Monday, July 03, 2006

Stocks Finish Higher on Bargain Hunting

Indices
S&P 500 1,280.19 +.79%
DJIA 11,228.02 +.70%
NASDAQ 2,190.43 +.84%
Russell 2000 730.80 +.85%
Wilshire 5000 12,906.50 +.76%
S&P Barra Growth 590.89 +.72%
S&P Barra Value 687.75 +.85%
Morgan Stanley Consumer 613.66 +.37%
Morgan Stanley Cyclical 831.85 +.34%
Morgan Stanley Technology 498.47 +.95%
Transports 4,974.91 +.93%
Utilities 418.46 +1.09%
Put/Call .89 -3.26%
NYSE Arms .97 -36.90%
Volatility(VIX) 13.05 -.23%
ISE Sentiment 66.00 -38.32%
US Dollar 85.14%
CRB 348.13 +.50%

Futures Spot Prices
Crude Oil 73.93 unch.
Unleaded Gasoline 221.88 unch.
Natural Gas 6.10 unch.
Heating Oil 202.86 unch.
Gold 616.00 unch.
Base Metals 216.69 -.44%
Copper 335.50 unch.
10-year US Treasury Yield 5.14% +.24%

Leading Sectors
Gold & Silver +4.07%
I-Banks +1.83%
REITs +1.30%

Lagging Sectors
Homebuilders -.03%
Gaming -.06%
Retail -.08%

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:
- The US dollar climbed the most in a week against the yen.
- NASA workers spotted a small cavity in the foam insulation in the giant fuel tank of the space shuttle Discovery, but officials plan to go ahead with liftoff tomorrow.
- Renault SA and affiliate Nissan Motor authorized their chief executive officer, Carlos Ghosn, to begin “exploratory” talks with GM(GM) on a possible alliance.

BBC:
- Al-Qaeda sympathizers have attempted to infiltrate MI5, the UK’s internal security service, citing unidentified government sources.
BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, Medical longs and Computer longs. I did not trade, thus leaving the Portfolio 100% net long. The tone of the market was positive as the advance/decline line finished higher, almost every sector rose and volume was light. Measures of investor anxiety were mostly lower into the close. Overall, today's market performance was bullish. The S&P 500 closed back above its 50-day moving average, which many had pointed to as a substantial point of resistance after last week's sharp gains. Moreover, the ISE Sentiment Index made another all-time low of 36.0 this morning, a very depressed level, which is a big positive. The 10-year also maintained last week's gains, which was also a positive. The main negative for today was the fact that commodity stocks paced the advance. However, a number of market-leading growth stocks finished with nice gains, as well. Have a great July 4th holiday! Thanks for reading.

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