Wednesday, September 13, 2006

Stocks Finish Modestly Higher, Building on Recent Gains

Indices
S&P 1,318.07 +.38%
DJIA 11,543.32 +.39%
NASDAQ 2,227.67 +.53%
Russell 2000 730.70 +.86%
Wilshire 5000 13,186.82 +.46%
S&P Barra Growth 612.54 +.21%
S&P Barra Value 703.37 +.54%
Morgan Stanley Consumer 648.68 -.44%
Morgan Stanley Cyclical 822.31 +1.0%
Morgan Stanley Technology 519.98 +.13%
Transports 4,451.45 +1.87%
Utilities 429.81 +.41%
Put/Call .75 -20.21%
NYSE Arms .79 -11.83%
Volatility(VIX) 11.18 -6.21%
ISE Sentiment 113.00 -.88%
US Dollar 85.86 -.07%
CRB 311.27 +.18%

Futures Spot Prices
Crude Oil 64.10 +.53%
Unleaded Gasoline 156.50 +.83%
Natural Gas 5.40 -3.03%
Heating Oil 175.00 -.55%
Gold 596.70 +.07%
Base Metals 226.00 -.87%
Copper 339.45 +.28%
10-year US Treasury Yield 4.75% -.25%

Leading Sectors
Oil Service +3.14%
Steel +2.62%
I-Banks +2.39%

Lagging Sectors
Drugs -.27%
Gaming -.47%
Semis -.76%

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:
- Natural gas fell to the lowest in almost two years in NY as moderate US temperatures cut demand for the fuel and speculators abandoned losing bets on the commodity.
- Xilinx(XLNX) said second-quarter sales may fall 4-7%, slightly more than originally forecast. The stock is down .02 on the news.

Mobile Press-Register:
- Nascar driver Dale Earnhardt Jr. and two siblings are part of a group that plans to build a $624 million auto-racing track in southwestern Alabama.

BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, Medical 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 positive today as the advance/decline line finished higher, most sectors rose and volume was above average. Measures of investor anxiety were mostly lower into the close. Overall, today's market performance was bullish. Natural gas finished near session lows and oil barely bounced notwithstanding recent declines. The tone of the broad market is very good right now and feels more like November than September. I suspect this bodes very well for a strong finish to the year. Tomorrow's import price index will likely rise less than estimates, while retail sales will probably exceed estimates.

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