BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Retail longs, Internet longs and Energy-related shorts. I have not traded today, thus leaving the Portfolio 75% net long. The tone of the market is mixed as the advance/decline line is about even, sector performance is mixed and volume is above average. The yield on the 10-year Treasury note is at session lows, falling 11 basis points to 4.98%. I expect lower long-term rates will eventually result in P/E multiple expansion for the broad market, especially those companies that can generate above-average growth in a slower economy. I expect US stocks to trade modestly higher into the close from current levels on short-covering and lower long-term rates.
Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Friday, June 02, 2006
Stocks Slightly Lower into Final Hour on Rise in Oil and Economic Worries
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