Thursday, May 19, 2005

Stocks Finish at Session Highs

S&P 500 1,191.08 +.47%
DJIA 10,493.19 +.27%
NASDAQ 2,042.58 +.59%
Russell 2000 610.46 +.42%
DJ Wilshire 5000 11,741.81 +.49%
S&P Barra Growth 576.60 +.48%
S&P Barra Value 609.98 +.45%
Morgan Stanley Consumer 590.71 +.22%
Morgan Stanley Cyclical 719.49 -.11%
Morgan Stanley Technology 474.51 +.52%
Transports 3,621.03 +.44%
Utilities 364.55 +.58%
Put/Call .78 -2.50%
NYSE Arms .76 +.80%
Volatility(VIX) 13.32 -2.27%
ISE Sentiment 178.00 +54.78%
US Dollar 86.14 +.43%
CRB 293.54 -.44%

Futures Spot Prices
Crude Oil 46.90 -.63%
Unleaded Gasoline 143.75 +1.63%
Natural Gas 6.37 -.27%
Heating Oil 139.00 +2.34%
Gold 420.70 -.02%
Base Metals 120.03 -.05%
Copper 136.10 -.15%
10-year US Treasury Yield 4.11% +.52%

Leading Sectors
Oil Service +1.85%
Energy +1.67%
Gaming +1.23%

Lagging Sectors
Gold & Silver -.62%
Steel -1.11%
Oil Tankers -1.60%

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 BLS.

Afternoon/Evening Headlines
- DuPont said it received a subpoena in a grand jury probe related to an ingredient used to make Teflon non-stick coatings that has been found to cause cancer in animals.
- US regulators voted to require Internet-calling companies such as Vonage Holdings to improve the way they connect customers to emergency services.
- Michael Price, whose mutual funds were among the industry’s best performers during the 1980s and 1990s, bought shares of AIG for the first time and said Morgan Stanley is worth $75/share.
- Crude oil in NY fell to a three-month low on speculation that US inventories will be sufficient to meet peak demand during the summer driving season.

BOTTOM LINE: The Portfolio finished higher today on gains in my Software, Computer, Wireless and Internet longs and Oil Tanker, Base Metal shorts. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market strengthened into the afternoon as the advance/decline finished modestly higher, almost every sector rose and volume was average. Measures of investor anxiety were lower into the close. Overall, today’s market action was positive considering recent gains and weaker economic reports. The fact that the dollar rose today on weaker economic reports suggests further gains for the currency near-term.

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