Stocks Finish Mostly Lower on Profit-taking

Indices
S&P 500 1,503.15 -.18%
DJIA 13,346.78 +.15%
NASDAQ 2,546.44 -.62%
Russell 2000 822.33 -.87%
Wilshire 5000 15,123.46 -.27%
Russell 1000 Growth 591.64 -.31%
Russell 1000 Value 866.44 -.10%
Morgan Stanley Consumer 737.22 -.23%
Morgan Stanley Cyclical 1,052.20 -.02%
Morgan Stanley Technology 607.09 -.43%
Transports 5,118.08 -.93%
Utilities 528.32 +.34%
MSCI Emerging Markets 124.97 +.11%

Sentiment/Internals
Total Put/Call .84 -10.64%
NYSE Arms .80 +27.34%
Volatility(VIX) 13.91 +7.41%
ISE Sentiment 160.0 +31.15%

Futures Spot Prices
Crude Oil 62.45 +.13%
Reformulated Gasoline 229.27 -2.53%
Natural Gas 7.94 +.58%
Heating Oil 186.45 -.95%
Gold 670.0 -.34%
Base Metals 277.65 +.11%
Copper 350.20 -2.83%

Economy
10-year US Treasury Yield 4.69% +2 basis points
US Dollar 82.04 -.08%
CRB Index 309.07 -.66%

Leading Sectors
Telecom +.51%
Energy +.38%
Utilities +.34%

Lagging Sectors
Coal -1.25%
I-Banks -1.32%
Gold -2.0%

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:
- The HedgeStreet Exchange announced today it plans to launch a new class of “corporate actions” contracts that enable investors to trade on the anticipated revenues and earnings per share (EPS) of large publicly owned corporations.
- Shares of Massey Energy(MEE), the fourth-largest US coal producer, had their biggest drop since July after an analyst said a federal water-pollution lawsuit may lead to $2 billion in fines.
- Gasoline futures fell 2.4% today on forecasts US inventories will increase for a second straight week following three months of declines.
- Optionable Inc., the brokerage that had Bank of Montreal as its biggest customer until the bank last month revealed a $407 million loss on natural-gas options, said its CEO, Kevin Cassidy, resigned.
- Agilent Technologies(A), the world’s biggest maker of scientific-testing equipment, said second-quarter profit rose 7% as demand increase for bio-analytical instruments. The shares rose 3.5% in after-hours trading.

Financial Times Deutschland:
- Bayerische Motoren Werke AG, the world’s largest maker of luxury cars, plans to build its new X3 sports-utility vehicle in the US.

BOTTOM LINE: The Portfolio finished slightly lower today on losses in my Internet longs and Retail longs. I didn’t trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was negative today as the advance/decline line finished lower, most sectors fell and volume was about average. Measures of investor anxiety were about average into the close. Today's overall market action was slightly bearish. Today's underlying action was worse than the S&P 500's small loss indicates. CNBC reported the Bancroft family is currently meeting on the News Corp. (NWS) offer. As well, Reuters says that News Corp. offered to establish an independent editorial board if the deal is approved. Dow Jones (DJ) rose slightly on the report. The 10-year yield trended slightly higher today and the U.S. dollar was stable ahead of tomorrow’s inflation data. Gasoline futures are at session lows, falling 2.6%. We could seem some meaningful declines in gas futures later this week if refinery utilization jumps. The Fed just released its April quarterly survey of senior loan officers.

Here is a summary:

1. Somewhat weaker loan demand.
2. Mixed changes in overall lending standards.
3. Considerable tightening in subprime-loan standards.
4. Relatively small tightening in prime-loan standards.