Monday, May 16, 2005

Stocks Finish Higher as Hedge Fund Blow-up Worries Subside

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

BOTTOM LINE: The Portfolio finished slightly lower today on losses in my Oil Tanker and Base Metal shorts. I took profits in a few shorts from various sectors in the afternoon and added a few new Tech and Retail longs, thus leaving the Portfolio 100% net long. One of my new longs is AEOS and I am using a $26.50 stop-loss on this position. The tone of the market strengthened into the afternoon as the advance/decline finished at session highs, almost every sector advanced and volume was light. Overall, today’s market action was positive considering the weaker-than-expected Empire Manufacturing report and bounce in oil from morning lows. Tomorrow, I expect the PPI to meet expectations, housing starts to exceed estimates and industrial production to come in weaker-than-expected. This should result in further gains for US stocks.

No comments: