S&P 500 1,063.23 -1.17%
NASDAQ 1,752.49 -1.68%
Leading Sectors
Broadcasting +.22%
Utilities -.28%
Drugs -.39%
Lagging Sectors
Computer Boxmakers -2.89%
Networking -3.26%
Disk Drives -3.87%
Other
Crude Oil 45.40 -.22%
Natural Gas 5.43 -.13%
Gold 396.90 +.08%
Base Metals 109.72 +.32%
U.S. Dollar 88.74 -.12%
10-Yr. T-note Yield 4.24% -.63%
VIX 19.08 +5.76%
Put/Call 1.04 +26.83%
NYSE Arms 2.78 +113.85%
After-hours Movers
ADI -6.53% after missing 3Q estimates and lowering 4Q outlook.
A +8.74% after beating 3Q forecast and giving positive 4Q guidance.
Recommendations
None of note.
After-hours News
U.S. stocks finished lower today after a Some Canadian cattle ranchers plan to sue the U.S. government for as much as $750 million, claiming it unfairly blocked exports of live cattle after the discovery of mad cow disease in Alberta last year, Canadian Press reported. New Jersey Democratic Governor McGreevey plans to resign in November after acknowledging he hid a homosexual affair from his family, Bloomberg reported. Dell Inc. said second-quarter net income rose 29% as it bolstered sales of servers and printers and expanded outside the U.S., Bloomberg said. The California Supreme Court ruled San Francisco Democratic Mayor Gavin Newsom didn't have the authority to issue wedding licenses to same-sex couples and voided more than 4,000 gay marriages the city performed earlier this year, Bloomberg reported. Google will begin taking bids in its auction-style initial share sale tomorrow, moving founders Brin and Page closer to a test of whether investors will pay the $108-$115/share the company is seeking, Bloomberg reported.
BOTTOM LINE: The Portfolio finished lower today on weakness in my technology longs. I exited a few of these positions in the afternoon as they hit stop-losses, leaving the Portfolio 25% net long. It was another disappointing day for the Bulls. However, the Put/Call, Arms and VIX continue to rise as investor psychology is reaching much healthier levels. Moreover, interest rates and the CRB Index continue to fall, which is a positive. Finally, stocks are responding favorably to Dell's report after the close.
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