IndicesS&P 500 1,257.37 -.50%
DJIA 10,810.91 -.42%
NASDAQ 2,252.01 -.39%
Russell 2000 683.01 -.66%
DJ Wilshire 5000 12,581.10 -.50%
S&P Barra Growth 602.42 -.41%
S&P Barra Value 650.57 -.59%
Morgan Stanley Consumer 591.36 -.30%
Morgan Stanley Cyclical 778.57 -.73%
Morgan Stanley Technology 532.00 -.35%
Transports 4,110.25 -.44%
Utilities 401.09 -.74%
Put/Call .78 unch.
NYSE Arms 1.03 +26.08%
Volatility(VIX) 12.18 +5.73%
ISE Sentiment 195.00 +4.28%
US Dollar 91.89 +.49%
CRB 324.66 +.11%
Futures Spot Prices Crude Oil 59.08 -.22%
Unleaded Gasoline 156.53 -.15%
Natural Gas 13.78 +.58%
Heating Oil 173.40 -.15%
Gold 518.70 +.17%
Base Metals 152.89 +1.18%
Copper 202.80 -.17%
10-year US Treasury Yield 4.51% +.70%
Leading SectorsGold & Silver +1.91%
Airlines .43%
Retail +.21%
Lagging SectorsSemis -1.19%
HMOs -1.55%
Homebuilders -2.33%
Evening ReviewDetailed Market SummaryMarket GaugesDaily ETF PerformanceStyle PerformanceMarket Wrap CNBC Video(bottom right)
S&P 500 Gallery ViewEconomic CalendarTimely Economic ChartsGuruFocus.comPM Market CallAfter-hours MoversReal-time/After-hours Stock QuoteIn PlayAfternoon RecommendationsGoldman Sachs:- Reiterated Outperform on NUE and FRNT.
- Reiterated Underperform on CR.
Afternoon/Evening HeadlinesBloomberg:- Gold prices in NY rose to a 24-year high, climbing for the seventh time in eight sessions, as international fund managers seek to diversify from currencies, stocks and bonds.
- Gannett, the largest US newspaper company, predicted lackluster growth in advertising revenue next year, in line with other publishers.
- Resolution of the Israeli-Palestinian conflict has dropped to seventh place from second among concerns cited by Arabs in six countries, as domestic economic and social issues gain attention, according to a survey released today by the Arab American Institute.
- The US House of Representatives passed a measure that would spare 15 million households from a $30 billion alternative minimum tax increase next year.
- Guidant, which has an agreement to be acquired by Johnson & Johnson, said it is ready to negotiate with Boston Scientific on an unsolicited proposal to buy Guidant for $25 billion.
- Borrowing by US consumers unexpectedly fell in October as credit card debt and new car loans declined.
- A US air marshal fired at a passenger in a jetway outside American Airlines Flight 924 in Miami, after the passenger said a carry-on bag held a bomb.
- Texas Instruments said profit this quarter will be at the high end of its forecast on higher holiday demand.
Automotive News:- GM has asked Jerome York, a representative of billionaire investor Kirk Kerkorian, to join the company’s board.
RPP:- Peru and the US reached an agreement for a free-trade accord after 18 months of negotiations.
BOTTOM LINE: The Portfolio finished unchanged today as gains in my Airline longs, Medical longs and Retail longs offset losses in my Semi longs and Internet longs. I did not trade in the afternoon, 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 mostly higher into the close. Overall, today's action was disappointing for the bulls. The major averages and breadth are finishing lower despite the fall in oil. Jitters over the housing market, increased terrorism fears and a bounce in long-term rates were the culprits. On the positive side, the bears were unable to gain substantial traction. Moreover, the retail index is actually positive on the day. It appears as though more choppy action is necessary before another push higher. I sense a lack of conviction in the bearish community as their main arguments become harder and harder to make.
