S&P 500 1,439.37 +.11%
DJIA 12,530.05 +.16%
NASDAQ 2,458.69 +.34%
Russell 2000 810.79 -.12%
Wilshire 5000 14,539.49 +.10%
Russell 1000 Growth 567.70 +.26%
Russell 1000 Value 831.21 -.03%
Morgan Stanley Consumer 709.81 -.03%
Morgan Stanley Cyclical 966.35 -.04%
Morgan Stanley Technology 570.16 +.46%
Transports 4,891.77 -.20%
Utilities 508.23 -.37%
MSCI Emerging Markets 119.55 +.90%
Sentiment/Internals
Total Put/Call 1.02 -4.67%
NYSE Arms 1.01 +36.20%
Volatility(VIX) 13.24 -1.63%
ISE Sentiment 100.0 -5.66%
Futures Spot Prices
Crude Oil 64.39 -.39%
Reformulated Gasoline 210.60 +4.38%
Natural Gas 7.52 +1.25%
Heating Oil 186.57 +1.47%
Gold 679.30 +1.43%
Base Metals 261.10 +.90%
Copper 337.20 +1.73%
Economy
10-year US Treasury Yield 4.65% -1 basis point
US Dollar 82.95 -.24%
CRB Index 316.72 +.94%
Leading Sectors
Coal +5.72%
Gold +1.76%
Semis +1.03%
Lagging Sectors
Banks -.40%
REITs -.50%
Airlines -.57%
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
Oppenheimer:
- Rated (CHB) Buy, target $13.
Afternoon/Evening Headlines
Bloomberg:
- Micron Technology(MU), the largest maker of computer memory chips, reported a second-quarter loss of $52 million. Micron said DRAM dynamics shifted in January and that DRAM and flash prices have stabilized in the last week. The company also said demand strength for flash memory is catching supply. The shares are surging 4% after-hours.
- Crude oil fell .26/bbl. today after Iran’s president said he will release the 15 British hostages and gasoline inventories fell more than estimates.
- Gasoline prices surged 4.4%, the largest increase in two months, as refiners have been very slow to come back online after recent outages, thus leaving utilization at a low 87% and causing gas supplies to fall.
- The US Energy Dept. has rejected the initial bids it received, saying they were too high, in response to a request for as much as 4 million barrels of crude oil for the nation’s Strategic Petroleum Reserve.
- Australian oil companies have been accused of collusion over the raising of petrol prices before Easter. Victorian Treasurer John Brumby says the Australian Competition & Consumer Commission has repeatedly scrutinized the practice and there is definitely collusion.
BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Medical 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 slightly positive today as the advance/decline line finished slightly lower, most sectors gained and volume was above average. Measures of investor anxiety were above average into the close. Today's overall market action was mildly bullish. As has been the case for most of this year, select stocks substantially outperformed the broad market today with gains of 2%-4%. Most of these stocks fall into the mid-cap growth category. The odds of a U.S. recession this year continue to plunge on Intrade.com. There is now only about an 18% chance of one beginning this year, down from a 35% chance in January. Recent action in the 10-year seems to correspond with this. Options traders remain bearish into the recent rally in stocks. Overwhelming skepticism by investors over recent stock advances likely means more short-term gains are in the offing. Given concerns about the economy, I suspect anything but a really bad jobs report on Friday will produce a positive reaction by investors. I expect non-farm payrolls to come in just slightly below estimates of 133,000. Gasoline crack spreads soared 20% today back to very high levels seen during the hurricanes in 2005. This is a short-term positive for refiners and a longer-term negative, in my opinion. Moreover, it is likely just a matter of time before government investigations are launched looking into the circumstances that have produced this situation.
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