Thursday, August 31, 2006

Stocks Finish Mixed as Profit-Taking Offsets More Economic Optimism

Indices
S&P 1,303.83 -.03%
DJIA 11,381.15 -.02%
NASDAQ 2,183.75 -.09%
Russell 2000 720.52 -.01%
Wilshire 5000 13,051.45 +.05%
S&P Barra Growth 605.51 -.14%
S&P Barra Value 696.24 +.07%
Morgan Stanley Consumer 642.32 +.24%
Morgan Stanley Cyclical 802.68 +.70%
Morgan Stanley Technology 508.74 -.35%
Transports 4,282.94 +.29%
Utilities 442.55 +1.23%
Put/Call .88 -14.56%
NYSE Arms 1.19 -5.28%
Volatility(VIX) 12.31 +.74%
ISE Sentiment n/a
US Dollar 85.09 +.13%
CRB 329.02 +.59%

Futures Spot Prices
Crude Oil 70.36 +.47%
Unleaded Gasoline 175.04 -2.86%
Natural Gas 5.98 -4.86%
Heating Oil 195.42 +.24%
Gold 634.30 +.02%
Base Metals 229.24 +.99%
Copper 345.40 -.06%
10-year US Treasury Yield 4.73% -.42%

Leading Sectors
Gold & Silver +1.34%
Utilities +1.23%
Homebuilders +.84%

Lagging Sectors
Energy -.62%
Semis -1.02%
HMOs -1.14%

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:
- Toyota Motor(TM) will build its first UT center for crash-testing and safety research, enhancing its ability to design vehicles solely for the American market.
- Brazil’s economy grew 1.2% in the second quarter, the smallest gain in nine months, as a strengthening currency prompted exporters to pare their workforces and shelve investment plans.
- Lockheed Martin(LMT) won a NASA contract to build a spacecraft that will return US astronauts to the moon, beating a Northrop Grumman(NOC)-led team.
- Natural gas closed at a six-week low, falling another 4% in NY, as mild weather reduced demand for the fuel and speculators pared bets.

Business Week:
- Apple Computer(AAPL) may announce in mid-September that it will add movies for downloading at its iTunes store.

BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Semi longs, Medical longs and Retail longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was slightly positive today as the advance/decline line finished higher, sector performance was mixed and volume was about average. Measures of investor anxiety were mostly lower into the close. Overall, today's market performance was bullish. The 10-year yield finished near session lows at 4.73%. The NYSE Arms was at above-average levels throughout the day, which is also a positive. I expect investors to respond positively to tomorrow's employment report, barring a significant shortfall, which I do not anticipate.

No comments: