S&P 500 1,309.72 +.33%
DJIA 11,382.51 +.25%
NASDAQ 2,344.95 +.49%
Russell 2000 761.40 -.50%
Wilshire 5000 13,235.29 +.22%
S&P Barra Growth 611.23 +.24%
S&P Barra Value 695.99 +.42%
Morgan Stanley Consumer 610.07 +.66%
Morgan Stanley Cyclical 847.10 -.71%
Morgan Stanley Technology 5550.12 +.89%
Transports 4,670.13 -.65%
Utilities 396.97 +1.17%
Put/Call .75 -30.56%
NYSE Arms 1.0 +9.49%
Volatility(VIX) 11.84 +.68%
ISE Sentiment 159.00 -18.88%
US Dollar 86.63 -.68%
CRB 345.69 -1.95%
Futures Spot Prices
Crude Oil 70.90 -.10%
Unleaded Gasoline 206.50 -.33%
Natural Gas 6.75 -.73%
Heating Oil 198.03 -.27%
Gold 636.50 +.03%
Base Metals 216.12 -3.58%
Copper 320.70 +.82%
10-year US Treasury Yield 5.07% +.82%
Leading Sectors
Banks +1.97%
Software +1.43%
Biotech +1.32%
Lagging Sectors
Gold & Silver -3.55%
Steel -5.46%
HMOs -5.94%
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
- None of note
Afternoon/Evening Headlines
Bloomberg:
- China, which unexpectedly raised its benchmark lending rate yesterday, may follow with more measures aimed at cooling the world’s fastest-growing major economy.
- Former Enron Corp. Chairman Kenneth Lay acknowledged his son was among short sellers of the company’s stock, a group of investors the executive blamed at his fraud trial for destroying the company.
- Nokia(NOK) agreed to pay $253 million to InterDigital Communications(IDCC) to end a dispute over phone technology.
- More than 1,100 people wanted for sex crimes were arrested in a 27-state sweep of fugitives, US officials said.
- Oil fell for a fourth day on speculation that increased operating rates at US refineries will replenish gasoline supplies before the peak-demand summer driving season.
- President Bush returned to the hurricane-battered Gulf Coast today to thank volunteers helping rebuild the region.
- The Univ. of Penn.’s Wharton School, the US’s oldest business college, has the best undergraduate business program in the nation, a new poll says.
- Nasdaq Stock Market(NDAQ) raised $691.2 million through a stock sale intended to pay for its minority stake in London Stock Exchange Plc.
- President Bush’s administration said it wants authority to raise fuel-economy standards for cars.
- Microsoft(MSFT) said third-quarter profit rose 16% on orders for database programs. Earnings this year and next may miss some analysts’ estimates.
BOTTOM LINE: The Portfolio finished higher today on gains in my Computer longs, Retail longs, Semi longs and Energy-related shorts. I added to my (IWM) and (QQQQ) shorts in the final hour, thus leaving the Portfolio 50% net long. The tone of the market was slightly negative today as the advance/decline line finished modestly lower, sector performance was mostly positive and volume was very heavy. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was neutral. Breadth was weak throughout the day and finished negative as cyclicals underperformed. Notwithstanding the low VIX, intraday volatility is increasing. On the positive side, outside of commodities, most sectors rose on heavy volume. Moreover, it appears to me that Bernanke has much better "vision" than Greenspan which should result in some P/E multiple expansion. His comments make a hard landing in housing less likely.
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