Monday, December 12, 2005

Stocks Finish Mixed Ahead of Fed Announcement

Indices
S&P 500 1,260.43 +.08%
DJIA 10,767.77 -.10%
NASDAQ 2,260.95 +.19%
Russell 2000 689.54 +.11%
DJ Wilshire 5000 12,628.53 +.10%
S&P Barra Growth 603.15 +.17%
S&P Barra Value 652.92 unch.
Morgan Stanley Consumer 591.52 +.13%
Morgan Stanley Cyclical 780.46 -.03%
Morgan Stanley Technology 535.68 +.59%
Transports 4,090.70 -.28%
Utilities 407.78 -.50%
Put/Call .69 -13.75%
NYSE Arms .81 -20.38%
Volatility(VIX) 11.47 -1.88%
ISE Sentiment 207.00 +5.61%
US Dollar 90.31 -1.03%
CRB 333.70 +1.80%

Futures Spot Prices
Crude Oil 61.41 +.18%
Unleaded Gasoline 165.25 +.35%
Natural Gas 15.04 +1.37%
Heating Oil 177.65 +.23%
Gold 531.00 -.09%
Base Metals 151.76 -1.53%
Copper 199.00 +.20%
10-year US Treasury Yield 4.54% +.57%

Leading Sectors
Energy +1.22%
Oil Service +1.12%
Broadcasting +1.10%

Lagging Sectors
Utilities -.50%
Restaurants -.58%
Insurance -.64%

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 CL and RDEN.
- Reiterated Underperform on MARSA.

Afternoon/Evening Headlines
Bloomberg:
- GM’s debt rating, already non-investment grade, was cut two levels by S&P because of concern that losses at the automaker’s North American operations will be difficult to end.
- Diebold said CEO Walden O’Dell resigned and will be replaced by President Thomas Swidarski.
- Crude oil rose to a five-week high as falling temperatures in the US spurred demand for heating oil.

CNBC:
- US Steel may sell its oil pipe business for $2.5 billion, Mergermarket consulting editor Josh Kosman said.
BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, Medical longs and Semi longs. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market was mixed today as the advance/decline line finished slightly lower, sector performance was mixed and volume was above average. Measures of investor anxiety were lower into the close. Intuitive Surgical (ISRG) broke out of a two-week trading range today, making another all-time high on above-average volume. This stock remains one of my largest long positions. I expect it to continue to outperform over the intermediate term.

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