Tuesday, May 10, 2005

Stocks Close Near Session Lows

S&P 500 1,166.22 -1.07%
DJIA 10,281.11 -.99%
NASDAQ 1,962.77 -.85%
Russell 2000 595.04 -1.31%
DJ Wilshire 5000 11,493.34 -1.02%
S&P Barra Growth 563.31 -.96%
S&P Barra Value 598.57 -1.18%
Morgan Stanley Consumer 578.81 -.77%
Morgan Stanley Cyclical 705.56 -1.39%
Morgan Stanley Technology 444.96 -1.28%
Transports 3,498.56 -1.70%
Utilities 365.25 -.70%
Put/Call .85 +1.19%
NYSE Arms 2.11 +234.17%
Volatility(VIX) 14.91 +8.44%
ISE Sentiment 133.00 -7.64%
US Dollar 84.45 -.22%
CRB 301.44 +.21%

Futures Spot Prices
Crude Oil 51.82 -.40%
Unleaded Gasoline 150.30 +1.06%
Natural Gas 6.68 +.07%
Heating Oil 144.55 +.37%
Gold 427.20 +.07%
Base Metals 124.43 +.45%
Copper 145.40 +.52%
10-year US Treasury Yield 4.20% -1.91%

Leading Sectors
Biotech +.67%
Restaurants -.19%
Hospitals -.31%

Lagging Sectors
Oil Service -2.25%
Airlines -3.33%
Steel -4.62%

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

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on ARO and AEOS.
- Reiterated Underperform on FHN and SMP.

Afternoon/Evening Headlines
- Jefferson County International Baccalaureate School in Alabama topped Newsweek’s list of the best US high schools based on the number of advanced placement or college-level tests taken by students.
- Toyota Motor will form a fuel-cell joint venture with GM
- SkyEurope Airlines AS, a Slovakian low-cost airline, agreed to buy 16 of Boeing’s 737-700 aircraft valued at $880 million as the carrier expands service through the European Union.
- US Treasuries rose as demand at an auction of $22 billion in three-year notes surged to the highest since the government resumed sales of the security in 2003.
- Visteon, the second-biggest US maker of auto parts, said it would delay its US regulatory filing for the first quarter.
- Yahoo! said it would start a new subscription music service tomorrow that will compete with Apple and RealNetworks.

- A State Supreme Court judge ruled today that New York can’t revoke the driver’s licenses of as many as 252,000 illegal immigrants who don’t have Social Security numbers.

Nikkei English News:
- The People’s Bank of China is “technically” prepared to carry out currency reforms, citing Deputy Governor Wu Ziaoling.

BOTTOM LINE: The Portfolio finished lower today on losses in my Internet and Airline longs. I did not trade in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market weakened into the afternoon as the advance/decline finished near its daily lows, almost every sector fell and volume was light. Measures of investor anxiety were higher into the close. Overall, today’s market action was negative considering energy prices finished lower. Rumors of a large hedge fund “blow-up” were behind today’s sell-off. I suspect these fears are exaggerated. The spike in the NYSE Arms is a positive. In my opinion, any further declines over the coming weeks should be viewed as buying opportunities for longer-term investors.

No comments: