Indices
S&P 500 1,194.44 +.24%
DJIA 10,303.44 +.05%
NASDAQ 2,057.37 +.20%
Russell 2000 643.04 +2.0%
DJ Wilshire 5000 11,896.27 +.56%
S&P Equity Long/Short Index 1,026.63 -.05%
S&P Barra Growth 569.10 +.20%
S&P Barra Value 621.28 +.28%
Morgan Stanley Consumer 570.39 -.02%
Morgan Stanley Cyclical 714.82 +.36%
Morgan Stanley Technology 472.64 -.79%
Transports 3,508.67 +2.86%
Utilities 390.36 +2.54%
S&P 500 Cum A/D Line 7,327.00 -3.21%
Bloomberg Crude Oil % Bulls 28.0% -41.67%
Put/Call .99 +11.24%
NYSE Arms 1.03 -25.90%
Volatility(VIX) 11.40 -6.40%
ISE Sentiment 211.00 -14.57%
AAII % Bulls 45.89 -1.50%
US Dollar 90.13 +1.61%
CRB 303.86 -2.68%
Futures Spot Prices
Crude Oil 58.75 -1.84%
Unleaded Gasoline 164.85 -1.11%
Natural Gas 7.17 -3.10%
Heating Oil 171.11 +2.28%
Gold 429.30 -2.90%
Base Metals 117.97 -5.09%
Copper 147.45 -4.69%
10-year US Treasury Yield 4.04% +3.37%
Average 30-year Mortgage Rate 5.53% -.72%
Leading Sectors
Oil Tankers +5.13%
Defense +3.31%
Insurance +3.05%
Lagging Sectors
Semis -1.79%
Internet -2.21%
Papers -2.25%
*5-Day % Change
Friday, July 01, 2005
Thursday, June 30, 2005
Stocks Fall as Global Growth Concerns Intensify
I trimmed existing longs into the afternoon weakness, thus leaving the Portfolio 75% net long.
Today's Headlines
Bloomberg:
- Consumer Confidence in France fell to its lowest on record this month amid surging oil prices and the highest jobless rate since 1999.
- The US dollar is headed for the biggest quarterly advance against the euro since 2001 as the euro region’s political problems intensify and their economies stagnate.
- The Fed will raise interest rates at least three more times this year to keep inflation in check, according to a majority of Wall Street’s biggest bond dealers.
- Bank of America agreed to buy MBNA for about $35 billion, gaining the biggest non-bank credit card issuer.
- OPEC suspended talks to raise crude oil output quotas.
- Crude oil is falling to a two-week low after an Energy Dept. report showed that US imports surged as refineries increased production of gasoline and other fuels.
Wall Street Journal:
- Vodafone Group Plc will team up with Microsoft to let users of Microsoft’s MSN instant-message service exchange messages with people using Vodafone phones.
- Chevron has helped US congressmen to draft and circulate letters urging the Bush administration to examine and possibly block the Chinese bid to acquire Unocal.
- A decrease in May air-cargo traffic from a year earlier illustrates how high oil prices may be crimping economic growth worldwide, citing the International Air Transport Assoc.
- Financing for CNOOC’s bid for Unocal, which includes favorable terms from its government-owned parent, caused waves among rival bidder Chevron and some lawmakers who say CNOOC is getting unfair subsides.
- China’s state-controlled telephone companies may build fewer third-generation wireless networks as the government cuts back construction over cost concerns.
- Shares of AIG have dropped 15% since it emerged in February that the company’s accounting was under investigation, though delayed first-quarter results indicate that the stock might now be a good bet.
- Sling Media’s Slingbox enables users to watch television shows they receive at home in other locations and other devices besides a TV, Walter Mossberg wrote.
- US and Canadian municipalities are turning to wireless technologies to monitor parking spaces, as the old-fashioned, coin-operated mechanical parking meters are being replaced.
NY Times:
- Microsoft has been in talks for two weeks to buy closely held Claria Corp., which makes pop-up ads and software that tracks Web site visitors, for $500 milllion.
- Midwestern cities made up seven of the 10 US cities with the largest population drops between 2000 and 2004.
