S&P 500 1,395.41 +1.55%
DJIA 12,207.59 +1.30%
NASDAQ 2,385.14 +1.90%
Russell 2000 778.88 +2.48%
Wilshire 5000 14,067.03 +1.63%
Russell 1000 Growth 550.68 +1.51%
Russell 1000 Value 804.08 +1.62%
Morgan Stanley Consumer 687.59 +1.05%
Morgan Stanley Cyclical 929.77 +1.55%
Morgan Stanley Technology 557.87 +1.94%
Transports 4,768.37 +.97%
Utilities 474.77 +1.29%
MSCI Emerging Markets 108.94 +2.40%
Sentiment/Internals
Total Put/Call 1.22 -27.38%
NYSE Arms .32 -85.70%
Volatility(VIX) 15.96 -18.70%
ISE Sentiment 95.0 +4.40
Futures Spot Prices
Crude Oil 60.69 +1.03%
Reformulated Gasoline 185.03 +.30%
Natural Gas 7.47 +2.98%
Heating Oil 174.80 +1.35%
Gold 649.20 +1.56%
Base Metals 234.16 +2.63%
Copper 274.40 +2.75%
Economy
10-year US Treasury Yield 4.52% + 2 basis points
US Dollar 84.03 -.17%
CRB Index 306.90 +.69%
Leading Sectors
Steel +3.84%
REITs +3.49%
I-Banks +2.59%
Lagging Sectors
Insurance +.88%
Foods +.71%
Hospitals +.49%
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:
- US stocks broke a weeklong slump and posted their biggest gains since July after Treasury Secretary Henry Paulson eased concern that rising mortgage defaults will undermine the economy.
- Comerica Inc.(CMA), a financial services company with roots stretching back more than 150 years in Detroit and strong ties to the city’s slumping auto industry, will move its headquarters and about 200 jobs to Dallas.
- Soybean and corn prices in Chicago fell, erasing earlier gains, on speculation record crops in South America will reduce overseas demand for supplies in the US, the world’s largest grower and exporter.
Financial Times:
- Google Inc.(GOOG) said rivals’ criticism of it over copyright are being made “in the context of a business negotiation,” citing CEO Eric Schmidt. “I have learned that as part of being a player in the media industry, the way one negotiates is everything is leaked and you’re sued to death,” Schmidt said. So lawsuits “appear to be in the course of doing normal business.”
Nikkei English News:
- Sony Corp.(SNE) will delay reporting its earnings for the fiscal year ending March 31 because tougher US accounting rules require non-US companies to complete more paperwork.
BOTTOM LINE: The Portfolio finished higher today on gains in my Medical longs, Internet longs, Retail longs and Telecom longs. I covered the remainder of my (IWM)/(QQQQ) hedges and took some profits in my (EEM) short in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was very positive as the advance/decline line finished substantially higher, every sector rose and volume was heavy. Measures of investor anxiety were mixed into the close. Today's overall market action was very bullish. The Fed's Plosser spoke to reporters after his speech. He said that he doesn't see sub-prime problems spilling over to the rest of the economy. He reiterated that the Fed is monitoring the situation carefully. Finally, he said he doesn't see the signs of a liquidity crisis developing. My intraday gauge of investor angst finished at relatively high levels given today’s sharp rally. Nikkei futures are indicating about an 81-point move higher on the open in Japan. The gains in the Broker/Dealer Index today were a big positive, given their exposure to sub-prime and emerging markets, as the stocks finished near session highs. Moreover, the upside trading collars were in effect for most of the final hour of trading. I suspect we could see more strength in the U.S. tomorrow morning from further gains in Asia and short-covering.
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