Monday, June 27, 2005

Stocks Finish Modestly Lower as Oil Closes Above $60

S&P 500 1,190.69 -.07%
DJIA 10,290.78 -.07%
NASDAQ 2,045.20 -.39%
Russell 2000 628.31 -.33%
DJ Wilshire 5000 11,822.97 -.06%
S&P Barra Growth 568.12 +.03%
S&P Barra Value 618.48 -.18%
Morgan Stanley Consumer 569.58 -.16%
Morgan Stanley Cyclical 708.53 -.53%
Morgan Stanley Technology 473.50 -.61%
Transports 3,395.84 -.45%
Utilities 382.19 +.40%
Put/Call .95 +6.74%
NYSE Arms 1.27 -8.70%
Volatility(VIX) 12.52 +2.79%
ISE Sentiment 128.00 -48.18%
US Dollar 88.45 -.37%
CRB 311.37 -.28%

Futures Spot Prices
Crude Oil 60.29 -.41%
Unleaded Gasoline 167.30 -.12%
Natural Gas 7.12 -.18%
Heating Oil 167.50 -.07%
Gold 441.20 -.11%
Base Metals 123.51 -.64%
Copper 156.20 -.06%
10-year US Treasury Yield 3.90% -.39%

Leading Sectors
Energy +1.51%
Homebuilders +1.50%
Oil Service +1.32%

Lagging Sectors
Semis -1.32%
Networking –1.51%
Airlines -3.20%

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
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- None of note

Banc of America:
- Upgraded RYL to Buy.

Afternoon/Evening Headlines
- Women who become sterilized form cancer treatments may still be able to get pregnant if their ovary tissues are frozen before high-dose chemotherapy, a new study suggests.
- Carlyle Group, a US-based private investor with $30 billion under management, plans to raise $1 billion in the next few months for a new Asia investment fund, said Rajeev Gupta, who will head the group’s India unit.
- Wyeth raised its estimate for 2005 earnings to $2.80 to $2.90 a share, citing revenue growth, slower-than-expected cost increases and favorable tax developments.
- Milberg Weiss Bershad & Schulman LLP, a law firm that specializes in shareholder fraud lawsuits, said it never made illegal payments to a client, a retired California lawyer, who was charged by a grand jury last week.
- IBM said the SEC started an informal probe of its disclosure about first-quarter earnings and stock-option expenses.
- Google’s shares rose above $300 after less than a year as a public company, cementing the most-used Internet search engine’s status as the world’s largest media company by market value.
- Crude oil closed above $60 a barrel for the first time on concern that Iran’s new president may limit foreign investment in the nation’s oil industry.

BOTTOM LINE: The Portfolio finished modestly higher on gains in my Homebuilding longs and Steel shorts. I did not trade in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market was modestly negative today as the advance/decline finished lower, most sectors fell and volume was light. Measures of investor anxiety were mostly higher into the close. Overall, today’s market action was mildly negative. I expect Consumer Confidence to come in slightly below estimates tomorrow. Google hit another all-time high today and remains my largest long position.

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