Thursday, December 02, 2004

MId-day Report

S&P 500 1,191.23 -.01%
NASDAQ 2,143.09 +.23%

Leading Sectors
Airlines +3.25%
Telecom +1.82%
Biotech +1.54%

Lagging Sectors
Energy -2.68%
Commodity -2.69%
Iron/Steel -3.64%

Crude Oil 43.30 -4.70%
Natural Gas 6.86 -7.19%
Gold 451.80 -.88%
Base Metals 119.78 -.84%
U.S. Dollar 81.90 +.42%
10-Yr. T-note Yield 4.38% +.45%
VIX 12.79 -1.39%
Put/Call .82 +2.50%
NYSE Arms .67 +9.84%

Market Movers

Economic Data
Initial Jobless Claims for last week were 349K versus estimates of 330K and 324K the prior week.
Continuing Claims were 2723K versus 2768K prior.
Factory Orders for October rose .5% versus estimates of a .2% gain and unch. in September.

(Refresh your browser if this page doesn't load the first try)
Mid-day News

Bottom Line: The Portfolio is unchanged mid-day as strength in my retail and telecom equipment longs is being offset by weakness in my steel and Chinese ADR longs. I took profits in a few base metal longs this morning, bringing the Portfolio's market exposure to 100% net long. The tone of the market is weaker today as stocks consolidate yesterday's gains. I view this as healthy. I look for the major indices to rally modestly tomorrow after Intel's mid-quarter update and the jobs report.

No comments: