Tuesday, January 25, 2005

Tuesday Close

Indices
S&P 500 1,168.41 +.40%
Dow 10,461.56 +.90%
NASDAQ 2,019.95 +.56%
Russell 2000 606.50 +.33%
DJ Wilshire 5000 11,474.14+.33%
S&P Barra Growth 562.80 +.66%
S&P Barra Value 601.31 +.15%
Morgan Stanley Consumer 582.71 +.71%
Morgan Stanley Cyclical 745.59 +.84%
Morgan Stanley Technology 458.82 +.55%
Transports 3,530.25 +2.18%
Utilities 331.79 -.77%
Put/Call .80 +9.59%
NYSE Arms .84 -33.86%
Volatility(VIX) 14.06 -4.03%
ISE Sentiment 128.00 -14.09%
US Dollar 83.99 +.90%
CRB 286.52 +.22%

Futures Spot Prices
Crude Oil 49.53 -.22%
Unleaded Gasoline 134.00 -.33%
Natural Gas 6.38 -.28%
Heating Oil 142.50 +.01%
Gold 421.90 -.05%
Base Metals 119.49 -1.21%
Copper 142.75 -.10%
10-year US Treasury Yield 4.19% +1.75%

Leading Sectors
Airlines +4.63%
Semis +1.78%
Drugs +1.15%

Lagging Sectors
Utilities -.77%
Boxmakers -.84%
Telecom -1.09%

After-hours Movers
INSP +17.0% after beating 4Q estimates and raising 1Q/05 guidance.
SGTL +13.5% after reporting strong 4Q results and giving positive 1Q guidance.
STK +9.94% after beating 4Q estimates.
CPWR +14.99% after substantially beating 3Q estimates.
ERTS +4.8% after beating 3Q estimates, reiterating 05 guidance and buying 19.9% of Ubisoft Entertainment.
CSGS +4.34% after beating 4Q estimates and raising 1Q outlook.
FLEX +4.5% after beating 3Q estimates and raising 4Q/05 guidance.
CYMI +6.18% after substantially beating 4Q estimates and giving positive 1Q outlook.
SNDK -5.78% after LEXR lowered guidance.
FLSH -5.02% on LEXR news.

Detailed Market Summary
Market Wrap CNBC Video(bottom right)
Futures Recap
NASDAQ 100 After-hours Indicator
Real-time/After-hours Stock Quote

Afternoon Recommendations
Goldman Sachs reiterated Outperform on EBAY, YHOO and GOOG.

After-hours News
US stocks finished higher today, spurred by positive consumer confidence and earnings reports. After the close, France should not introduce US-style class action lawsuits as they could harm its economy further and transfer money from good companies to lawyers, the Financial Times reported, citing US Chamber of Commerce President Thomas Donohue. Matthew Rose, CEO of Burlington Northern Santa Fe Corp., said he expects increased trade with Asia to drive growth at the second-biggest US railroad, CNBC reported. The US and UK will begin transferring control of large parts of Iraq to the nation’s security forces after the Jan. 30 national elections, the Financial Times reported, citing Tony Blair. Democrats in the US Senate lined up today to criticize President Bush’s national security adviser, Condoleezza Rice, ahead of the Republican-led body’s expected confirmation of her tomorrow as secretary of state, Bloomberg reported. The US FBI said today that a reported terrorist threat to Boston has “no credibility,” and it canceled its request for help from the public, Bloomberg said. China and Russia rejected a new US bid to impose UN sanctions on Sudan for failing to end assaults on villagers in Darfur, Bloomberg reported. Royal Dutch/Shell Group cut oil production in Nigeria by 35,000 barrels a day after protesters blocked access to two pumping stations in Abia state, Agence France-Presse reported. NY City fire officials said an arsonist caused a subway blaze Jan. 23 that shut down service on one line and crippled another, causing damage that transit systems managers said could take five years to fix, Bloomberg reported. China will assess first-quarter reports before deciding whether to rein in its accelerating economy with tougher investment curbs or higher interest rates, Bloomberg reported.

BOTTOM LINE: The Portfolio finished unchanged today as gains in my software shorts were offset by losses in my oil service shorts. I did not trade in the afternoon, thus leaving the Portfolio market neutral. The tone of the market weakened throughout the day as the advance/decline line fell, finishing near its daily lows. Volume was lighter, measures of investor anxiety were mixed and a number of sectors declined. Today’s action leads me to believe a sustainable rally has not yet begun.

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