigas and his son Timothy were convicted of conspiring to loot the company to fund lavish lifestyles and lie about finances before its bankruptcy, Bloomberg reported. Philip Morris agreed to pay about $1 billion over 12 years to settle European Union charges that the company aids cigarette smuggling, a person familiar with the situation said.
BOTTOM LINE: The Portfolio finished unchanged today. I added a few new shorts in the afternoon, leaving the Portfolio with 25% net short market exposure. One of my new shorts is ERTS and I am keeping a $53.50 stop-loss on this position. Another bad day for the bulls and it appears as though there is still too much investor complacency for a short-term bottom. As well, the recent spike-up in oil will continue to pressure stocks until investors begin to anticipate a reversal.
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