S&P 500 1,385.72 +.21%
DJIA 12,176.54 +.16%
NASDAQ 2,384.94 +.38%
Russell 2000 769.84 +.71%
Wilshire 5000 13,876.54 +.30%
S&P Barra Growth 642.81 +.05%
S&P Barra Value 740.79 +.36%
Morgan Stanley Consumer 675.27 +.06%
Morgan Stanley Cyclical 857.96 +.38%
Morgan Stanley Technology 557.35 +.12%
Transports 4,723.26 +.10%
Utilities 446.99 +.99%
Put/Call .77 +1.32%
NYSE Arms 1.30 +16.88%
Volatility(VIX) 10.75 -3.07%
ISE Sentiment 141.0 -18.02%
US Dollar 85.48 +.06%
CRB 313.23 +.64%
Futures Spot Prices
Crude Oil 60.0 +1.80%
Unleaded Gasoline 156.0 +2.36%
Natural Gas 7.86 +1.42%
Heating Oil 171.50 +2.07%
Gold 617.50 -.13%
Base Metals 246.02 -1.12%
Copper 325.50 +.32%
10-year US Treasury Yield 4.63% -.51%
Leading Sectors
Gaming +2.73%
Oil Service +2.18%
Tobacco +1.71%
Lagging Sectors
Gold & Silver -1.14%
Drugs -1.64%
HMOs -3.51%
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:
- Cisco Systems(CSCO) said first-quarter profit gained 28% as clients bought more gear to provide faster Internet video. The shares surged 10% in after-hours trading.
- Microsoft(MSFT) said it finished its new Windows Vista in time to release it to businesses this month and consumers in January.
- Copper fell almost 4% to 5-month lows as rising stockpiles and the start of labor talks at the biggest mine in Chile eased concern that supplies will fall short of demand.
- Steel demand and production growth worldwide may slow in 2007 as global economies decelerate, the OECD said.
Les Echos:
- French Interior Minister Nicolas Sarkozy, head of the governing Union for the Popular Movement party, cited France’s 35-hour work week and the high tax system as factors in high French unemployment. The 35-hour work week is a “catastrophe,” because it makes France less competitive than other countries. France also needs to reform its fiscal system, including the scrapping of inheritance taxes, he said.
BOTTOM LINE: The Portfolio finished higher today on gains in my Computer longs, 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 modestly positive today as the advance/decline line finished higher, sector performance was mixed and volume was above average. Measures of investor anxiety were mostly higher into the close. Today's overall market action was bullish. The S&P 500 is very close to its high of 10 days ago. It is now 13% higher for the year. With an overwhelming majority of U.S. hedge fund and mutual fund managers underperforming this benchmark, I suspect another meaningful stock market surge has begun as performance anxiety rises again. Greater P/E multiple expansion is likely over the coming weeks as the U.S. imminent recession view fades rapidly. I want to reiterate the fact that there has never been this much money in U.S. history betting against U.S. stocks at a time of DJIA all-time highs. Moreover, the public is the most skeptical of recent stock market gains. The herd still believes the U.S. is in a secular bear market. I continue to believe the many bears remain stunningly complacent given the current environment for U.S. stocks and recent gains.
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