S&P 500 1,148.16 -.21%
NASDAQ 2,059.90 -.92%
Leading Sectors
Airlines +1.13%
Iron/Steel +.88%
Homebuilders +.83%
Lagging Sectors
Broadband +2.05%
Semis +2.05%
Wireless +2.06%
Other
Crude Oil 35.15 +.51%
Natural Gas 5.81 +.02%
Gold 420.20 +.10%
Base Metals 112.82 +.08%
U.S. Dollar 88.69 -.59%
10-Yr. Long-Bond Yield 4.15% -1.35%
VIX 15.32 +2.34%
Put/Call .82 +28.13%
NYSE Arms .91 +97.83%
After-hours Movers
MGM +6.98% on no news.
STX -12.76% on lowering 3Q forecast.
ESIO -13.88% on lower-than-expected 3Q revenues.
Recommendations
Goldman Sachs reiterated Outperform on WAG and IGT.
After-hours News
U.S. stocks finished lower on worries over technology sector earnings and profit-taking. General Electric(GE) and Rolls-Royce won contracts from Boeing to make engines for its 7E7 aircraft, the Wall Street Journal reported. Alcoa(AA), the world's largest maker of aluminum, said first-quarter profit more than doubled because of higher sales to automobile and airplane makers, higher prices for its products and lower costs.
BOTTOM LINE: The Portfolio was down today as my technology longs fell and shorts were unchanged. I took profits in several tech long positions into the close, leaving market exposure for the Portfolio at 50% net long. I will look to add exposure on any significant weakness related to violence in Iraq or short-term earnings worries.
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