S&P 500 1,105.91 +.15%
NASDAQ 1,850.41 +.67%
Leading Sectors
Oil Service +2.29%
Biotech +1.47%
Homebuilders +1.44%
Lagging Sectors
Banks -.74%
Insurance -.92%
Airlines -1.99%
Other
Crude Oil 43.85 -.30%
Natural Gas 4.97 +.20%
Gold 410.40 -.10%
Base Metals 108.18 -.23%
U.S. Dollar 88.90 -.08%
10-Yr. T-note Yield 4.11% -.09%
VIX 14.91 -2.49%
Put/Call 1.04 +48.57%
NYSE Arms .96 -12.73%
After-hours Movers
AEOS +5.24% after reporting strong Aug. sales, raising 3Q forecast and initiating dividend.
ARO -6.95% after reporting disappointing Aug. sales.
VTS -16.65% after saying it will delay reporting fourth-quarter earnings as it reviews whether depreciation of equipment was accounted for properly.
Recommendations
Goldman Sachs reiterated Attractive view of Lodging sector. Goldman reiterated Outperform on BSX.
After-hours News
U.S. stocks finished mostly higher today as energy and interest-rate sensitive groups led stocks higher. After the close, crude-oil futures surged almost $2/bbl., the biggest increase in two months, after the Energy Department reported that U.S. oil supplies declined more than expected. Prosecutors will file a motion to dismiss sexual-assault charges against NBA All-Star Kobe Bryant later this afternoon, ABC News reported. Time Warner offered $4.5 billion to $4.6 billion in cash for MGM, the Wall Street Journal reported. U.S. textile makers are preparing to file dozens of trade complaints against China in a bid to cap imports of pants, shirts, towel and other items from the fastest growth apparel exporter, Bloomberg reported. President Bush's re-election campaign asked a federal court for help in shutting down independent groups that are raising unlimited funds to run political ads, Bloomberg reported. President Bush's job approval rating surveyed from Aug. 9-29 was 53%, compared with 50% in a July 5-25 survey, according to the National Annenberg Election Survey. Acclaim Entertainment filed for bankruptcy today and will liquidate its assets after it was unable to obtain a $30 million loan, Bloomberg said.
BOTTOM LINE: The Portfolio finished higher today as my alternative energy, homebuilding and internet longs rose more than my steel shorts. I did not trade in the afternoon, thus leaving the Portfolio 125% net long. The market's overall tone today was pretty good as volume improved and breadth measures were positive. The spike in oil and terrorism scare in D.C. likely prevented a better showing. Intel's mid-quarter update, President Bush's speech and the employment report will likely increase volatility over the near-term. Intel's comments shouldn't negatively affect trading as most investors expect the company to slightly lower guidance. President Bush's speech will likely be received positively by most investors. Finally, the employment report will probably not meet expectations due to the effects of Hurricane Charley. I will closely monitor the market's reaction to all these events and decide whether or not to scale back market exposure.
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