Indices
S&P 500 1,291.24 -2.60%
DJIA 11,380.99 -1.70%
NASDAQ 2,243.78 -4.22%
Russell 2000 742.40 -5.04%
Wilshire 5000 13,046.75 -2.82%
S&P Equity Long/Short Index 1,197.27 +1.16%
S&P Barra Growth 596.64 -2.67%
S&P Barra Value 692.95 -2.53%
Morgan Stanley Consumer 607.24 -1.55%
Morgan Stanley Cyclical 863.71 -2.47%
Morgan Stanley Technology 518.77 -5.85%
Transports 4,840.54 -2.37%
Utilities 400.07 -2.67%
S&P 500 Cum A/D Line 7,718.0 -10.0%
Bloomberg Crude Oil % Bulls 50.0 +42.85%
Put/Call 1.29 +63.29%
NYSE Arms 1.30 +73.33%
Volatility(VIX) 14.19 +22.11%
ISE Sentiment 142.00 -4.70%
AAII % Bulls 54.90 +19.63%
AAII % Bears 27.45 -18.21%
US Dollar 83.91 -1.44%
CRB 361.75 +2.79%
ECRI Weekly Leading Index 138.30 -.07%
Futures Spot Prices
Crude Oil 71.93 +2.97%
Unleaded Gasoline 217.55 +8.37%
Natural Gas 6.31 -5.69%
Heating Oil 204.65 +4.55%
Gold 716.00 +5.32%
Base Metals 250.91 +8.77%
Copper 386.40 +10.4%
10-year US Treasury Yield 5.19 +1.76%
Average 30-year Mortgage Rate 6.58% -.15%
Leading Sectors
HMOs +2.22%
Broadcasting +.81%
Gaming -1.05%
Gold & Silver -1.53%
Hospitals -1.80%
Lagging Sectors
Alternative Energy -5.32%
Steel -5.55%
I-Banks -5.60%
Networking -6.65%
Semis -7.05%
One-Week High-Volume Gainers
One-Week High-Volume Losers
*5-Day % Change
Sunday, May 14, 2006
Friday, May 12, 2006
***Alert***
Due to a scheduling conflict posting will be light through Tuesday of next week. Sorry for the inconvenience.
Thursday, May 11, 2006
Friday Watch
Late-Night Headlines
Bloomberg:
- Iranian President Mahmoud Ahmadinejad said Iran, which the US accuses of planning to make a nuclear bomb, is willing to comply with any decision the UN takes if the resolution is based on international rules.
- Clearwire Corp., a high-speed wireless company founded by cell-phone pioneer Craig McCaw, plans to raise as much as $400 million in an IPO.
- Congress passed a $69 billion measure to extend lower tax rates on dividends and most capital gains and prevent 15 million households from facing the alternative minimum tax. President Bush said he will sign it into law.
AFP:
- A purported videotape by an al-Qaeda operative appealed to Muslims to avenge the publication of cartoons depicting the Prophet Muhammad by attacking targets in Denmark, France and Norway.
CNBC:
- Four private-equity firms will join investors led by Grupo Televisa SA to bid an undisclosed amount for Univision Communications(UVN), the largest Spanish-language television network in the US.
Financial Times:
- Some commodity traders are being paid fees in excess of $1 million to join trading desks due to a lack of experienced candidates to meet hiring demand.
Late Buy/Sell Recommendations
Business Week:
- Hilton Hotels(HLT) may benefit because outlooks for demand, supply and pricing are positive, citing Robert LaFleur of Susquehanna Financial Group.
- The shares of Champion Enterprises(CHB) may rise as much as 22%, said Avondale Partners’ Barbara Allen.
- Patterson Companies(PDCI), the second-largest North American supplier of products to dentists and their labs, is undervalued and could attract a buyout offer, analysts said.
Night Trading
Asian Indices are -2.0% to -1.0% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.02%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (BOL)/1.20
- (DRS)/.75
- (LAB)/.15
- (TRY)/-.05
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The trade deficit for March is estimated to widen to -$67.0B versus -$65.7B in February.
- The Import Price Index for April is estimated to rise 1.2% versus a .4% decline in March.
- The Preliminary Univ. of Mich. Consumer Confidence for May is estimated to fall to 86.0 versus a reading of 87.4 in April.
Bloomberg:
- Iranian President Mahmoud Ahmadinejad said Iran, which the US accuses of planning to make a nuclear bomb, is willing to comply with any decision the UN takes if the resolution is based on international rules.
- Clearwire Corp., a high-speed wireless company founded by cell-phone pioneer Craig McCaw, plans to raise as much as $400 million in an IPO.
- Congress passed a $69 billion measure to extend lower tax rates on dividends and most capital gains and prevent 15 million households from facing the alternative minimum tax. President Bush said he will sign it into law.
AFP:
- A purported videotape by an al-Qaeda operative appealed to Muslims to avenge the publication of cartoons depicting the Prophet Muhammad by attacking targets in Denmark, France and Norway.
CNBC:
- Four private-equity firms will join investors led by Grupo Televisa SA to bid an undisclosed amount for Univision Communications(UVN), the largest Spanish-language television network in the US.
