Thursday, April 19, 2007

DJIA Hits Another Record High after Early Morning Weakness


S&P 500 1,470.73 -.12%

DJIA 12,808.63 +.04%

NASDAQ 2,505.35 -.21%

Russell 2000 819.32 -.61%

Wilshire 5000 14,827.03 -.21%

Russell 1000 Growth 579.78 -.11%

Russell 1000 Value 848.31 -.21%

Morgan Stanley Consumer 728.65 +.34%

Morgan Stanley Cyclical 986.66 +.05%

Morgan Stanley Technology 580.91 -.34%

Transports 5,165.59 +.06%

Utilities 515.56 -.38%

MSCI Emerging Markets 121.27 -1.13%


Total Put/Call .92 +16.5%

NYSE Arms .84 -.14%

Volatility(VIX) 12.54 +.97%

ISE Sentiment 124.0 -6.06%

Futures Spot Prices

Crude Oil 61.93 -1.90%

Reformulated Gasoline 208.65 +.15%

Natural Gas 7.49 unch.

Heating Oil 180.58 -.04%

Gold 687.0 -.91%

Base Metals 270.69 -1.18%

Copper 359.70 -.73%


10-year US Treasury Yield 4.66% +1 basis point

US Dollar 81.62 -.15%

CRB Index 310.38 -.76%

Leading Sectors
Road & Rail +1.67%
Drugs +.87%
Semis +.70%

Lagging Sectors
Airlines -2.15%
Oil Tankers -2.50%
Gold -2.79%

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
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
SunTrust Robinson Humphrey:

- Rated (PNRA) Buy, target $65.

Afternoon/Evening Headlines
- Merrill Lynch(MER) led a $1 billion financing deal for a new movie company called Summit Entertainment LLC.
- Advanced Micro Devices(AMD) reported a first-quarter loss of $611 million after it cut prices in a bid to keep market share won from Intel Corp.(INTC). The stock is +.30 to $14.55 in after-hours trading.
- Google(GOOG) said first-quarter profit rose 69% as it increased advertising sales worldwide and took more market share from Yahoo! Inc.(YHOO). The stock is $13 higher to $485 in after-hours trading.
- Intuitive Surgical(ISRG), the industry leader in surgical robotics, reported first quarter revenues surged 48% to $114.2 million, beating analysts’ estimates. The stock rose $4 to $125.50 in after-hours trading.

BOTTOM LINE: The Portfolio finished higher today on gains in my Semi longs, Biotech longs, I-Banking longs and Energy-related shorts. I didn’t trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was mildly negative today as the advance/decline line finished lower, sector performance was mostly negative and volume was above average. Measures of investor anxiety were slightly above average into the close. Today's overall market action was mildly bullish. I say "mildly bullish" due to the fact that there were a number of potential negative catalysts, yet the bears failed to gain any downside traction. Foods, road and rail, insurance, drugs, wireless, telecom, semis, computer hardware and steel all finished higher today. The S&P 500 is 4.3% higher year-to-date and is ahead of where I would have expected at this point in the year. While the bears tried their very best to raise expectations for Google's (GOOG) report tonight, the company delivered once again. Moreover, the stock is the cheapest it has ever been as a publicly traded company by most metrics, which should provide an ample cushion going forward. I plan to add to my core long on any knee-jerk substantial weakness after hours or in the morning, as I would view it as the last chance to get in before a substantial push higher through year-end. I still expect the stock to exceed $600 before the end of the year. The stock is currently +13 from the close, in after-hours trading. The Nikkei is still indicated up 90 on the open tonight in Asia.

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