S&P 500 1,204.99 +.88%
DJIA 10,371.80 +.66%
NASDAQ 2,078.75 +1.04%
Russell 2000 653.23 +1.58%
DJ Wilshire 5000 12,006.90 +.93%
S&P Barra Growth 574.51 +.95%
S&P Barra Value 626.36 +.82%
Morgan Stanley Consumer 572.82 +.43%
Morgan Stanley Cyclical 720.74 +.83%
Morgan Stanley Technology 476.10 +.73%
Transports 3,534.81 +.75%
Utilities 390.33 -.01%
Put/Call .67 -32.32%
NYSE Arms .81 -21.0%
Volatility(VIX) 11.68 +2.46%
ISE Sentiment 124.00 -41.23%
US Dollar 90.40 -.07%
CRB 309.76 +1.94%
Futures Spot Prices
Crude Oil 59.78 +.32%
Unleaded Gasoline 168.80 +.37%
Natural Gas 7.53 +.74%
Heating Oil 173.80 +.32%
Gold 424.90 +.24%
Base Metals 118.88 +.47%
Copper 151.40 +.33%
10-year US Treasury Yield 4.10% +1.72%
Leading Sectors
Oil Service +3.37%
Energy +3.05%
Retail +2.23%
Lagging Sectors
Tobacco -.23%
Airlines -1.04%
Gold & Silver -2.62%
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 AMR and UTX.
Afternoon/Evening Headlines
Bloomberg:
- US investors should put all of their money into stocks, according to Prudential Equity Group’s Ed Keon, the most bullish call since Bloomberg News began surveying strategists in 1996.
- US 10-year T-notes tumbled for a second day in NY as the government said factory orders in May increased by the most in a year, reinforcing views the economy is withstanding higher Federal Reserve interest rates.
- Ford Motor matched GM in offering all buyers the same discounts to employees after the incentives helped GM record its best sales month in 18 years in June.
Wall Street Journal:
- American International Group hired former SEC Chairman Arthur Levitt as a board adviser.
Washington Post:
- The Chinese Foreign Ministry criticized the US Congress for demanding a government review of CNOOC’s $18.5 billion bid for Unocal Corp.
Financial Times:
- Small US mutual fund companies are seeking sales or mergers due to increased regulatory and compliance costs and a slowdown in industry growth.
- Maytag Corp. may cut short takeover talks with a group led by China’s Haier Group, a move that may ease concern that a rival bidder Ripplewood Holdings may withdraw its offer and seek a break-up fee.
BOTTOM LINE: The Portfolio finished substantially higher today on gains in my Internet, Retail, Networking and Medical 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, almost every sector rose and volume was below average. Measures of investor anxiety were mixed into the close. Overall, today’s market action was positive. Small-caps outperformed throughout the day, and the Russell 2000 is five points away from an all-time high. I expect the ISM Non-Manufacturing Index to exceed expectations tomorrow. The energy inventory data release was postponed until Thursday due to the holiday.
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