Monday, September 10, 2007

Stocks Finish Mostly Lower, Pressured by Commodity, Retail and Homebuilding Shares

S&P 500 1,451.70 -.13%
DJIA 13,127.85 +.11%
NASDAQ 2,559.11 -.26%
Russell 2000 769.81 -.77%
Wilshire 5000 14,574.91 -.26%
Russell 1000 Growth 586.61 -.14%
Russell 1000 Value 810.47 -.26%
Morgan Stanley Consumer 704.79 +.08%
Morgan Stanley Cyclical 992.41 -1.14%
Morgan Stanley Technology 632.80 -.01%
Transports 4694.29 -.82%
Utilities 486.59 +.28%
MSCI Emerging Markets 132.91 -.29%

Total Put/Call 1.17 +1.74%
NYSE Arms 1.33 -50.54%
Volatility(VIX) 27.38 +4.38%
ISE Sentiment 87.0 -43.51%

Futures Spot Prices
Crude Oil 78.13 +1.84%
Reformulated Gasoline 199.50 +.43%
Natural Gas 5.94 +8.05%
Heating Oil 218.70 +2.04%
Gold 712.30 +.37%
Base Metals 225.72 -2.28%
Copper 325.15 unch.

10-year US Treasury Yield 4.33% -5 basis points
US Dollar 79.85 -.13%
CRB Index 314.78 +.79%

Leading Sectors
Defense +.71%
Medical Equipment +.52%
Restaurants +.41%

Lagging Sectors
Retail -1.78%
Steel -2.17%
Homebuilders -2.46%

Evening Review
Market Performance Summary
WSJ Data Center
Sector Performance
ETF Performance
Style Performance
Commodity Movers
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
After-hours Commentary
After-hours Movers

After-hours Stock Quote
In Play

Afternoon Recommendations
Deutsche Bank:

- Added (GES) to short-term trading list, reiterated Buy.

Afternoon/Evening Headlines
- Thornburg Mortgage(TMA), the home lender that sold $20.5 billion of mortgage bonds at a loss last month to ease a cash shortage, now plans $3 billion to $4 billion of purchases to take advantage of low prices.
- Weyerhaeuser Co.(WY), North America’s largest lumber producer, said it may close or restrict output at wood-product mills because demand hasn’t increased this quarter as the US housing industry slumps.
- Zinc fell to the lowest in 17 months as growing stockpiles stoked concern that a glut of the metal will increase.
- Western Digital Corp.(WDC), the world’s second-largest maker of hard-disk drives, boosted its first-quarter profit and sales forecast as orders surged industrywide.
Very reliable sources are informing LOOPRumors that Apple is working on a major update to Apple TV which will include an option for the iTunes Store.

BOTTOM LINE: The Portfolio finished higher today on gains in my Semi longs, Computer longs, Medical longs and Commodity shorts. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was mildly negative today as the advance/decline line finished lower, sector performance was mixed and volume was about average. Measures of investor anxiety were elevated into the close. Today's overall market action was mildly bearish. The reversal higher in financials was a big positive, however, retail, commodity and homebuilding stocks remained sources of weakness throughout the day. Brazil's Bovespa finished 3.5% lower, near session lows, as well. As I said last week, it appears that both bulls and bears still lack conviction at current levels. Investor anxiety remained elevated throughout the day. I wouldn't be surprised to see more near-term choppiness before a more positive finish to the week.

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