S&P 1,318.31 -.22%
DJIA 11,540.91 -.12%
NASDAQ 2,222.37 -.60%
Russell 2000 725.45 -.47%
Wilshire 5000 13,170.14 -.26%
S&P Barra Growth 612.75 -.31%
S&P Barra Value 703.39 -.13%
Morgan Stanley Consumer 649.59 +.23%
Morgan Stanley Cyclical 812.73 -.72%
Morgan Stanley Technology 517.64 -.88%
Transports 4,406.82 -.54%
Utilities 426.11 +.21%
Put/Call 1.38 +40.82%
NYSE Arms 1.34 +77.58%
Volatility(VIX) 11.98 +1.70%
ISE Sentiment 113.0 +41.25%
US Dollar 85.93 +.14%
CRB 303.04 -1.74%
Futures Spot Prices
Crude Oil 61.59 -3.46%
Unleaded Gasoline 150.25 -4.88%
Natural Gas 5.07 +2.63%
Heating Oil 169.55 -1.75%
Gold 578.90 -.74%
Base Metals 223.05 +1.21%
Copper 336.00 -.46%
10-year US Treasury Yield 4.72% -1.57%
Leading Sectors
Airlines +3.31%
Computer Hardware +.79%
Retail +.73%
Lagging Sectors
Semis -2.20%
Coal -2.71%
Gold & Silver -4.24%
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:
- Oil and gas fell to the lowest in almost six months after President Bush said he will give diplomacy a chance to end a dispute with Iran over the country’s nuclear program.
- Oracle Corp.(ORCL) said first-quarter profit rose more than analysts estimated, signaling $20 billion in acquisitions is paying off. The shares surged 9%.
- Medtronic’s(MDT) steel replacement for worn spinal disks in the neck should be approved for sale in the US if the device maker agrees to complete follow-up testing and safety reviews, US advisers said.
- The Thai baht fell the most in four years after the military seized control of Bangkok and Prime Minister Thaksin Shinawatra declared a state of emergency.
BOTTOM LINE: The Portfolio finished about even today as losses in my Internet and Semi longs offset gains in my Commodity shorts. 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 mixed and volume was above average. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was slightly negative as the major averages finished well off session lows, but still lower. The 10-year yield finished almost 8 basis points lower, to 4.72%. In my opinion, investors are still focusing too much on the possibility of economic growth slowing too much and not enough on the huge deceleration in inflation that is taking place. As I said a few weeks ago, nominal GDP has been booming. A significant deceleration in inflation will result in the GDP deflator subtracting less from growth, which should lead to moderate GDP growth and inflation readings. I expect to see stocks build on this afternoon's rebound tomorrow. As most, I believe the Fed will remain on hold tomorrow. Its ensuing policy statements, however, will likely be more dovish than most expect. Falling commodity prices, the continuing housing slowdown, decelerating inflation readings, a firm U.S. dollar and declining inflation expectations will prompt the more dovish comments that I anticipate.
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