Tuesday, July 19, 2005

Stocks Finish Higher, Led by Tech, Cyclicals and Small-Caps

S&P 500 1,229.35 +.67%
DJIA 10,646.56 +.68%
NASDAQ 2,173.18 +1.32%
Russell 2000 666.86 +1.56%
DJ Wilshire 5000 12,261.46 +.78%
S&P Barra Growth 589.92 +.88%
S&P Barra Value 635.03 +.47%
Morgan Stanley Consumer 584.66 +.17%
Morgan Stanley Cyclical 753.03 +1.36%
Morgan Stanley Technology 505.48 +1.65%
Transports 3,636.96 +.11%
Utilities 393.78 +.45%
Put/Call .76 -26.21%
NYSE Arms 1.10 -17.18%
Volatility(VIX) 10.45 -2.97%
ISE Sentiment 164.00 +.61%
US Dollar 89.85 +.23%
CRB 304.79 -.70%

Futures Spot Prices
Crude Oil 57.64 +.56%
Unleaded Gasoline 168.10 +2.05%
Natural Gas 7.61 -.55%
Heating Oil 164.12 +.59%
Gold 420.20 unch.
Base Metals 122.83 -.28%
Copper 158.90 +.16%
10-year US Treasury Yield 4.18 -.98%

Leading Sectors
Oil Service +3.72%
Steel +3.71%
Papers +3.04%

Lagging Sectors
Drugs -.20%
Oil Tankers -.72%
HMOs -1.20%

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:
- Reiterated Outperform on DISH, AMGN, GILD, FDC and USB.
- Reiterated Underperform on LU and UIS.
- Downgraded CSC and EDS to Underperform.

Afternoon/Evening Headlines
- Google will open a research and development center in China and recruited the founder of Microsoft’s Chinese lab, Kai-Fu Lee, as president of its Chinese unit.
- Hurricane Emily regained strength after pounding the Yucatan Peninsula and headed across the Gulf of Mexico toward northeast Mexico, prompting residents to brace for heavy wind and rain.
- President Bush has decided on his nominee to succeed retiring US Supreme Court Justice Sandra Day O’Connor and will announce his choice in a 9pm televised White House speech. According to TradeSports.com, Judge Edith Jones is the frontrunner with a 39% chance of being chosen.
BOTTOM LINE: The Portfolio finished substantially higher today on gains in my Internet, Networking, Semi and Retail longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market was positive today as the advance/decline line finished higher, most sectors rose and volume was about average. Measures of investor anxiety were lower into the close. Overall, today’s market action was positive. I expect stocks are likely nearing a consolidation point. Greenspan’s testimony tomorrow could provide the catalyst.

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