Wednesday, September 14, 2005

Stocks Finish at Session Lows on Higher Energy Prices and Google Secondary Offering

Indices
S&P 500 1,227.16 -.33%
DJIA 10,544.90 -.50%
NASDAQ 2,149.33 -1.03%
Russell 2000 666.35 -1.01%
DJ Wilshire 5000 12,260.73 -.39%
S&P Barra Growth 586.17 -.51%
S&P Barra Value 636.74 -.15%
Morgan Stanley Consumer 582.12 -.44%
Morgan Stanley Cyclical 741.01 -.42%
Morgan Stanley Technology 504.32 -1.14%
Transports 3,584.04 -.20%
Utilities 419.78 +.64%
Put/Call .89 -14.42%
NYSE Arms .87 -20.47%
Volatility(VIX) 12.91 +4.20%
ISE Sentiment 191.00 +37.41%
US Dollar 87.65 -.11%
CRB 321.66 +1.15%

Futures Spot Prices
Crude Oil 65.35 +3.55%
Unleaded Gasoline 194.95 +3.06%
Natural Gas 11.19 +4.01%
Heating Oil 194.15 +5.50%
Gold 454.30 +.96%
Base Metals 127.71 -.48%
Copper 160.80 -1.08%
10-year US Treasury Yield 4.16% +.93%

Leading Sectors
Gold & Silver +3.99%
Oil Service +1.35%
Energy +1.15%

Lagging Sectors
Networking -1.29%
Internet -1.39%
Restaurants -2.07%

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 BBY and EL.

Afternoon/Evening Headlines
Bloomberg:
- A federal judge in California said that reciting the Pledge of Allegiance in public schools is unconstitutional, in a ruling that will rekindle a debate over the appropriateness of the use of the phrase “under God.”
- Delta Air Lines filed for bankruptcy protection as soaring fuel costs and pressure to discount fares reduced its cash.
- Northwest Airlines filed for bankruptcy after record fuel prices and a strike by mechanics compounded losses.
- GlaxoSmithKline Plc’s and Celgene’s experimental drugs for blood cancers should win US approval without the comparative testing normally required, a government committee said.

AP:
- Al-Qaeda leader Abu Musab al-Zarqawi declared “all-out war” against Iraqi Shiites in an audiotape attributed to him and posted on the Internet.

Financial Times:
- Samsung Electronics may scale back spending on LCDs as profitability declines and competition intensifies.

Nikkei English News:
- Fujitsu Ltd. plans to increase optical communications equipment shipments to the US as American companies spend more to develop broadband networks.
BOTTOM LINE: The Portfolio finished lower today on losses in my Internet longs, Medical Tech longs and Semiconductor longs. I covered some of my IWM and QQQQ shorts in the afternoon, thus leaving the Portfolio 50% net long. The tone of the market was negative today as the advance/decline line finished substantially lower, most sectors declined and volume was about average. Measures of investor anxiety were most lower into the close. Overall, today’s market action was negative. Oil is back above $65/bbl. This, combined with the Google secondary and expiration, pressured shares this afternoon. I would like to see measures of investor anxiety move to higher levels before month’s end to set the stage for the strong fourth quarter I expect.

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