Financial Times:
- Some commodity traders are being paid fees in excess of $1 million to join trading desks due to a lack of experienced candidates to meet hiring demand.
Late Buy/Sell Recommendations
Business Week:
- Hilton Hotels(HLT) may benefit because outlooks for demand, supply and pricing are positive, citing Robert LaFleur of Susquehanna Financial Group.
- The shares of Champion Enterprises(CHB) may rise as much as 22%, said Avondale Partners’ Barbara Allen.
- Patterson Companies(PDCI), the second-largest North American supplier of products to dentists and their labs, is undervalued and could attract a buyout offer, analysts said.
Night Trading
Asian Indices are -2.0% to -1.0% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.02%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (BOL)/1.20
- (DRS)/.75
- (LAB)/.15
- (TRY)/-.05
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The trade deficit for March is estimated to widen to -$67.0B versus -$65.7B in February.
- The Import Price Index for April is estimated to rise 1.2% versus a .4% decline in March.
- The Preliminary Univ. of Mich. Consumer Confidence for May is estimated to fall to 86.0 versus a reading of 87.4 in April.
BOTTOM LINE: Asian indices are sharply lower, weighed down by automaker and technology stocks in the region. I expect US equities to open modestly lower and to trade modestly higher into the afternoon, finishing mixed. The Portfolio is 25% net long heading into the day.
Stocks Finish Near Session Lows on Worries Over Future Economic Growth
Indices
S&P 500 1,305.92 -1.28%
DJIA 11,500.73 -1.22%
NASDAQ 2,272.70 -2.07%
Russell 2000 757.47 -2.38%
Wilshire 5000 13,213.34 -1.36%
S&P Barra Growth 602.57 -1.30%
S&P Barra Value 701.80 -1.26%
Morgan Stanley Consumer 611.26 -.93%
Morgan Stanley Cyclical 876.69 -1.43%
Morgan Stanley Technology 525.16 -2.45%
Transports 4,941.69 -.99%
Utilities 404.20 -1.10%
Put/Call .95 +15.85%
NYSE Arms 1.23 +15.79%
Volatility(VIX) 12.49 +6.03%
ISE Sentiment 141.00 -7.24%
US Dollar 84.34 -.19%
CRB 365.35 +1.43%
Futures Spot Prices
Crude Oil 72.72 -.82%
Unleaded Gasoline 220.50 -.66%
Natural Gas 6.63 -.29%
Heating Oil 208.35 -.62%
Gold 716.50 -.69%
Base Metals 256.91 +4.88%
Copper 392.00 -.08%
10-year US Treasury Yield 5.15% +.62%
Leading Sectors
Gaming +.09%
Drugs -.26%
Hospitals -.33%
Lagging Sectors
Networking -3.23%
Steel -3.36%
Disk Drives -3.71%
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
Smith Barney:
- Rated AGN Buy, target $118.
- Rated ACL Buy, target $125.
Afternoon/Evening Headlines
Bloomberg:
- PIMCO, manager of the world’s largest bond fund, is trimming its holdings of emerging-market debt, one of the hottest areas of the fixed-income market in recent years.
- US 10-year Treasuries fell the most in more than a week after the government sold $13 billion of the securities, adding supply at a time when the Fed is signaling that it may raise interest rates further.
S&P 500 1,305.92 -1.28%
DJIA 11,500.73 -1.22%
NASDAQ 2,272.70 -2.07%
Russell 2000 757.47 -2.38%
Wilshire 5000 13,213.34 -1.36%
S&P Barra Growth 602.57 -1.30%
S&P Barra Value 701.80 -1.26%
Morgan Stanley Consumer 611.26 -.93%
Morgan Stanley Cyclical 876.69 -1.43%
Morgan Stanley Technology 525.16 -2.45%
Transports 4,941.69 -.99%
Utilities 404.20 -1.10%
Put/Call .95 +15.85%
NYSE Arms 1.23 +15.79%
Volatility(VIX) 12.49 +6.03%
ISE Sentiment 141.00 -7.24%
US Dollar 84.34 -.19%
CRB 365.35 +1.43%
Futures Spot Prices
Crude Oil 72.72 -.82%
Unleaded Gasoline 220.50 -.66%
Natural Gas 6.63 -.29%
Heating Oil 208.35 -.62%
Gold 716.50 -.69%
Base Metals 256.91 +4.88%
Copper 392.00 -.08%
10-year US Treasury Yield 5.15% +.62%
Leading Sectors
Gaming +.09%
Drugs -.26%
Hospitals -.33%
Lagging Sectors
Networking -3.23%
Steel -3.36%
Disk Drives -3.71%
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
Smith Barney:
- Rated AGN Buy, target $118.
- Rated ACL Buy, target $125.
Afternoon/Evening Headlines
Bloomberg:
- PIMCO, manager of the world’s largest bond fund, is trimming its holdings of emerging-market debt, one of the hottest areas of the fixed-income market in recent years.
- US 10-year Treasuries fell the most in more than a week after the government sold $13 billion of the securities, adding supply at a time when the Fed is signaling that it may raise interest rates further.
