Thursday, February 02, 2006

Stocks Close Near Session Lows on Weakness in Energy and Technology Shares

S&P 500 1,270.84 -.91%
DJIA 10,851.98 -.93%
NASDAQ 2,281.57 -1.25%
Russell 2000 726.25 -1.25%
S&P Barra Growth 606.07 -.79%
S&P Barra Value 660.62 -1.02%
Morgan Stanley Consumer 592.27 -.56%
Morgan Stanley Cyclical 785.78 -1.20%
Morgan Stanley Technology 532.56 -1.73%
Transports 4,281.19 -.94%
Utilities 408.27 -1.49%
Put/Call .97 +15.48%
NYSE Arms 1.39 +63.39%
Volatility(VIX) 13.23 +7.04%
ISE Sentiment 191.00 -12.79%
US Dollar 89.38 -.15%
CRB 343.14 -.42%

Futures Spot Prices
Crude Oil 64.90 +.34%
Unleaded Gasoline 167.50 +.56%
Natural Gas 8.40 +.73%
Heating Oil 178.20 +.63%
Gold 576.50 -.05%
Base Metals 175.17 +1.64%
Copper 230.70 -.09%
10-year US Treasury Yield 4.55% +.09%

Leading Sectors
Airlines +2.02%
Restaurants +1.42%
Retail +.45%

Lagging Sectors
Computer Hardware -1.74%
Homebuilders -2.05%
Tobacco -2.67%

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
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on (SSP), (RDEN) and (CSCO).

Afternoon/Evening Headlines
- Shares of Thomas Weisel Partners Group(TWPG), the third investment bank to go public in two years, surged as much as 33% in their trading debut.
- said fourth-quarter profit fell 43% as the company increased spending to lure shoppers during the holiday season.
- The Federal Reserve wants Wall Street securities firms to keep closer tabs on hedge funds to ensure that practices in the $1.1 trillion industry aren’t putting the banking system at risk.
- Electronic Arts(ERTS) said third-quarter profit fell 31%, the fifth decline in a row, as shortages of Xbox 360 consoles slowed sales.
BOTTOM LINE: The Portfolio finished lower today on losses in my Semi longs, Medical Information Systems longs, Computer longs and Software longs. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was negative today as the advance/decline line finished lower, most sectors fell and volume was heavy. Measures of investor anxiety were higher into the close. Overall, today's market action was bearish as the major averages finished near session lows with negative breadth. Investors chose to focus on the negatives throughout the day. I will wait to see the market's reaction to tomorrow's likely strong jobs report before shifting market exposure further.

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