Friday, March 12, 2004

Friday Close

S&P 500 1,120.57 +1.25%
NASDAQ 1,984.73 +2.10%

Leading Sectors
Networking +3.50%
Airlines +3.50%
Disk Drives +3.11%

Lagging Sectors
Foods +.41%
Fashion -.24%
Tobacco -.49%

Crude Oil 36.19 -1.60%
Natural Gas 5.59 -.83%
Gold 395.60 -1.35%
Base Metals 108.59 -.94%
U.S. Dollar 89.12 +.69%
10-Yr. Long-Bond Yield 3.76% +1.77%
VIX 18.30 -11.47%
Put/Call 1.03 -6.36%
NYSE Arms .40 -81.57%

After-hours Movers
None of note.

None of note.

After-hours News
U.S. stocks finished broadly higher on Friday, sparked by analyst upgrades in the technology sector and falling oil prices. After the close, Telefonos de Mexico delivered a bid for the controlling stake in Embratel, owned by WorldCom, reported Reuters. A BellSouth contract in Nicaragua is being canceled after the country's comptroller's office said it was improperly granted, the AP said. U.S. securities regulators are considering a plan for requiring brokers to settle stock trades the same day they are executed by using an automated system that would replace the current three-day process. Restaurants and food makers should give consumers better information on the nutritional value of their products to fight obesity, U.S. regulators said. Perini Corp. and Washington Group each received $500M contracts for reconstruction work in Iraq, the U.S. Defense Dept. said.

BOTTOM LINE: The Portfolio ended up having a good day, as one of my shorts dropped significantly and my technology longs rose substantially. I added a few more longs during the course of the day, bringing net market exposure for the Portfolio to 75%. Barring any more terrorist attacks over the weekend, I would expect some follow-through to this rally early in the week.

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