BOTTOM LINE: The Portfolio finished lower today on losses in my Retail longs, Internet longs, Networking longs and Semi longs. I covered some of my (IWM) and (QQQQ) shorts in the final hour, thus leaving the Portfolio 25% net long. The tone of the market was very negative today as the advance/decline line finished substantially lower, almost every sector fell and volume was heavy. Measures of investor anxiety were higher into the close. Overall, today's market performance was very bearish. After such a large decline, a short-term bounce higher could occur at any time, however I expect measures of investor anxiety to spike higher before a more durable bottom is in place. This will likely coincide with a substantial rotation out of the most economically sensitive stocks.
Stocks Finish Near Session Lows on Worries Over Future Economic Growth
Indices
S&P 500 1,305.92 -1.28%
DJIA 11,500.73 -1.22%
NASDAQ 2,272.70 -2.07%
Russell 2000 757.47 -2.38%
Wilshire 5000 13,213.34 -1.36%
S&P Barra Growth 602.57 -1.30%
S&P Barra Value 701.80 -1.26%
Morgan Stanley Consumer 611.26 -.93%
Morgan Stanley Cyclical 876.69 -1.43%
Morgan Stanley Technology 525.16 -2.45%
Transports 4,941.69 -.99%
Utilities 404.20 -1.10%
Put/Call .95 +15.85%
NYSE Arms 1.23 +15.79%
Volatility(VIX) 12.49 +6.03%
ISE Sentiment 141.00 -7.24%
US Dollar 84.34 -.19%
CRB 365.35 +1.43%
Futures Spot Prices
Crude Oil 72.72 -.82%
Unleaded Gasoline 220.50 -.66%
Natural Gas 6.63 -.29%
Heating Oil 208.35 -.62%
Gold 716.50 -.69%
Base Metals 256.91 +4.88%
Copper 392.00 -.08%
10-year US Treasury Yield 5.15% +.62%
Leading Sectors
Gaming +.09%
Drugs -.26%
Hospitals -.33%
Lagging Sectors
Networking -3.23%
Steel -3.36%
Disk Drives -3.71%
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
Smith Barney:
- Rated AGN Buy, target $118.
- Rated ACL Buy, target $125.
Afternoon/Evening Headlines
Bloomberg:
- PIMCO, manager of the world’s largest bond fund, is trimming its holdings of emerging-market debt, one of the hottest areas of the fixed-income market in recent years.
- US 10-year Treasuries fell the most in more than a week after the government sold $13 billion of the securities, adding supply at a time when the Fed is signaling that it may raise interest rates further.
S&P 500 1,305.92 -1.28%
DJIA 11,500.73 -1.22%
NASDAQ 2,272.70 -2.07%
Russell 2000 757.47 -2.38%
Wilshire 5000 13,213.34 -1.36%
S&P Barra Growth 602.57 -1.30%
S&P Barra Value 701.80 -1.26%
Morgan Stanley Consumer 611.26 -.93%
Morgan Stanley Cyclical 876.69 -1.43%
Morgan Stanley Technology 525.16 -2.45%
Transports 4,941.69 -.99%
Utilities 404.20 -1.10%
Put/Call .95 +15.85%
NYSE Arms 1.23 +15.79%
Volatility(VIX) 12.49 +6.03%
ISE Sentiment 141.00 -7.24%
US Dollar 84.34 -.19%
CRB 365.35 +1.43%
Futures Spot Prices
Crude Oil 72.72 -.82%
Unleaded Gasoline 220.50 -.66%
Natural Gas 6.63 -.29%
Heating Oil 208.35 -.62%
Gold 716.50 -.69%
Base Metals 256.91 +4.88%
Copper 392.00 -.08%
10-year US Treasury Yield 5.15% +.62%
Leading Sectors
Gaming +.09%
Drugs -.26%
Hospitals -.33%
Lagging Sectors
Networking -3.23%
Steel -3.36%
Disk Drives -3.71%
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
Smith Barney:
- Rated AGN Buy, target $118.
- Rated ACL Buy, target $125.
Afternoon/Evening Headlines
Bloomberg:
- PIMCO, manager of the world’s largest bond fund, is trimming its holdings of emerging-market debt, one of the hottest areas of the fixed-income market in recent years.
- US 10-year Treasuries fell the most in more than a week after the government sold $13 billion of the securities, adding supply at a time when the Fed is signaling that it may raise interest rates further.
BOTTOM LINE: The Portfolio finished lower today on losses in my Retail longs, Internet longs, Networking longs and Semi longs. I covered some of my (IWM) and (QQQQ) shorts in the final hour, thus leaving the Portfolio 25% net long. The tone of the market was very negative today as the advance/decline line finished substantially lower, almost every sector fell and volume was heavy. Measures of investor anxiety were higher into the close. Overall, today's market performance was very bearish. After such a large decline, a short-term bounce higher could occur at any time, however I expect measures of investor anxiety to spike higher before a more durable bottom is in place. This will likely coincide with a substantial rotation out of the most economically sensitive stocks.
Subscribe to:
Comments (Atom)