Monday, May 09, 2005

Stocks Close at Session Highs

Indices
S&P 500 1,178.84 +.64%
DJIA 10,384.34 +.38%
NASDAQ 1,979.67 +.63%
Russell 2000 602.91 +1.07%
DJ Wilshire 5000 11,611.59 +.66%
S&P Barra Growth 568.77 +.50%
S&P Barra Value 605.71 +.78%
Morgan Stanley Consumer 583.33 +.51%
Morgan Stanley Cyclical 715.49 +.30%
Morgan Stanley Technology 450.75 +.55%
Transports 3,559.06 +.72%
Utilities 367.82 +.81%
Put/Call .84 -20.0%
NYSE Arms .63 -33.28%
Volatility(VIX) 13.75 -2.14%
ISE Sentiment 144.0 -11.66%
US Dollar 84.64 +.02%
CRB 300.82 +.12%

Futures Spot Prices
Crude Oil 52.43 +.73%
Unleaded Gasoline 149.30 +.38%
Natural Gas 6.72 +.67%
Heating Oil 144.50 +.14%
Gold 426.90 unch.
Base Metals 123.87 +.85%
Copper 144.65 unch.
10-year US Treasury Yield 4.28% +.56%

Leading Sectors
I-Banks +3.23%
Networking +2.34%
Nanotechnology +2.29%

Lagging Sectors
Tobacco -.15%
Broadcasting -.67%
Papers -.75%

Evening Review
Detailed Market Summary
Market Gauges
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Economic Calendar
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on BAC.
- Reiterated Underperform on CNA.

Afternoon/Evening Headlines
Bloomberg:
- French voters were evenly split on the European Union constitution ahead of the May 29 referendum as support declined, a survey by polling company Ipsos SA showed.
- Crude oil in NY rose more than $1 a barrel on speculation that OPEC may not be able to meet demand during the winter months, when global consumption peaks.
- GM said it will pay its 50-cents-a-share quarterly dividend as scheduled.
- Walt Disney and some of its board members were sued by former directors Roy Disney and Stanley Gold for fraud and misleading shareholders about the company’s search for a CEO to replace Michael Eisner.
- A NYSE member sued to block the exchange’s merger with Archipelago Holdings, contending the deal shortchanges seat owners and that its underwriter, Goldman Sachs Group, has a conflict of interest.

AP:
- Iran confirmed for the first time it had converted 37 tons of raw uranium into a gas, a step in the enrichment cycle.

Market News:
- South Korea’s plan to increase returns on as much as $20 billion won’t include a shift away from US Treasuries and other US assets, citing Finance Minister Han Duck Soo.

Washington Post:
- North Korean official Pak Hyon Jae called a nuclear weapons test “indispensable” to proving the communist country’s military capability.

BOTTOM LINE: The Portfolio finished unchanged today as gains in my Gaming and Homebuilding longs offset losses in my Internet and Airline longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market improved into the afternoon as the advance/decline finished at its daily highs, almost every sector rose and volume was light. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was positive considering last week’s gains and today’s rise in energy prices. Lower energy prices and positive earnings reports from Cisco and Dell could spur further gains later in the week.

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