Monday, August 22, 2005

Stocks Finish Slightly Higher as Oil Reverses

Indices
S&P 500 1,221.73 +.17%
DJIA 10,569.89 +.10%
NASDAQ 2,141.41 +.27%
Russell 2000 657.47 +.76%
DJ Wilshire 5000 12,173.35 +.21%
S&P Barra Growth 584.58 +.14%
S&P Barra Value 632.86 +.19%
Morgan Stanley Consumer 584.89 +.01%
Morgan Stanley Cyclical 743.27 +.30%
Morgan Stanley Technology 496.80 -.08%
Transports 3,725.32 +.18%
Utilities 396.67 +.55%
Put/Call .90 -13.46%
NYSE Arms 1.15 -.77%
Volatility(VIX) 13.42 unch.
ISE Sentiment 159.00 +32.50%
US Dollar 88.14 -.52%
CRB 317.12 +.62%

Futures Spot Prices
Crude Oil 65.40 -.38%
Unleaded Gasoline 185.60 -.30%
Natural Gas 9.56 unch.
Heating Oil 180.50 -.36%
Gold 442.80 -.05%
Base Metals 131.54 +1.95%
Copper 164.10 unch.
10-year US Treasury Yield 4.21% +.05%

Leading Sectors
Steel +2.18%
Semis +1.18%
Wireless +1.10%

Lagging Sectors
Tobacco -.69%
Internet -.75%
Oil Service -.80%

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:
- None of note

Afternoon/Evening Headlines
Bloomberg:
- Intel plans to use Research in Motion’s battery technology.
- Iraq’s lawmakers deferred for three days a final vote on a draft constitution, to narrow differences among Sunnis, Kurds and Shiites.
- Harrah’s Entertainment agreed to acquire the Imperial Palace Hotel & Casino on the Las Vegas Strip for $370 million to give it space to grow in the No. 1 gambling market.
- General Electric said its partnership with Rolls-Royce Group Plc won a $2.47 billion contract extension from the US Navy to develop an engine for the Joint Strike Fighter.

Australian Newspaper:
- Australian Treasurer Costello urged radical Muslim clerics to leave the country if they don’t share its values of democracy, a secular society and equality for women.
BOTTOM LINE: The Portfolio finished unchanged today as gains in my Medical longs offset losses in my Internet longs. I did not trade in the afternoon, thus leaving the Portfolio 50% net long. The tone of the market was modestly positive today as the advance/decline line finished higher, sector performance was mixed and volume was below average. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was slightly negative. Overall, it was a pretty uninspiring, choppy day. I expect this to remain the case for several more weeks. However, the odds are increasing of a temporary spike in fear, which should provide the catalyst for a very positive fourth quarter. This possible temporary anxiety spike will likely be related to terrorism or oil, not earnings or economic data.

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