S&P 500 1,399.76 +.23%
DJIA 12,305.82 +.44%
NASDAQ 2,449.06 +.26%
Russell 2000 790.75 -.15%
Wilshire 5000 14,041.90 +.16%
S&P Barra Growth 650.05 +.20%
S&P Barra Value 747.48 +.25%
Morgan Stanley Consumer 678.68 +.60%
Morgan Stanley Cyclical 875.23 +.07%
Morgan Stanley Technology 579.63 +.54%
Transports 4,881.57 +1.06%
Utilities 449.53 +.25%
Put/Call .77 -3.75%
NYSE Arms .77 -3.38%
Volatility(VIX) 10.16 -1.45%
ISE Sentiment 123.0 -15.17%
US Dollar 85.50 +.20%
CRB 304.85 -1.93%
Futures Spot Prices
Crude Oil 56.12 -4.49%
Unleaded Gasoline 152.50 -3.61%
Natural Gas 7.72 -4.89%
Heating Oil 165.76 -2.06%
Gold 618.80 -.47%
Base Metals 234.61 +2.24%
Copper 305.20 -.75%
10-year US Treasury Yield 4.65% +.77%
Leading Sectors
Gaming +1.51%
Restaurants +1.06%
Homebuilders +1.04%
Lagging Sectors
Steel -3.17%
Oil Service -3.71%
Gold & Silver -3.76%
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
Deutsche Bank:
- Rated (CNQR), target $19, (TLEO), target $16 Buys.
Afternoon/Evening Headlines
Bloomberg:
- The DJIA made another all-time high as energy prices plunged, inflation decelerated and a survey of homebuilder sentiment improved.
- Oil had its biggest one-day decline since August 2005 in NY, falling $2.71/bbl. to $56.05/bbl.
- Starbucks(SBUX) said fourth-quarter profit fell 5.2% on costs to open new stores and lower sales at existing stores. The shares declined 5% in after-hours trading.
- New York City’s unemployment rate fell to 4.1% in October, the lowest in US history, from 5.8% a year ago, the state’s chief economist said.
- Shifting ocean patterns may bring cooler air to the Arctic and help slow global warming, according to a report released today from the US National Oceanic & Atmospheric Administration.
- Copper fell in NY to its lowest price since June on signs that slowing US and Chinese industrial production and rising production from China’s mines may ease supply concerns.
- Hewlett-Packard(HPQ) said fourth-quarter profit jumped fourfold after it reclaimed the title of world’s largest personal-computer maker from rival Dell(DELL).
Nikkei English News:
- Sony Corp.(SNE) will ask new owners of its PlayStation 3 video-game consoles to aid Stanford University in researching drugs to treat cancer and other conditions through access to the new machine.
BOTTOM LINE: The Portfolio finished higher today on gains in my Retail longs, Semi longs, Computer longs and Commodity shorts. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was modestly positive today as the advance/decline line finished about even, most sectors rose and volume was above average. Measures of investor anxiety were mostly lower into the close. Today's overall market action was mildly bullish. Bell Dell, a member of Sanford Bernstein's energy research team in London, wrote in a recent report that on a weighted average basis, commercial independent oil storage is now 97% full, up from 70% in 2003. Besides record speculation by investment funds, commercial hoarding has been responsible for the historic mania in energy. With storage near full, China's industrial production slowing and "peak oil" fears diminishing, recent hoarding should subside, thus alleviating the contango in the oil futures market. Dell's research note also said OPEC's spare production capacity will reach 4 million barrels per day next year and even higher in 2008. This should result in a significant decline in the "fear premium" that is still priced into oil. Despite historic capital inflows into commodities and numerous potential upside catalysts, oil has declined $20/bbl. from July highs. Energy bulls remain very complacent, in my opinion, as it is just assumed that oil can't fall meaningfully from current levels. Prices of oil or natural gas anywhere near current levels do not represent the underlying fundamentals, in my opinion. I continue to believe oil will weaken meaningfully over the intermediate-term and eventually decline to levels recently deemed unimaginable by most investors during the next significant global slowdown.
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