Monday, October 03, 2005

Stocks Finish Mixed as Strength in Tech Offset Weakness in Commodity Shares

Indices
S&P 500 1,226.70 -.17%
DJIA 10,535.48 -.31%
NASDAQ 2,155.43 +.17%
Russell 2000 670.55 +.41%
DJ Wilshire 5000 12,281.00 -.02%
S&P Barra Growth 585.25 -.31%
S&P Barra Value 637.25 -.04%
Morgan Stanley Consumer 585.81 -.26%
Morgan Stanley Cyclical 727.64 -.38%
Morgan Stanley Technology 508.39 +.36%
Transports 3,736.59 -.11%
Utilities 437.63 +1.21%
Put/Call .88 +7.32%
NYSE Arms 1.07 +25.55%
Volatility(VIX) 12.46 +4.53%
ISE Sentiment 237.00 +39.41%
US Dollar 90.13 +.68%
CRB 333.22 +.08%

Futures Spot Prices
Crude Oil 65.23 -.11%
Unleaded Gasoline 204.83 -.67%
Natural Gas 14.12 +.73%
Heating Oil 207.00 -.52%
Gold 469.00 -.06%
Base Metals 128.96 -.42%
Copper 175.80 -.06%
10-year US Treasury Yield 4.38% +1.37%

Leading Sectors
Utilities +1.21%
Computer Hardware +1.13%
HMOs +.99%

Lagging Sectors
Insurance -.72%
Steel -1.21%
Oil Tankers -1.25%

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 GOOG, QCOM, MYL and PFE.

Afternoon/Evening Headlines
Bloomberg:
- MCI Inc. said it will pay $315 million as part of a settlement with 15 states and the District of Columbia over tax claims.
- The US dollar rose to a 16-month high against the yen and gained versus the euro, while US Treasuries declined after an index of US manufacturing was higher than forecast.
- US Representative Tom Delay was indicted for a second time in a week by a Texas grand jury in connection with alleged campaign fundraising abuses.

Nikkei English News:
- Matsushita Electric Industrial, Hitachi Ltd. and Pioneer Corp. plan to unveil a plasma display panel that runs on half the power consumed by current plasma sets.
BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, Semiconductor longs, Airline longs and Oil Tanker shorts. I exited my IWM and QQQQ shorts and added PWR long in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market was modestly positive today as the advance/decline line finished slightly higher, most sectors rose and volume was above average. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was neutral. The Utility Index is up 51.33% over the last 12 months and is hitting an all-time high today. Historically, this index would be showing some weakness if a substantial increase in inflation was on the horizon.

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