S&P 500 1,271.48 -.34%
DJIA 11,173.59 -.41%
NASDAQ 2,060.85 -.56%
Russell 2000 687.47 -1.23%
Wilshire 5000 12,702.11 -.45%
S&P Barra Growth 585.88 -.24%
S&P Barra Value 684.20 -.43%
Morgan Stanley Consumer 618.80 +.02%
Morgan Stanley Cyclical 784.58 -.90%
Morgan Stanley Technology 462.83 -.31%
Transports 4,287.82 -.66%
Utilities 433.44 +.71%
Put/Call .95 +10.47%
NYSE Arms 1.37 +35.25%
Volatility(VIX) 15.23 unch.
ISE Sentiment 116.00 -4.13%
US Dollar 84.83 +.11%
CRB 350.73 -.35%
Futures Spot Prices
Crude Oil 76.31 -.87%
Unleaded Gasoline 222.63 -1.12%
Natural Gas 7.16 +3.63%
Heating Oil 211.64 -1.26%
Gold 653.00 -.65%
Base Metals 230.67 +.09%
Copper 357.75 -.68%
10-year US Treasury Yield 4.91% -.04%
Leading Sectors
Utilities +.71%
Foods +.14%
Broadcasting +.07%
Lagging Sectors
Coal -2.18%
Disk Drives -2.33%
Homebuilders -2.47%
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
Think Equity:
- Rated (VPRT) Buy, target $31.
Afternoon/Evening Headlines
Bloomberg:
- The Federal Reserve kept the benchmark US interest rate at 5.25%, ending a record two-year run of increases while leaving room for further moves should inflation accelerate.
- Futures trades pared bets that the Fed will boost its overnight lending rate between banks by year-end after the central bank ended its streak of 17 consecutive increases.
- Cisco Systems(CSCO) said fourth-quarter profit was unchanged as stock-option costs countered the company’s fastest sales growth in two years. The stock rose 10% after-hours on the report.
- News Corp.(NWS/A) said fiscal fourth-quarter profit rose 19%, driven by blockbusters including the latest “X-Men” movie and revenue from cable-tv networks.
- Barr Pharmaceuticals(BRL) said US regulators told the company they would act quickly on a revised application to see its “morning after” contraceptive pill without a prescription.
- Bill Gross, CEO at PIMCO and manager of the world’s biggest bond fund, said the Fed has finished raising interest rates this economic cycle.
- Crude oil fell on speculation that US stockpiles are sufficient to make up for supply disruptions caused by the shutdown of Alaska’s Prudhoe Bay oil field.
Australian:
- Australia will increase its military presence in Afghanistan starting next month to counter the threat from Taliban forces in the south of the country.
BOTTOM LINE: The Portfolio finished slightly lower today on losses in my Retail longs and Computer longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was negative today as the advance/decline line finished lower, sector performance was mostly negative and volume was about average. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was mildly bearish. Homebuilders and Retail were especially weak as investors continue to anticipate a hard-landing in consumer spending despite few signs that this is occurring. The 10-year maintained recent gains despite dovish Fed talk, which is a positive. Moreover, a number of market leading stocks were higher today despite broad market weakness. I expect equities to perform better later this week as investors reposition their portfolios to reflect today's positive developments.
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