Tuesday, June 20, 2006

Stocks Finish Mostly Lower on Below-Average Volume

Indices
S&P 500 1,240.12 unch.
DJIA 10,974.84 +.30%
NASDAQ 2,107.06 -.16%
Russell 2000 677.50 -.48%
Wilshire 5000 12,425.64 -.09%
S&P Barra Growth 575.18 -.07%
S&P Barra Value 663.06 +.06%
Morgan Stanley Consumer 601.28 +.25%
Morgan Stanley Cyclical 790.73 -.18%
Morgan Stanley Technology 485.33 unch.
Transports 4,629.98 +.40%
Utilities 406.40 +.47%
Put/Call .95 -10.38%
NYSE Arms 1.0 -30.56%
Volatility(VIX) 16.69 -6.39%
ISE Sentiment 135.0 +6.30%
US Dollar 86.20 -.14%
CRB 333.10 -.14%

Futures Spot Prices
Crude Oil 69.22 -.17%
Unleaded Gasoline 200.85 +.14%
Natural Gas 6.54 +.52%
Heating Oil 191.10 +.19%
Gold 579.70 -.12%
Base Metals 201.09 -.45%
Copper 308.75 -.15%
10-year US Treasury Yield 5.14% +.28%

Leading Sectors
Gold & Silver +2.21%
Airlines +2.0%
I-Banks +.75%

Lagging Sectors
Homebuilders -1.02%
HMOs -1.46%
Oil Service -2.26%

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
SmithBarney:
- Reiterated Buy on (SRZ).

Afternoon/Evening Headlines
Bloomberg:
- Husky Energy, a Canadian oil company, said a hydrocarbon discovery in an oil field offshore Newfoundland and Labrador may boost reserves by about 38%. The discovery in the White Rose field could contain 40 million to 90 million barrels of oil.
- Natural-gas prices fell for the third straight session as temperatures eased in the northern US, trimming demand for the fuel used by power plants to meet air-cooling needs.

Reuters:
- Canadian officials said a gosling that was infected with bird flu in the province of Prince Edward Island didn’t carry the deadly H5N1 Asian strain.

BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Networking longs and Energy-related shorts. I added to my (EEM), (IWM) and (QQQQ) shorts today, 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 mixed and volume was below average. Measures of investor anxiety were lower into the close. Overall, today's market performance was mildly bearish. The Johnson Redbook same-store sales index rose 3.2% year over year last week vs. a 3.1% rise the prior week. The long-term average is again of around 2.5%. I continue to see little evidence that a significant decline in consumer spending is on the horizon. I do, however, still expect to see retail sales decelerate back to average levels by next month.

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