Stocks Finish at Session Lows, Weighed Down by Commodity, Airline, Road & Rail, Construction Shares

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In Play

Stocks Sharply Lower into Final Hour on Surging Oil, Rising Global Growth Worries

BOTTOM LINE: The Portfolio is lower into the final hour on losses in my Alternative Energy longs and Software longs. I added (IWM)/(QQQQ) hedges and added to my (EEM) short today, thus leaving the Portfolio 75% net long. The tone of the market is very negative as the advance/decline line is substantially lower, most sectors are falling and volume is above average. Investor anxiety is high. Today’s overall market action is bearish. The VIX is rising 7.1% and is now high at 25.3. The ISE Sentiment Index is below average at 112.0 and the total put/call is above average at 1.01. Finally, the NYSE Arms has been running high most of the day and is currently 1.68. The Euro Financial Sector Credit Default Swap Index is down .95% today to 95.29 basis points. This index is up from a low of 52.66 on May 5^th, but down from 129.46 basis points on March 20^th. . However, the TED spread is rising 5.96% to .98. Due to recent market volatility, I am unable to blog as much as normal. Sorry for the inconvenience. Nikkei futures indicate a -56 open in Japan and DAX futures indicate an +16 open in Germany tomorrow. I expect US stocks to trade modestly lower into the close from current levels on surging oil, record short-selling and rising global growth worries.

Today's Headlines

Bloomberg:
- Steelmakers including Nucor Corp.(NUE), the largest US-based producer, plunged in NY on speculation the slowing US economy and falling auto sales will reduce demand for the metal.
- Buffett’s Berkshire Has Worst First Half Since 1990.

Wall Street Journal:
- Investors once clamored to get into Ritchie Capital Management, a high-profile hedge fund. Now, some are scrambling to get out – and are finding the doors locked.
- Iraqi Expats Fear US Impatience, Says al-Farragh.

Calcalist:
- Nvidia Corp.(NVDA), the second-biggest maker of computer-graphics chips, may be in talks to buy Zoran Corp.(ZRAN).

Trading Markets.com:
- Michael Dell, CEO of Dell Inc., bought 2,273,600 shares on the open market.

Stern:
- Billionaire George Soros said US pension funds should be prohibited from trading in raw materials to curb the continuing increases of oil and food prices.

Bear Radar

Style Underperformer:

Small-cap Value -1.36%

Sector Underperformers:

Coal irlind (-9.70%), Steel (-5.95%) and Oil Tankers (-4.61%)

Stocks Falling on Unusual Volume:

VIP, SCHN, CLF, NUE, TKS, QRCP, BOKF, JRCC, FSYS, CNQR, DISH, XIDE, ZEUS, AYI, TNL, ARM, CNX, MT, ACI and MSB

Stocks With Unusual Put Option Activity:

1) MCO 2) DISH 3) FCL 4) TTWO 5) APOL

Bull Radar

Style Outperformer:

Large-cap Value (+.89%)

Sector Outperformers:

Retail (+1.45%), Banks (+1.28%) and Insurance (+1.15%)

Stocks Rising on Unusual Volume:

PT, GMXR, CHK, HDB, IBN, GSK, NVS, DB, JPM, FTE, CCJ, FO, FLI, NVT, FDO, UNF, ESI, SGK, SMSC, APOL, MDRX, ONXX, SNDK, HUSA, SWKS, INFA, ASEI, AVCT, GEOI, SUSQ, ZBRA, TRMK, ALGT, OTEX, OKSB, FISV and SMTS

Stocks With Unusual Call Option Activity:

1) CMCSK 2) ONXX 3) CI 4) APOL 5) RRC

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