S&P 500 1,270.91 -.72%
DJIA 11,151.82 -.68%
NASDAQ 2,153.54 -1.69%
Russell 2000 719.85 -1.50%
Wilshire 5000 12,799.00 -.83%
S&P Barra Growth 586.37 -.77%
S&P Barra Value 683.03 -.69%
Morgan Stanley Consumer 610.18 -.57%
Morgan Stanley Cyclical 824.76 -.85%
Morgan Stanley Technology 489.23 -1.85%
Transports 4,921.53 -1.07%
Utilities 415.69 -.66%
Put/Call 1.33 +49.44%
NYSE Arms 1.13 +16.44%
Volatility(VIX) 14.15 +8.43%
ISE Sentiment 166.00 +151.52%
US Dollar 85.61 +.54%
CRB 349.86 +.49%
Futures Spot Prices
Crude Oil 75.14 -.07%
Unleaded Gasoline 227.50 -.04%
Natural Gas 5.76 unch.
Heating Oil 206.26 +1.68%
Gold 630.70 +.16%
Base Metals 216.88 -1.45%
Copper 340.25 -.04%
10-year US Treasury Yield 5.22% +1.39%
Leading Sectors
Energy +.39%
REITs -.10%
Drugs -.43%
Lagging Sectors
Steel -2.07%
Gold & Silver -2.31%
Semis -3.16%
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
Susquehanna:
- Rated (ENTG) Positive.
Afternoon/Evening Headlines
Bloomberg:
- US IPOs backed by venture capital firms raised $2 billion in the second quarter, almost quadruple the first quarter’s total.
- Microsoft(MSFT) is planning to have a portable music and video player out by Christmas in a challenge to Apple Computer’s(AAPL) iPod.
- US states are “dumbing down” their grade-school tests, where high failure rates could bring penalties under the federal “No Child Left Behind” law, Univ. of California researchers reported.
- US 10-year Treasuries fell the most in three weeks after a private report estimated US companies in June added the most jobs since at least 2001, fueling speculation the Fed will raise rates next month.
- Boeing(BA) may win a $7.3 billion order for military aircraft from Canada’s government because it may be the only supplier that can meet the country’s requirements.
BOTTOM LINE: The Portfolio finished slightly lower today on losses in my Semi longs and Retail longs. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was 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. Breadth improved from this morning, but was still solidly negative. A $1.26 per barrel rise in oil to record highs couldn't boost most energy-related equities. On the positive side, the 10-year yield finished at 5.21%, off session highs. My intraday measures of investor angst were elevated throughout the day, and volume was below average. Moreover, many market leading stocks finished only slightly lower and in some cases higher. The underlying tone of this market is much improved from recent weeks, even on pullbacks. While the Nasdaq Biotech Index (NBI) traded about 1% lower today, many leading stocks in the sector traded well and held recent gains. Genentech (DNA), Celgene (CELG), Gilead Sciences (GILD), Imclone Systems (IMCL), Amylin Pharmaceuticals (AMLN) and Cephalon (CEPH) all traded well. GILD remains my favorite at current levels and I remain long the stock.
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