Tuesday, September 27, 2005

Stocks Finish Mixed in Choppy Trading

Indices
S&P 500 1,215.66 unch.
DJIA 10,456.21 +.12%
NASDAQ 2,116.42 -.24%
Russell 2000 659.17 -.16%
DJ Wilshire 5000 12,139.58 -.02%
S&P Barra Growth 581.57 +.15%
S&P Barra Value 629.88 -.13%
Morgan Stanley Consumer 579.07 +.42%
Morgan Stanley Cyclical 721.72 -.01%
Morgan Stanley Technology 494.84 -.47%
Transports 3,617.49 +.05%
Utilities 424.65 +.41%
Put/Call .79 -35.77%
NYSE Arms .94 -5.09%
Volatility(VIX) 12.76 -2.15%
ISE Sentiment 200.00 +21.95%
US Dollar 89.60 +.55%
CRB 327.03 +.03%

Futures Spot Prices
Crude Oil 64.90 -.26%
Unleaded Gasoline 217.75 +.51%
Natural Gas 12.67 +.11%
Heating Oil 206.90 +.02%
Gold 466.40 +.04%
Base Metals 130.67 -.39%
Copper 172.60 -.12%
10-year US Treasury Yield 4.28% -.09%

Leading Sectors
HMOs +1.07%
Foods +.84%
Defense +.68%

Lagging Sectors
Computer Hardware -1.12%
Semis -1.23%
Gold & Silver -1.62%

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 Underperform on SIRI.

Afternoon/Evening Headlines
Bloomberg:
- NBC’s television audience shrank in the first week of the season after new programs such as Martha Stewart’s reality show failed to stem viewer defections.
- Michael Brown, the former head of FEMA, defended the federal government’s response to Hurricane Katrina before a congressional committee and called the state and local governments in Louisiana “dysfunctional.”
- Pfizer said US regulators approved its cholesterol-lowering drug Lipitor to reduce risk of stroke and heart attack in patients with Type 2 diabetes.
- GM faces a “50-50” chance of a strike by the Canadian Auto Workers at midnight as the two sides negotiate.
BOTTOM LINE: The Portfolio finished slightly unchanged today as gains in my Medical longs offset losses in my Semiconductor longs. I covered my IWM and QQQQ shorts in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market was slightly negative today as the advance/decline line finished modestly lower, most sectors were lower and volume was slightly below average. Measures of investor anxiety were lower into the close. Overall, today’s market action was slightly positive. Treasury-note yield reversed on Greenspan's comments and finished at session lows of 4.28%. I still have part of my iShares Lehman 20+ Year Treasury Bond (TLT) long and I am considering adding back to it.

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