Monday, March 29, 2004

Monday Close

S&P 500 1,122.47 +1.30%
NASDAQ 1,992.57 +1.66%

Leading Sectors
Biotech +3.11%
Wireless +2.61%
Airlines +2.60%

Lagging Sectors
Energy +.47%
Homebuilders -.16%
Oil Service -.54%

Crude Oil 35.42 -.08%
Natural Gas 5.37 -.56%
Gold 419.00 +.19%
Base Metals 112.26 +.13%
U.S. Dollar 88.54 -.39%
10-Yr. Long-Bond Yield 3.89% +1.54%
VIX 16.50 -4.79%
Put/Call .65 -15.58%
NYSE Arms .35 -60.23%

After-hours Movers
VASC +28.0% after announcing that it had received 510(K) clearance by the FDA for its D-Stat Dry 3x3 hemostatic bandage.
BLTI +6.85% on no news.
ACS +3.65% after saying it would replace Travelers in the S&P 500 index.

Goldman Sachs reiterated Outperform on STN. GS says they expect upwards earnings guidance from a number of retailers given sold same-store sales, tight inventories and low markdowns.

After-hours News
U.S. stocks finished broadly higher Monday on falling energy prices, positive comments from WalMart, multiple takeover announcements and speculation that Friday's employment report will exceed consensus. A recent Australian poll found that 61% of voters thought Australian troops should stay in Iraq, supporting Prime Minister John Howard's stance, the Sydney Morning Herald reported.

BOTTOM LINE: The Portfolio had a very good day today. I rotated out of a few winning longs and into technology stocks that are just beginning to break-out technically, leaving Portfolio market exposure at 125% net long. I believe we have seen the lows for this recent correction. A test will likely occur in the early part of April and succeed. Long-term investors should use any weakness in the coming weeks to add to favorite long positions. In the short-term, the NASDAQ will likely begin a consolidation on a breach of the 2000 level. The employment report on Friday will dictate trading in the near-term, as well.

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