S&P 500 1,399.48 +.92%
DJIA 12,226.73 +.74%
NASDAQ 2,432.23 +.81%
Russell 2000 784.16 +1.21%
Wilshire 5000 14,048.63 +.97%
S&P Barra Growth 650.41 +.86%
S&P Barra Value 746.78 +.98%
Morgan Stanley Consumer 674.37 +.59%
Morgan Stanley Cyclical 880.99 +1.0%
Morgan Stanley Technology 574.11 +.61%
Transports 4,737.82 -.33%
Utilities 454.58 +1.17%
Put/Call .67 -27.96%
NYSE Arms .82 -19.81%
Volatility(VIX) 10.83 -6.80%
ISE Sentiment 134.0 -.74%
US Dollar 83.51 +.46%
CRB 318.17 +1.02%
Futures Spot Prices
Crude Oil 62.39 +2.30%
Unleaded Gasoline 167.06 +2.71%
Natural Gas 8.87 +3.63%
Heating Oil 179.25 +3.71%
Gold 642.0 +.03%
Base Metals 237.32 -1.62%
Copper 315.50 -1.62%
10-year US Treasury Yield 4.52% +.39%
Leading Sectors
Oil Service +3.96%
Energy +2.97%
Steel +2.75%
Lagging Sectors
Semis -.43%
Oil Tankers -.43%
HMOs -.81%
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:
- NYC subway and bus riders will be spared previously contemplated fare increases and service cuts for the next two years because the Metropolitan Transportation Authority will have a surplus this year of $938 million.
- Pfizer Inc.(PFE) should get US approval to market its Celebrex arthritis-pain pill for use in children because the benefits outweigh the risks, a FDA advisory panel said.
- Corporate profits from current production soared 31% in the year through September, the largest 12-month gain in 22 years, according to the Commerce Dept.’s 3Q GDP update.
- Most Federal Reserve districts reported “moderate growth” in October and November as gains in consumer spending and “solid” expansion in service industries offset weakness in housing and auto production, the Fed’s Beige Book said.
- Microsoft(MSFT) reiterated plans to sell 10 million Xbox 360 video game consoles by the end of the year, maintaining forecasts after Sony Corp. and Nintendo introduced competing machines.
- US farmers will plant 11% more acres of corn next year after rising demand for ethanol sent prices higher, agricultural broker Risk Management Commodities said.
- Alcan(AL) said it has no plans to bid for a titanium company.
CNBC:
- Home Depot(HD) may be a potential takeover target for private-equity firms.
San Francisco Business Journal:
- Microsoft Corp.(MSFT) is in talks to lease a large block of space at the new $460 million Westfield San Francisco Centre, which opened in September.
BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Biotech longs and Telecom 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 substantially higher, almost every sector rose and volume was above average. Measures of investor anxiety were mostly lower into the close. Today's overall market action was very bullish as the major averages and breadth finished near session highs. Today's midday weakness likely further trapped the near-record shorts. I still expect new all-time highs in the Dow over the next few weeks. The main negative today was the hot money jumping from market-leading growth stocks back to commodities. It is no wonder that the overwhelming majority of funds are badly lagging the S&P 500. I expect this momentum fund rotation to last a couple more days. Last night, Citigroup said steel imports into the U.S. were 3.5M tons in October, the fifth largest increase on record. For the year, steel imports have soared 44%, sending service-center inventories to records. Supplies are now 2.5-3.0M tons above normal. Citi expects this to continue to pressure pricing despite mill curtailments. They also said the U.S. market is already consolidated and that major players are unlikely acquisition targets. The Steel Index (STQ) rose 2.75% today as the mania for most commodities continues.
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