S&P 500 1,098.63 -.10%
NASDAQ 1,855.06 -.23%
Leading Sectors
Airlines +1.38%
Disk Drives +1.07%
Semis +.94%
Lagging Sectors
Energy -2.29%
Oil Service -2.50%
Fashion -2.66%
Other
Crude Oil 42.68 -.35%
Natural Gas 5.65 -.11%
Gold 394.70 unch.
Base Metals 110.59 -.51%
U.S. Dollar 89.68 +.12%
10-Yr. T-note Yield 4.42% -.13%
VIX 16.21 +1.12%
Put/Call .90 +23.29%
NYSE Arms 1.28 -18.99%
After-hours Movers
ICOS +5.52% after beating 2Q estimates.
KYPH +8.04% after beating 2Q estimates and raising 04 outlook.
JUPM +9.55% after beating 2Q estimates and raising 3Q and 4Q guidance.
UNTD -18.4% after missing 2Q estimates and lowering 3Q outlook.
LTON -15.8% after meeting 2Q estimates and lowering 3Q forecast.
Recommendations
Goldman Sachs reiterated Outperform on JTX, DOW, ROH, DD and GLK.
After-hours News
U.S. stocks finished slightly lower today as an afternoon rally, spurred by falling oil prices, boosted shares. After the close, Google, Yahoo! and other Internet search companies were accused in a California lawsuit of promoting illegal online gambling, The Recorder reported. U.S. accounting rules makers will force companies paying off debt by issuing shares to count those shares when calculating diluted earnings, possibly reducing per-share figures for some companies, Dow Jones Newswires reported. Crude oil futures fell from a record after OAO Yukos Oil said it was given access to funds needed for oil production and exports and after a report showed that U.S. gasoline supplies rose, Bloomberg reported. Reliant Energy, owner of power plants in 12 U.S. states, will receive a $108 million claim against Enron under a settlement between the two Houston energy companies, Bloomberg said.
BOTTOM LINE: The Portfolio finished slightly lower today as a few of my energy-related longs fell more than my technology shorts. I did not trade in the afternoon, leaving the Portfolio's market exposure at 25% net long. While today's afternoon decline in oil prices and subsequent stock rally was a welcome development, it still does not appear a bottom in stocks is in place. However, further declines in oil could spur a short-term rally. The psychology of the market is such that any rally will likely be met with selling until terror and political fears subside.
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