Monday, February 05, 2007

Stocks Finish Mostly Lower on Profit-taking After Recent Gains

Indices
S&P 500 1,446.99 -.10%
DJIA 12,661.74 +.07%
NASDAQ 2,470.60 -.21%
Russell 2000 806.69 -.34%
Wilshire 5000 14,569.83 -.10%
Russell 1000 Growth 570.09 -.13%
Russell 1000 Value 834.25 -.02%
Morgan Stanley Consumer 709.41 -.27%
Morgan Stanley Cyclical 943.06 -.04%
Morgan Stanley Technology 568.78 -.12%
Transports 4,962.93 -.88%
Utilities 466.04 +.99%
MSCI Emerging Markets 115.17 -.16%

Sentiment/Internals
Put/Call .82 -14.58%
NYSE Arms .84 -24.87%
Volatility(VIX) 10.55 +4.66%
ISE Sentiment 146.0 +50.52%

Futures Spot Prices
Crude Oil 58.86 -.27%
Reformulated Gasoline 156.02 -.81%
Natural Gas 7.65 +2.35%
Heating Oil 168.0 -.24%
Gold 653.50 +.31%
Base Metals 221.55 -.98%
Copper 242.0 -.19%

Economy
10-year US Treasury Yield 4.80% -.34%
US Dollar 85.10 +.16%
CRB 301.19 -.05%

Leading Sectors
Alternative Energy +1.72%
Hospitals +1.57%
Utilities +.99%

Lagging Sectors
Airlines -.93%
Steel -.98%
Oil Tankers -1.09%

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 (ANSS) Buy, target $61.

Afternoon/Evening Headlines
Bloomberg:
- Physical symptoms of depression such as fatigue and loss of appetite may be linked to hardening of the arteries, an early predictor of coronary artery disease, according to a study.
- Research on climate change and nanotechnology would be increased in President Bush’s proposed $6.55 billion US Commerce Dept. budget.
- Nasdaq Stock Market Inc.(NDAQ) won regulatory approval to raise its listing fees and offer its 3,200 members more services.
- Toyota Motor Corp., bidding to make its Prius hybrid a mainstream vehicle, is offering its first low-interest loan and lease incentives to boots the model’s US sales by at least 50%.
- CIBC World Markets’ chief strategist Jeffrey Rubin recommended investors scale back their holdings in Canadian energy stocks, citing cooling demand for crude oil in OECD countries and the prospect of a carbon emissions cap system in North America.
- The price of raw sugar traded in NY may fall over the next three years as global supply outpaces demand, Morgan Stanley said.
- Copper prices in NY dropped for the third straight session, extending a slump to a 10-month low, as global inventories at the highest since June 2004 signaled lower demand for the metal used in pipes and wires.
- Crude oil fell .16/bbl. to session lows on speculation recent gains were unjustified as demand wanes, the US dollar firms and supplies rise further.

Financial Times:
- German Finance Minister Peer Steinbrueck considers the billion-dollar business of hedge funds to be a possible risk to the world’s financial markets, citing his deputy.

BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Retail longs, Semi 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 mixed today as the advance/decline line finished modestly lower, sector performance was mixed and volume was above average. Measures of investor anxiety were mostly lower into the close. Today's overall market action was slightly bearish. Lingering weakness in Google (GOOG) and Apple (AAPL) appears to be weighing on other large-cap techs. However, many smaller/mid-sized “growth” stocks are moving solidly higher on good volume. I plan to add to my Google and Apple longs on any further meaningful weakness.

No comments: