S&P 500 1,411.56 -.10%
DJIA 12,315.58 -.10%
NASDAQ 2,431.60 -.46%
Russell 2000 788.41 -.59%
Wilshire 5000 14,174.38 -.18%
S&P Barra Growth 652.06 -.14%
S&P Barra Value 757.72 -.07%
Morgan Stanley Consumer 687.0 +.10%
Morgan Stanley Cyclical 885.97 -.77%
Morgan Stanley Technology 568.76 -.50%
Transports 4,682.12 -1.24%
Utilities 458.87 +.33%
Put/Call .96 +29.73%
NYSE Arms 1.25 +5.21%
Volatility(VIX) 10.65 -.56%
ISE Sentiment 141.0 -10.76%
US Dollar 82.94 -.29%
CRB 310.83 -.40%
Futures Spot Prices
Crude Oil 60.95 -.44%
Reformulated Gasoline 159.54 -.03%
Natural Gas 7.49 +.82%
Heating Oil 172.15 -.16%
Gold 634.30 -.08%
Base Metals 243.98 +.36%
Copper 309.10 -1.36%
10-year US Treasury Yield 4.49% -.69%
Leading Sectors
Telecom +.90%
Foods +.63%
Insurance +.32%
Lagging Sectors
Alternative Energy -1.35%
Airlines -2.49%
Steel -4.25%
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
Bank of America:
- Rated (OMX) Buy, target $59.
- Rated (SPLS) Buy, target $31.
Afternoon/Evening Headlines
Bloomberg:
- Canon’s profit in 2006 is likely to rise about 16% from a year earlier on demand for its digital cameras and other products.
- Home Depot(HD) plans to sell $5 billion of bonds to finance the repurchase of shares.
- UBS AG was sued by NY state over allegations that Europe’s largest bank defrauded thousands of brokerage clients out of tens of millions of dollars by steering them into costly accounts they didn’t need.
- OPEC is split on whether further output cuts are needed to stabilize prices that have plunged 22% from their all-time highs.
- Cerberus Capital Management LP and Appaloosa Management LP may be nearing an agreement to acquire a joint stake in bankrupt auto-parts supplier Delphi Corp.
- Iran will be able to start its first nuclear power plant as scheduled next year after working out a payment plan to cover construction costs, said the president of Russia’s nuclear power-plant construction company, which is building the reactor.
- Russian police searched the office of former world chess champion Gary Kasparov, now in opposition to President Vladimir Putin, and took away newspapers and campaign documents to check if they were “extremist.”
- The SEC will propose more than doubling the net worth requirement for investing in hedge funds to $2.5 million, SEC Chairman Cox said.
- US companies plan to increase investment in plants and equipment in 2007 to keep up with rising sales, a twice-yearly survey by the ISM showed today.
- Barrett Resources LLC plans to develop one of its three oilfields in the Peruvian Amazon jungle, a $1 billion project that will involve processing facilities and an oil pipeline branch, said Daniel Saba, president of state oil contracting agency Perupetro.
LA Times:
- The US will use a new system for assessing fuel economy for cars and trucks that will reduce ratings starting with 2008 models.
BOTTOM LINE: The Portfolio finished slightly lower today as losses in my Computer longs and Retail longs more than offset gains in my Steel shorts. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was negative today as the advance/decline line finished lower, most sectors declined and volume was above average. Measures of investor anxiety were mostly higher into the close. I would classify today's overall market action as mildly bearish. The NYSE Arms registered above-average readings throughout the day and the ISE Sentiment Index plunged 17% to a below-average 131.0. I continue to believe that large funds are positioning now for what they believe will be a weak January for stocks. So far, this has resulted in relatively little broad market damage, while adding to the massive bull firepower that is already on the sidelines.
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