LA Times:
- Los Angeles, whose rainy season ends at midnight, will have had the second-wettest period since officials began keeping records.
Reuters:
- CNOOC expects Chevron to improve its $16.3 billion cash and stock bid for Unocal before shareholders vote on the matter in August.
- Consumer Confidence in France fell to its lowest on record this month amid surging oil prices and the highest jobless rate since 1999.
- The US dollar is headed for the biggest quarterly advance against the euro since 2001 as the euro region’s political problems intensify and their economies stagnate.
- The Fed will raise interest rates at least three more times this year to keep inflation in check, according to a majority of Wall Street’s biggest bond dealers.
- Bank of America agreed to buy MBNA for about $35 billion, gaining the biggest non-bank credit card issuer.
- OPEC suspended talks to raise crude oil output quotas.
- Crude oil is falling to a two-week low after an Energy Dept. report showed that US imports surged as refineries increased production of gasoline and other fuels.
Wall Street Journal:
- Vodafone Group Plc will team up with Microsoft to let users of Microsoft’s MSN instant-message service exchange messages with people using Vodafone phones.
- Chevron has helped US congressmen to draft and circulate letters urging the Bush administration to examine and possibly block the Chinese bid to acquire Unocal.
- A decrease in May air-cargo traffic from a year earlier illustrates how high oil prices may be crimping economic growth worldwide, citing the International Air Transport Assoc.
- Financing for CNOOC’s bid for Unocal, which includes favorable terms from its government-owned parent, caused waves among rival bidder Chevron and some lawmakers who say CNOOC is getting unfair subsides.
- China’s state-controlled telephone companies may build fewer third-generation wireless networks as the government cuts back construction over cost concerns.
- Shares of AIG have dropped 15% since it emerged in February that the company’s accounting was under investigation, though delayed first-quarter results indicate that the stock might now be a good bet.
- Sling Media’s Slingbox enables users to watch television shows they receive at home in other locations and other devices besides a TV, Walter Mossberg wrote.
- US and Canadian municipalities are turning to wireless technologies to monitor parking spaces, as the old-fashioned, coin-operated mechanical parking meters are being replaced.
NY Times:
- Microsoft has been in talks for two weeks to buy closely held Claria Corp., which makes pop-up ads and software that tracks Web site visitors, for $500 milllion.
- Midwestern cities made up seven of the 10 US cities with the largest population drops between 2000 and 2004.
LA Times:
- Los Angeles, whose rainy season ends at midnight, will have had the second-wettest period since officials began keeping records.
Reuters:
- CNOOC expects Chevron to improve its $16.3 billion cash and stock bid for Unocal before shareholders vote on the matter in August.
Jobless Claims Fall Again, Inflation Decelerates, Spending Slows
- Personal Income for May rose .2% versus estimates of a .3% increase and a .6% gain in April.
- Personal Spending for May was unchanged versus estimates of a .1% increase and a .6% gain in April.
- The PCE Deflator(YoY) for May rose 2.2% versus estimates of a 2.3% gain and a 2.6% increase in April.
- PCE Core(YoY) for May rose 1.6% versus estimates of a 1.7% increase and a downwardly revised 1.5% gain in April.
- Initial Jobless Claims for last week fell to 310K versus estimates of 325K and 316K the prior week.
- Continuing Claims rose to 2600K versus estimates of 2594K and 2596K prior.
- The Chicago Purchasing Manager for June fell to 53.6 versus estimates of 54.0 and a reading of 54.1 in May.
- Personal Spending for May was unchanged versus estimates of a .1% increase and a .6% gain in April.
- The PCE Deflator(YoY) for May rose 2.2% versus estimates of a 2.3% gain and a 2.6% increase in April.
- PCE Core(YoY) for May rose 1.6% versus estimates of a 1.7% increase and a downwardly revised 1.5% gain in April.
- Initial Jobless Claims for last week fell to 310K versus estimates of 325K and 316K the prior week.
- Continuing Claims rose to 2600K versus estimates of 2594K and 2596K prior.
- The Chicago Purchasing Manager for June fell to 53.6 versus estimates of 54.0 and a reading of 54.1 in May.
BOTTOM LINE: Blogging will be light from now through the weekend due to a scheduling conflict.
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