Stocks Finish Higher After Rebound into the Close

Indices
S&P 500 1,486.60 +.61%
DJIA 13,473.90 +.31%
NASDAQ 2,671.14 +.71%
Russell 2000 771.71 +.71%
Wilshire 5000 14,929.50 +.50%
Russell 1000 Growth 618.61 +.65%
Russell 1000 Value 806.82 +.40%
Morgan Stanley Consumer 751.98 +.19%
Morgan Stanley Cyclical 1,003.47 +.71%
Morgan Stanley Technology 633.65 +1.0%
Transports 4,738.15 +.07%
Utilities 540.93 +.20%
MSCI Emerging Markets 157.79 +.45%

Sentiment/Internals
Total Put/Call .98 -10.91%
NYSE Arms .90 -66.80%
Volatility(VIX) 22.47 -4.75%
ISE Sentiment 127.0 -13.01%

Futures Spot Prices
Crude Oil $93.71 +4.09%
Reformulated Gasoline 239.60 +4.56%
Natural Gas 7.39 +4.25%
Heating Oil 262.90 +4.20%
Gold 818.30 +.15%
Base Metals 212.64 -.42%
Copper 303.0 -1.94%

Economy
10-year US Treasury Yield 4.09% +12 basis points
US Dollar 76.19 -.04%
CRB Index 354.08 +2.09%

Leading Sectors
Telecom +3.10%
Alternative Energy +2.76%
Energy +2.57%

Lagging Sectors
Restaurants -1.31%
Banks -1.78%
Airlines -4.48%

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
GuruFocus.com
PM Market Call
After-hours Commentary
After-hours Movers
After-hours Stock Quote
In Play

Afternoon Recommendations
Bank of America:
- Rated (PMCS) Sell, target $6.
- Rated (OMTR) Buy, target $40.
- Rated (FIS) Buy, target $54.

Citigroup:
- Rated (MDP) Buy, target $64.
- Rated (OMC) Buy, target $59.
- Rated (SCHL) Sell, target $30.50.
- Rated (MHP) Buy, target $60.

Afternoon/Evening Headlines
Bloomberg:
- Treasuries fell the most in three years after the Fed announced a joint effort with foreign central banks to break a logjam in credit markets.
- The perceived risk of companies defaulting on their debt fell after central banks in the US and Europe announced plans to alleviate a credit squeeze that’s threatening global growth.
- Duke Energy(DUK) agreed to buy 100 turbines from General Electric(GE) in its first purchase of generators for the wind power business it acquired this year.
- Biogen Idec(BIIB) said it will remain an independent company instead of pursuing a sale, after it didn’t receive any definitive offers. The shares fell 28% in after-hours trading.
- Gap Inc.(GPS) is defying the skeptics. By refusing to join competitors making early-holiday markdowns, the biggest US clothing retailer may post a fourth-quarter profit gain for the first time since 2005.

Reuters:
- The manager of the world’s biggest bond fund, Bill Gross, said on Wednesday there is less doubt about the Fed’s understanding of the global liquidity crunch after it and other central banks unveiled a plan to bolster credit availability.

BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Biotech longs, Computer longs and Networking longs. I covered some of my (EEM) short and some of my (IWM/QQQQ) hedges in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was slightly positive today as the advance/decline line finished slightly higher, most sectors rose and volume was above average. Measures of investor anxiety were above average into the close. Today's overall market action was neutral. As I said earlier, the fact that the financials were unable to rally on today’s news was a large negative. However, the many bears were unable to gain downside traction into the close. Growth stocks outperformed value again today. The US dollar recouped losses into the afternoon and is near session highs against the yen, which is a positive. I want to see the market’s reaction to tomorrow’s PPI report and Lehman’s(LEH) earnings report before further shifting market exposure.