S&P 500 Closes at New All-Time High, Joining the DJIA and Russell 2000 in Record Territory

Indices
S&P 500 1,530.23 +.80%
DJIA 13,633.08 +.83%
NASDAQ 2,592.59 +.80%
Russell 2000 843.35 +.69%
Wilshire 5000 15,411.91 +.82%
Russell 1000 Growth 602.89 +.85%
Russell 1000 Value 881.83 +.79%
Morgan Stanley Consumer 747.20 +.33%
Morgan Stanley Cyclical 1,073.82 +1.05%
Morgan Stanley Technology 613.61 +.45%
Transports 5,233.78 +.52%
Utilities 520.04 +.81%
MSCI Emerging Markets 125.18 -.17%

Sentiment/Internals
Total Put/Call .90 -3.23%
NYSE Arms .59 -50.83%
Volatility(VIX) 12.83 -5.17%
ISE Sentiment 139.0 +8.59%

Futures Spot Prices
Crude Oil 63.40 +.40%
Reformulated Gasoline 227.0 -1.21%
Natural Gas 7.96 +2.99%
Heating Oil 186.84 -.03%
Gold 659.10 -.65%
Base Metals 262.54 -.48%
Copper 330.50 -.45%

Economy
10-year US Treasury Yield 4.87% -1 basis point
US Dollar 82.43 +.15%
CRB Index 309.25 +.58%

Leading Sectors
REITs +2.59%
Oil Service +2.32%
Engineering & Construction +2.03%

Lagging Sectors
HMOs -.14%
Restaurants -.27%
Semis -.36%

Evening Review
Market Performance 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
After-hours Stock Quote
In Play

Afternoon Recommendations
Bank of America:
- Rated (HTZ) Buy.

Afternoon/Evening Headlines
Bloomberg:
- US stocks surged for a third day, sweeping the S&P 500 past its 2000 closing record, despite a 6.5% plunge in Chinese stocks overnight.
- Yahoo! Inc.(YHOO) said Chief Technology Officer Farzad Nazem resigned, leaving two of the top executive posts at the company unfilled.
- Intel Corp.(INTC) said it will join with Microsoft Corp.(MSFT) and Dell Inc.(DELL) to develop technology that helps flash memory speed up personal computers.
- WR Hambrecht Chairman Bill Hambrecht plans to form a professional football league in North American cities where there are no NFL teams.
- President Bush asked Congress today to approve $30 billion over the next five years to mount a more aggressive campaign against the spread of AIDS worldwide.
- Apple Inc.(AAPL) agreed to carry clips from Google’s(GOOG) YouTube starting in June, using the world’s most popular online video service to attract customers for its two-month-old digital-television box.
- Apple Inc.(AAPL) will replace MedImmune in the S&P 100.
- US steel imports fell 26% in April as domestic prices dropped and service centers held off on new orders, an industry group said.
- Gasoline futures fell to a three-week low on estimates a US Energy Department report tomorrow will show a fourth consecutive week of rising inventories, as some refineries increase production.
- Jim Rogers, CEO of Beeland Interests Inc., sees more China measures to pop their stock “bubble.”
- The Group of Eight leading industrial nations said they are ready to back tougher sanctions against Iran if the country fails to suspend uranium enrichment.

Financial Times:
- Dow Jones’(DJ) largest outside shareholder said News Corp.’s(NWS/A) $5 billion offer for the publisher is “fairly attractive” and may even been raised.

BOTTOM LINE: The Portfolio finished higher today on gains in my Internet longs, I-Banking longs, Retail longs and Computer longs. I added an (AKAM) trading long and added to a few energy-related shorts in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was positive today as the advance/decline line finished mildly higher, sector performance was mostly positive and volume was above average. Measures of investor anxiety were about average into the close. Today's overall market action was very bullish. Once again, many stocks trounced the major averages today. True "growth stocks" were especially strong, with quite a few exhibiting explosive action. I still expect Google (GOOG) to exceed $600 and Apple (AAPL) to exceed $150 this year. These two stocks remain my two largest long positions. Despite the recent housing data, the August home price futures ticked up today to $214,800 from $214,400. I suspect today's whipsaw market action resulted in more investors leaning the wrong way. Performance anxiety is likely back in play in a big way. The Nikkei futures are indicating a 100-point gain in Japan on the open. Gold is falling another $4.30 per ounce on worries over emerging market demand and a report last night from London-based Virtual Metals that gold supply will exceed demand by 250 metric tons this year. The precious metal continues to trade very poorly given the numerous potential upside catalysts over the last year. I still expect a complete technical breakdown in gold before year-end.