S&P 500 1,120.37 -.71%
NASDAQ 1,896.52 -.99%
Leading Sectors
HMO's +1.15%
Oil Service +.36%
Gaming +.32%
Lagging Sectors
Disk Drives -2.03%
Networking -2.76%
Semis -3.23%
Other
Crude Oil 43.57 -.02%
Natural Gas 4.85 +.64%
Gold 406.30 -.12%
Base Metals 108.78 +.58%
U.S. Dollar 89.15 +.78%
10-Yr. T-note Yield 4.16% +.93%
VIX 14.64 +7.96%
Put/Call .94 +18.99%
NYSE Arms 1.87 +122.62%
After-hours Movers
None of note.
Recommendations
Goldman reiterated Outperform on BBY, KO and KRB. Goldman reiterated Underperform on RAI.
After-hours News
U.S. stocks finished lower today on profit-taking in the technology sector. After the close, Venezuela's congress may approve changes to the constitution next year that would allow President Chavez to be re-elected indefinitely, removing the current limit of two 6-year terms, Bloomberg reported. Infineon Technologies AG agreed to please guilty to fixing prices for digital memory chips and pay a $160 million criminal fine, the third largest U.S. antitrust enforcement penalty, Bloomberg reported. A judge cut in half a $268 million request for fees from lawyers who represented California consumers in an antitrust suit against Microsoft, Bloomberg said. Delta Air's outside auditors questioned the airline's ability to continue as a viable business, Bloomberg reported. Goldman Sachs agreed to pay $656 million for stakes in 12 U.S. power plants and a natural-gas pipeline from PG&E's National Energy & Gas Transmission unit, Bloomberg reported.
BOTTOM LINE: The Portfolio finished higher today on strength in my security and internet longs and weakness in my consumer-oriented shorts. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. Measures of investor anxiety rose throughout the day, which is a positive. The advance/decline line was weak, however it finished well off its lows. Finally, energy prices reversed today, which is very positive considering the current and potential disruptions from Hurricane Ivan and the much-larger-than-expected drawdown in inventories reported this morning.
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