Wednesday, October 26, 2005

Stocks Finish at Session Lows as Long-term Rates Rise

Indices
S&P 500 1,191.38 -.43%
DJIA 10,344.98 -.32%
NASDAQ 2,100.05 -.45%
Russell 2000 638.41 -.67%
DJ Wilshire 5000 11,889.46 -.47%
S&P Barra Growth 571.52 -.56%
S&P Barra Value 615.69 -.31%
Morgan Stanley Consumer 582.39 -.19%
Morgan Stanley Cyclical 705.00 +.52%
Morgan Stanley Technology 494.77 -1.23%
Transports 3,735.29 -.04%
Utilities 392.11 -1.33%
Put/Call .91 +3.41%
NYSE Arms .91 -7.45%
Volatility(VIX) 14.59 +.41%
ISE Sentiment 136.00 -27.66%
US Dollar 89.54 +.34%
CRB 324.23 -1.51%

Futures Spot Prices
Crude Oil 60.92 +.43%
Unleaded Gasoline 159.00 +.35%
Natural Gas 14.03 -.11%
Heating Oil 186.00 +.21%
Gold 472.60 -.08%
Base Metals 133.08 -.46%
Copper 181.45 -.19%
10-year US Treasury Yield 4.59% +1.25%

Leading Sectors
Airlines +.93%
Oil Tankers +.92%
Computer Services +.91%

Lagging Sectors
Gold & Silver -2.57%
HMOs -2.71%
Gaming -3.29%

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 MNST, ADP, AMLN and PAYX.

Afternoon/Evening Headlines
Bloomberg:
- Research in Motion lost a US Supreme Court bid to block proceedings that might result in a nationwide shutdown of its BlackBerry e-mail service.
- EnCana, Canada’s largest natural-gas producer, said third-quarter profit slid 32% because of hedging contracts that locked in fuel sales before prices surged to a record.
- US Treasuries fell, pushing the 10-year note’s yield to the highest since its peak this year in March.
span style="font-weight:bold;">BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, Medical longs and Airline longs. I added IWM and QQQQ shorts in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market was negative today as the advance/decline line finished lower, most sectors declined and volume was slightly above average. Measures of investor anxiety were mixed into the close. Oil closed floor trading at session lows, down $1.78. I expect the contango in the crude futures market to dissipate over the next few weeks, further pressuring demand for the commodity.

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