Wednesday, July 27, 2005

Stocks Finish at Session Highs, Led Again by Tech

S&P 500 1,236.79 +.46%
DJIA 10,637.09 +.54%
NASDAQ 2,186.22 +.47%
Russell 2000 674.88 +.04%
DJ Wilshire 5000 12,334.91 +.40%
S&P Barra Growth 593.62 +.49%
S&P Barra Value 638.73 +.42%
Morgan Stanley Consumer 587.41 +.48%
Morgan Stanley Cyclical 760.52 +.47%
Morgan Stanley Technology 503.84 +.97%
Transports 3,761.69 +.54%
Utilities 393.94 +.43%
Put/Call .79 -5.95%
NYSE Arms .88 -14.27%
Volatility(VIX) 10.36 -5.73%
ISE Sentiment 178.00 -1.66%
US Dollar 89.73 -.30%
CRB 307.10 +.32%

Futures Spot Prices
Crude Oil 59.04 -.27%
Unleaded Gasoline 170.60 +.60%
Natural Gas 7.65 +2.99%
Heating Oil 161.35 +.61%
Gold 431.30 +.47%
Base Metals 125.49 +1.07%
Copper 162.65 +1.28%
10-year US Treasury Yield 4.25% +.70%

Leading Sectors
Internet +1.57%
Wireless +1.52%
Telecom +1.42%

Lagging Sectors
Disk Drives -1.27%
Restaurants -1.28%
Steel -1.40%

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:
- Reiterated Outperform on CL, K, BXP, HOT, AHC and STR.
- Reiterated Underperform on RAI and BA.

Afternoon/Evening Headlines
- GM will end on Aug. 1 a program that gives employee discounts to all US buyers as it clears out this year’s models and prepares to offer lower prices on their 2006 replacements.
- Citigroup’s Sanford Weil said he will complete his term as chairman of the biggest US financial-services company, ending his plans to leave early and start a buyout fund.

- Cnooc Ltd., which is competing with Chevron to acquire Unocal, may raise its bid.
BOTTOM LINE: The Portfolio finished substantially higher today on gains in my Medical, Biotechnology, Semiconductor and Retail longs and Oil Tanker shorts. I did not trade in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market was slightly positive today as the advance/decline line finished modestly higher, most sectors rose and volume was slightly above average. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was positive. It appears as though the major averages will penetrate the upper end of their recent trading ranges imminently.

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