S&P 500 1,172.63 -.26%
DJIA 10,340.38 -.43%
NASDAQ 1,961.80 -.02%
Russell 2000 595.64 +.07%
DJ Wilshire 5000 11,541.79 -.18%
S&P Barra Growth 566.08 -.19%
S&P Barra Value 602.19 -.32%
Morgan Stanley Consumer 582.61 -.34%
Morgan Stanley Cyclical 710.87 -.45%
Morgan Stanley Technology 445.47 -.22%
Transports 3,528.85 +.26%
Utilities 366.44 -.82%
Put/Call 1.06 +11.58%
NYSE Arms 1.37 +179.94%
Volatility(VIX) 13.98 +.94%
ISE Sentiment 118.00 -10.61%
US Dollar 83.90 -.12%
CRB 300.20 -.26%
Futures Spot Prices
Crude Oil 51.26 +2.23%
Unleaded Gasoline 148.76 +1.45%
Natural Gas 6.70 +1.07%
Heating Oil 145.15 -.21%
Gold 431.10 +.09%
Base Metals 122.16 +.71%
Copper 143.00 unch.
10-year US Treasury Yield 4.14% -.90%
Oil Tankers +2.39%
Disk Drives -1.89%
Detailed Market Summary
Daily ETF Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
Real-time/After-hours Stock Quote
- Reiterated Outperform on COH, ARO, NKE, LIZ, PMMAY and CBG.
- Reiterated Underperform on GPI.
- The US government is proposing that a mandatory national cattle identification system be in place by 2009 to help control outbreaks of livestock illnesses such as foot and mouth disease and mad cow disease.
- US Treasury notes advanced after S&P cuts its credit ratings on GM and Ford to junk, driving investors to the haven of government debt.
- Boeing won an order from Northwest Airlines for 18 of its new 787 airplanes valued at about $2.16 billion, beating Airbus SAS for the third time in two weeks.
- US House Ways and Means Committee Chairman Thomas cautioned Democrats to drop preconditions on their willingness to negotiate a bill that shores up Social Security.
- Martha Stewart Living Omnimedia is close to a deal with a “major cable company” to air its new television show starring its founder, Martha Stewart.
- India plans to start special economic zones similar to those in China and ease restrictions on bank ownership to attract foreign investment.
BOTTOM LINE: The Portfolio finished lower today on losses in my Internet long and Energy-related shorts. 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 nearly unchanged, sector performance improved and volume was average. Measures of investor anxiety were higher into the close. Overall, today’s market action was slightly positive considering the GM and Ford debt downgrades, a rise in energy prices and yesterday’s strong performance. As I stated earlier in the day, I believe the odds of the Fed going on hold after the June meeting have risen substantially over the last 24 hours based on the auto debt downgrades and today’s Fed comments. Oil below $50/bbl. and the Fed slowing its pace of rate hikes are two key factors in my bullish view.