Wednesday, July 14, 2004

Wednesday Close

S&P 500 1,111.47 -.33%
NASDAQ 1,914.88 -.87%

Leading Sectors
Iron/Steel +2.98%
Oil Service +2.24%
Restaurants +1.83%

Lagging Sectors
Disk Drives -1.84%
Airlines -3.29%
Semis -4.48%

Crude Oil 41.00 -.36%
Natural Gas 6.00 +.47%
Gold 405.20 -.10%
Base Metals 111.95 +.01%
U.S. Dollar 87.86 +.54%
10-Yr. T-note Yield 4.48% +.22%
VIX 13.76 -4.84%
Put/Call .93 +19.23%
NYSE Arms 1.39 +59.77%

After-hours Movers
SNDK +19.32% after beating 2Q estimates substantially and raising 3Q forecast.
AAPL +6.83% after beating 3Q estimates and raising 4Q guidance.
PLNR +8.98% after beating 3Q estimates and lowering 4Q guidance.
IFIN +5.91% after exceeding 2Q forecast.
QLGC +3.88% after meeting lowered 1Q forecast and lowering 2Q guidance.

Goldman Sachs reiterated Underperform on CNET and RKY. Goldman reiterated Outperform on HD and STN.

After-hours News
U.S. stocks finished modestly lower today as oil prices rose and technology shares remained under pressure after Intel's report. After the close, the Department of Housing and Urban Development sent letters to Fannie Mae and Freddie Mac seeking information on their international businesses, Dow Jones reported. Apple Computer said third-quarter profit more than tripled on a three-fold surge in iPod shipments. SanDisk said second-quarter profit climbed 71%, more than forecast, on record sales of equipment that stores digital photos and music, Bloomberg reported. Sudan's government hasn't met its commitments to end the humanitarian crisis in Darfur, where militias are forcing people to leave camps that provide food and shelter, a UN official said.

BOTTOM LINE: The Portfolio finished unchanged today and I did not trade in the afternoon, leaving market exposure at market neutral. It looks as though more technology companies are being rewarded for good reports in after-hours, which may lead to a better bounce tomorrow. The market's recent action is frustrating for bulls and bears and fits my expectation for a continuation of the trading range. However, the falling VIX and rising oil prices are still of concern.

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