Tuesday, August 23, 2005

Stocks Finish Modestly Lower on Light Volume

Indices
S&P 500 1,217.59 -.34%
DJIA 10,519.58 -.48%
NASDAQ 2,137.25 -.19%
Russell 2000 655.47 -.30%
DJ Wilshire 5000 12,138.21 -.29%
S&P Barra Growth 582.87 -.29%
S&P Barra Value 630.43 -.38%
Morgan Stanley Consumer 583.42 -.25%
Morgan Stanley Cyclical 736.22 -.95%
Morgan Stanley Technology 496.71 -.02%
Transports 3,661.34 -1.72%
Utilities 398.94 +.57%
Put/Call 1.02 +13.33%
NYSE Arms 1.22 +6.24%
Volatility(VIX) 13.34 -.60%
ISE Sentiment 194.00 +22.01%
US Dollar 88.08 -.07%
CRB 317.56 +.14%

Futures Spot Prices
Crude Oil 66.24 +.91%
Unleaded Gasoline 186.90 +.40%
Natural Gas 9.98 +4.33%
Heating Oil 183.20 +1.13%
Gold 444.40 +.32%
Base Metals 130.96 -.44%
Copper 164.05 -.03%
10-year US Treasury Yield 4.17% -.69%

Leading Sectors
Disk Drives +.59%
Utilities +.54%
Networking +.54%

Lagging Sectors
Oil Tankers -1.47%
Papers -1.83%
Steel -2.83%

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
GuruFocus.com
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on BSX.
- Rated the Steel Service Sector In-line.

Afternoon/Evening Headlines
Bloomberg:
- Baidu.com, China’s most-used Internet search engine, said second-quarter profit jumped more than sevenfold as it sold more Web advertising.
- US Treasuries rose, pushing 10-year note yields to the lowest in a month.
- The number of Americans traveling for the Labor Day weekend may have the smallest increase for any holiday period in more than two years amid record gasoline prices.
BOTTOM LINE: The Portfolio finished higher today on gains in my Medical and Semiconductor longs and Oil Tanker shorts. I did not trade in the afternoon, thus leaving the Portfolio 50% net long. The tone of the market was modestly negative today as the advance/decline line finished lower, most sectors fell and volume was below average. Measures of investor anxiety were mixed into the close. Overall, today’s market action was slightly negative as stocks continue to consolidate recent gains.

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