S&P 500 1,145.54+.5%
NASDAQ 2,075.33+.72%
Leading Sectors
Oil Service+2.25%
Fashion+1.26%
Biotech+1.04%
Lagging Sectors
Disk Drives+.01%
I-Banks-.32%
Homebuilding-.61%
Other
Crude Oil 33.98+3.47%
VIX 15.94-2.75%
After-hours Movers
PCLN+7.5% after posting better than expected earnings.
MANH+7.6% after beating expectations and raising guidance.
SCMR-8.2% after earnings and revenue didn't meet expectations.
After-hours News
U.S. stocks rose modestly for the third day in four on optimism Greenspan will affirm investor's expectations of stronger economic growth with low inflation when he speaks tomorrow. Energy related stocks led the way higher today, as investors bid them up on news that OPEC would cut crude production April 1, thus keeping prices high. California's Democratic Party leaders endorsed the $15B bond sale that voters will cast ballots on in March, bolstering Governor Schwarzenegger's plan to help close deficits with the largest municipal debt sale in history.Accordingng to CNBC, Oracle won't get Justice Dept. approval for Peoplesoft merger. Ford(F) was raised to "overweight" and General Motors(GM) cut to "neutral" by JP Morgan after the close. Lastly, Dick's Sporting Goods(DKS) announced a 2-for-1 split.
BOTTOM LINE: I didn't make any changes to the Portfolio today, leaving it 80% net long. Action was muted ahead of Greenspan's testimony tomorrow. Financials were weaker than I would like to see. Energy prices could become a problem later in the year. Tomorrow's market reaction to Greenspan's speech is the key factor that will determine whether we are done with the recent correction or not. I will most likely shift my market exposure tomorrow.
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