S&P 500 1,265.29 -1.78%
DJIA 11,048.72 -1.77%
NASDAQ 2,169.62 -2.24%
Russell 2000 713.92 -3.19%
Wilshire 5000 12,754.91 -1.89%
S&P Barra Growth 584.56 -1.74%
S&P Barra Value 679.12 -1.82%
Morgan Stanley Consumer 600.97 -1.41%
Morgan Stanley Cyclical 826.75 -2.51%
Morgan Stanley Technology 498.93 -2.19%
Transports 4,619.53 -2.99%
Utilities 411.77 -.99%
Put/Call 1.21 unch.
NYSE Arms 2.75 +112.37%
Volatility(VIX) 16.65 +16.27%
ISE Sentiment 126.00 +15.60%
US Dollar 84.18 +.17%
CRB 348.78 -.36%
Futures Spot Prices
Crude Oil 72.42 -.25%
Unleaded Gasoline 216.00 -.19%
Natural Gas 6.43 -.51%
Heating Oil 203.50 -.38%
Gold 641.20 -1.17%
Base Metals 225.29 -1.26%
Copper 354.50 -1.56%
10-year US Treasury Yield 5.02% +.60%
Leading Sectors
REITs +.38%
Telecom -.93%
Utilities -.99%
Lagging Sectors
Oil Service -3.68%
Homebuilders -3.93%
Steel -5.82%
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:
- Cut (ELN) to Underperform.
Afternoon/Evening Headlines
Bloomberg:
- Futures traders raised bets the Fed will lift its benchmark interest rate to 5.25% this month after Chairman Bernanke said signs of inflation “are unwelcome.” The increase signals traders see a 76% chance of a quarter-point increase from 5% a the next Fed policy meeting June 28-29.
BOTTOM LINE: The Portfolio finished lower today on losses in my Semi longs, Medical longs and Retail longs. I added to my (QQQQ) and (IWM) shorts in the final hour, thus leaving the Portfolio 25% net long. The tone of the market was very negative today as the advance/decline line finished lower, almost every sector fell and volume was below average. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was bearish. The fact that volume was light today is a negative, in my opinion. As well, the 10-year yield finished modestly higher despite the sell-off in equities. There were a few positives. Oil traded .19 lower, despite production disruption fears, and continues to act very toppy. The U.S. dollar index finished at session highs after Bernanke's unexpectedly hawkish commentary. Finally, the NYSE Arms finished at 2.81, an elevated level, and the VIX spiked 17%. I continue to believe the most economically sensitive companies have further to go on the downside and will underperform over the intermediate-term.
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