Monday, September 26, 2005

Stocks Finish Modestly Higher Even as Energy Prices Rebound

Indices
S&P 500 1,215.63 +.03%
DJIA 10,443.63 +.23%
NASDAQ 2,121.46 +.22%
Russell 2000 660.20 +.72%
DJ Wilshire 5000 12,142.40 +.15%
S&P Barra Growth 580.71 -.07%
S&P Barra Value 630.73 +.12%
Morgan Stanley Consumer 576.62 -.10%
Morgan Stanley Cyclical 721.78 -.11%
Morgan Stanley Technology 497.16 +.18%
Transports 3,615.81 -.20%
Utilities 422.92 +.90%
Put/Call 1.23 +30.85%
NYSE Arms .99 +20.91%
Volatility(VIX) 13.04 +.62%
ISE Sentiment 164.00 -23.0%
US Dollar 89.11 -.20%
CRB 326.93 +1.18%

Futures Spot Prices
Crude Oil 65.95 +.20%
Unleaded Gasoline 214.00 +.51%
Natural Gas 12.59 +1.20%
Heating Oil 207.00 +.55%
Gold 470.10 +.13%
Base Metals 131.18 +.90%
Copper 173.70 +.03%
10-year US Treasury Yield 4.29% +1.06%

Leading Sectors
Oil Service +2.45%
Gold & Silver +2.07%
Energy +1.84%

Lagging Sectors
Papers -.44%
Banks -.51%
Gaming -.55%

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 DIS.

Afternoon/Evening Headlines
Bloomberg:
- Difficulties securing regulatory approval to expand refinery capacity are a greater barrier to increasing the US supply of gasoline and other fuels than the availability of crude oil, Exxon Mobil CEO Raymond said.
- Left-wing anti-war protester Cindy Sheehan was arrested today trying to enter the gate at the northwest end of the White House.
- Chevron reported “severe” damage to an oil and natural gas platform, and drilling companies said eight rigs were missing, scattered or damaged as a result of Hurricane Rita.

NY Times:
- Sun Microsystems will introduce a new version of its StarOffice business software tomorrow, with features designed to make it more compatible with Microsoft’s Office software.
- JC Penney back-to-school circulars have drawn criticism from alcohol industry watchdogs for featuring beer-and liquor-branded T-shirts.
BOTTOM LINE: The Portfolio finished slightly higher today on gains in my Internet longs and Oil Tanker shorts. I covered a few shorts in the afternoon and added NTES long, thus leaving the Portfolio 75% net long. I am using a stop-loss of $82 on this new long. The tone of the market was positive today as the advance/decline line finished higher, most sectors gained and volume was below average. Measures of investor anxiety were higher into the close. Overall, today’s market action was slightly positive. During the week ended Sept. 23, the information technology industry saw the greatest net insider selling in the S&P 500. Insiders sold $45,328,379 worth of stock and bought $134,257. Overall, insider selling in the S&P dropped considerably last week.

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