Monday, April 11, 2005

Monday Close

Indices
S&P 500 1,181.21 unch.
DJIA 10,448.56 -.12%
NASDAQ 1,992.12 -.36%
Russell 2000 607.17 -.59%
DJ Wilshire 5000 11,629.63 -.06%
S&P Barra Growth 570.12 -.05%
S&P Barra Value 606.71 +.05%
Morgan Stanley Consumer 582.89 -.20%
Morgan Stanley Cyclical 739.87 -.39%
Morgan Stanley Technology 451.50 -.49%
Transports 3,610.44 +.38%
Utilities 366.25 +1.17%
Put/Call 1.02 +9.68%
NYSE Arms 1.01 -27.24%
Volatility(VIX) 11.98 -5.07%
ISE Sentiment 145.00 -11.04%
US Dollar 84.22 +.01%
CRB 304.18 -.05%

Futures Spot Prices
Crude Oil 53.68 -.06%
Unleaded Gasoline 155.34 +.23%
Natural Gas 7.30 -.05%
Heating Oil 148.95 +.16%
Gold 430.40 unch.
Base Metals 130.61 +.71%
Copper 152.50 unch.
10-year US Treasury Yield 4.43% -.77%

Leading Sectors
Tobacco +1.25%
Oil Service +.93%
Energy +.70%

Lagging Sectors
Semis -.80%
Restaurants -.85%
Disk Drives -.98%

After-hours Movers
TIVO +4.96% on Smith Barney upgrade to Buy.
NTGR +4.6% after saying it will replace Advanced Marketing Services(MKT) in the S&P Small-cap 600.
SBGI +10.99% after saying that it has entered into an extension of its retransmission consent agreement with DIRECTV.
SLNK -8.2% after cutting 1Q forecast.
OTEX -13.2% after cutting 3Q/4Q outlook substantially.

Evening Review
Detailed Market Summary
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
Futures Recap
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on DNA.

Smith Barney:
- Upgraded TIVO to Buy, target $7.75.

Banc of America:
- Downgraded ADM bonds to sell.

Afternoon/Evening Headlines
Bloomberg:
- Genentech said first-quarter profit rose 61% on higher sales of Avastin and other cancer medicines.
- The average US retail price for regular-grade gasoline jumped 6.3 cents in the past week to $2.28 a gallon.

Wall Street Journal:
- Maurice “Hank” Greenberg, the former CEO of AIG, plans to invoke the Fifth Amendment tomorrow to avoid answering questions from regulators.

Australian Financial Review:
- China plans to introduce a licensing system to reduce the number of iron ore importers by as much as 80%, which may damage trade relations with Australia.

BOTTOM LINE: US stocks finished slightly lower today as energy prices rebounded from morning lows and worries over slowing growth persisted. The Portfolio finished higher on gains in my Energy longs, Chinese ADR shorts and Gaming longs. I exited a Retail long and added ESV long in the afternoon, thus leaving the Portfolio Market Neutral. I am using a $35.5 stop-loss on this position. The tone of the market weakened into the afternoon as the advance/decline finished at its daily lows, sector performance was mixed and volume remained very light. Small-cap and Cyclical stocks underperformed into the afternoon, while measures of investor anxiety remained mixed. Overall, today’s market action was mildly negative, considering the fall in long-term interest rates, stable commodity prices and the market’s oversold state. Worries over comments from the Fed and a bounce in energy prices and long-term interest rates will likely pressure stocks near-term.

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