S&P 500 1,305.93 +.63%
DJIA 11,203.85 +.53%
NASDAQ 2,345.36 +.37%
Russell 2000 762.32 +.41%
Wilshire 5000 13,203.10 +.55%
S&P Barra Growth 613.69 +.51%
S&P Barra Value 689.19 +.74%
Morgan Stanley Consumer 610.05 +.02%
Morgan Stanley Cyclical 826.91 +.71%
Morgan Stanley Technology 553.47 +.59%
Transports 4,681.81 +1.29%
Utilities 394.75 +1.12%
Put/Call .79 +17.91%
NYSE Arms .75 +18.15%
Volatility(VIX) 11.14 -3.72%
ISE Sentiment 166.00 +14.48%
US Dollar 88.83 -.89%
CRB 332.43 -.95%
Futures Spot Prices
Crude Oil 66.32 +.14%
Unleaded Gasoline 190.40 +.45%
Natural Gas 7.05 -.14%
Heating Oil 186.15 +.31%
Gold 591.03 +.12%
Base Metals 179.66 -1.77%
Copper 253.55 unch.
10-year US Treasury Yield 4.86% +.04%
Leading Sectors
Oil Service +1.68%
I-Banks +1.62%
Internet +1.46%
Lagging Sectors
REITs -.68%
Networking -.82%
Broadcasting -1.49%
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
Piper Jaffray:
- Rated ALXN Outperform, target $51.
- Rated CBST Outperform, target $30.
- Rated IDIX Underperform, target $9.
- Rated CELG Outperform, target $50.
Afternoon/Evening Headlines
Bloomberg:
- The cash on US corporate balance sheets is near levels that followed stock market plunges – not rallies – making equities today crash-proof, said Citigroup Investment Research’s Tobias Levkovich.
- Wal-Mart Stores(WMT) will open more than 50 locations in areas of higher unemployment and crime in the next two years.
- A record number of candidates plan to take the Chartered Financial Analyst exams as surging profits at investment banks boost hiring and attract more job seekers to the financial services industry.
- The US economy is expanding this year at a “solid pace” and will withstand a slowdown in the housing market, said Jeffrey Lacker, president of the Fed Bank of Richmond. “Growth is proceeding on a solid pace this year, and inflation is low and stable,” he said.
CNBC:
- Biomet(BMET) has hired Morgan Stanley to explore alternatives that may include a possible sale of the company.
Nikkei English News:
- NEC Corp. agreed to jointly develop and manufacture data-storage devices with EMC Corp.(EMC).
BOTTOM LINE: The Portfolio finished slightly higher today as gains in my Retail longs, Internet longs and Biotech longs. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was slightly positive today as the advance/decline line finished almost unchanged, sector performance was positive and volume was above-average. Measures of investor anxiety were mixed into the close. Overall, today's market performance was mildly bullish. However, breadth was poor throughout the day. As well, the 10-year T-note finished near session lows and oil rebounded off session lows. On the positive side, the bears were once again unable to capitalize on downside momentum. The CRB Index declined 1% today despite the fall in the U.S. dollar, which is a negative for commodities. I still expect stocks to consolidate recent gains further before another substantial push higher. There may even be a short period of weakness in the broad market as investors begin anticipating slower economic growth, thus rotating out of more cyclical sectors.
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