Tuesday Close

S&P 500 1,121.84 -.23%
NASDAQ 1,925.17 -.19%

Leading Sectors
Homebuilders +1.26%
I-Banks +.77%
Utilities +.70%

Lagging Sectors
Semis -1.32%
Oil Service -1.45%
Iron/Steel -1.73%

Other
Crude Oil 52.20 -.59%
Natural Gas 6.61 -.32%
Gold 416.60 unch.
Base Metals 123.37 -1.51%
U.S. Dollar 87.94 +.46%
10-Yr. T-note Yield 4.09% -.80%
VIX 15.05 +2.31%
Put/Call .99 +28.57%
NYSE Arms 1.75 +44.63%

After-hours Movers
INTC +3.40% on bargain-hunting after meeting 3Q estimate and lowering 4Q guidance.
ASKJ +3.46% on positive YHOO earnings report.
STM +5.36% on optimism over INTC report.
NABI +4.81% after saying that StaphVAX received Fast Track Designation from the FDA.

Recommendations
Goldman reiterated Outperform on MER, MDT and YHOO.

After-hours News
U.S. stocks finished slightly lower today after a late-afternoon rebound on optimism over declining energy prices. After the close, Walt Disney's Hong Kong Disneyland will open Oct. 14 next year, the Wall Street Journal reported. The Business Council corrected a survey of CEOs, saying the placement of numbers in the wrong column in a spreadsheet caused their forecast to show the U.S. economy would expand no more than 2% next year. The survey, prepared by the chief economist of Fannie Mae, really showed the U.S. economy may expand 4.5% in 2005, Bloomberg reported. U.S. truckers including JB Hunt Transport Services and railroads such as Union Pacific are hiring more workers and asking customers to spread out shipments because of record demand for cargo hauling, Bloomberg said. Intel said third-quarter profit rose 15%, as record stockpile of computer chips increased expenses, Bloomberg said. Yahoo! said third-quarter profit more than tripled and sales more than doubled on higher advertising revenue and a gain from selling shares of Google, Bloomberg said.

BOTTOM LINE: The Portfolio finished lower today on weakness in my steel, Chinese ADR and Internet longs. I added a few new longs in the afternoon, leaving the Portfolio 100% net long. One of my new longs is PLMO and I am using a $28.95 stop-loss on the position. The tone of the market improved greatly during the afternoon as the advance/decline line rose and volume increased. As well, commodity prices declined, the US dollar gained, interest rates fell and measures of investor anxiety rose today. The market is also responding well to Intel and Yahoo's earnings in after-hours.