S&P 500 1,095.17 +1.24%
NASDAQ 1,831.37 +2.01%
Leading Sectors
Disk Drives +5.78%
Airlines +5.18%
Biotech +3.52%
Lagging Sectors
Broadcasting +.50%
Foods +.41%
Fashion -.58%
Other
Crude Oil 46.40 +.11%
Natural Gas 5.38 -.04%
Gold 406.60 unch.
Base Metals 109.55 -1.14%
U.S. Dollar 88.08 +.02%
10-Yr. T-note Yield 4.23% +.97%
VIX 16.23 -4.64%
Put/Call .98 +5.38%
NYSE Arms .43 -50.57%
After-hours Movers
HOTT +11.87% after beating 2Q estimates and announcing additional 2M share buyback.
CAI +7.24% after beating 4Q estimates and raising 1Q guidance.
PETC +5.15% after beating 2Q estimates and raising 3Q forecast.
SNPS -30.2% after missing 3Q estimates and lowering 4Q outlook substantially.
Recommendations
Goldman reiterated Outperform on MET and CZN.
After-hours News
U.S. stocks finished higher today, boosted by optimism over improvements in Iraq and a rebounding technology sector. After the close, Iran's defense minister warned the U.S. and Israel against any pre-emptive attack on its nuclear facilities, saying his country could similarly target American forces in Iraq, Agence-France Presse reported. Google is poised to begin selling shares to bidders in the company's auction-style IPO after receiving approval from U.S. securities regulators, Bloomberg said. Medtronic, the world's largest maker of spinal implants, said first-quarter profit rose 18% as demand increased fro devices used in back surgery, Bloomberg said. Synopsys said third-quarter profit fell to $41.8 million as semiconductor companies curtailed purchase, Bloomberg reported.
BOTTOM LINE: The Portfolio finished substantially higher today as my homebuilding, semi and RFID-related longs rose more than my steel and Chinese ADR shorts. I added a few more longs in various sectors in the afternoon, leaving the Portfolio 125% net long. One of my new longs is YHOO and I am using a $27.70 stop-loss on the position. The technicals and tone of the market continue to improve. While I continue to expect significant weakness to reappear in Sept., it is very possible the lows for the year are in place.
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