Tuesday, July 13, 2004

Tuesday Close

S&P 500 1,115.14 +.07%
NASDAQ 1,931.66 -.27%

Leading Sectors
Homebuilders +2.33%
HMO's +1.96%
Iron/Steel +1.59%

Lagging Sectors
Tobacco -1.01%
Software -1.77%
Airlines -4.02%

Crude Oil 39.66 +.30%
Natural Gas 5.92 +.23%
Gold 402.70 +.10%
Base Metals 111.94 -.48%
U.S. Dollar 87.86 +.54%
10-Yr. T-note Yield 4.47% +.57%
VIX 14.46 -3.34%
Put/Call .78 -34.45%
NYSE Arms .87 -35.56%

After-hours Movers
INTC -4.21% after meeting 2Q estimates, lowering 04 gross margin estimtate and reiterating 3Q forecast.
JNPR +10.73% after beating 2Q forecast substantially and announcing $250m share buy-back.

Goldman Sachs reiterated Outperform on MER and BAC. Goldman downgraded AG to Underperform.

After-hours News
U.S. stocks finished mixed today as investors feared making big bets ahead of Intel and Juniper's earnings reports. After the close, an Iraqi group calling itself al-Tawhid wa al-Jihad said it executed one of two Bulgarian truck drivers it took hostage last week, Bloomberg reported. Democrats will prevent a proposed constitutional amendment to ban same-sex marriage from coming to a vote in the U.S. Senate, Minority Leader Tom Daschle said. The dollar had the biggest gain against the euro in two weeks and advanced against the yen after the U.S. trade deficit narrowed for the first time in six months as exports surged to a record, Bloomberg reported. Sales at Juniper Networks rose 86% to $306.9 million in the second-quarter, the fastest pace in three years, Bloomberg said. Intel said second-quarter earnings almost doubled to the highest in four years, however profit margins may be narrower-than-expected this quarter, Bloomberg reported.

BOTTOM LINE: The Portfolio finished slightly lower today and I did not trade in the afternoon, leaving market exposure at 25% net short. The Nasdaq after-hours futures are down 12.0 as investors are paying more attention to Intel's slightly disappointing quarter than to Juniper's exceptional report. Energy prices rose in the afternoon and investor complacency remains too high.

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