S&P 500 1,221.59 +.10%
DJIA 10,459.63 -.21%
NASDAQ 2,147.90 -.19%
Russell 2000 668.45 +.29%
DJ Wilshire 5000 12,216.72 +.14%
S&P Barra Growth 583.93 -.08%
S&P Barra Value 633.41 +.28%
Morgan Stanley Consumer 580.32 -.28%
Morgan Stanley Cyclical 737.28 +.15%
Morgan Stanley Technology 495.38 -.20%
Transports 3,670.83 -.27%
Utilities 416.23 +2.15%
Put/Call .87 +8.75%
NYSE Arms 1.23 +56.39%
Volatility(VIX) 13.15 +4.37%
ISE Sentiment 153.00 +14.18%
US Dollar 86.55 -1.18%
CRB 336.20 +2.06%
Futures Spot Prices
Crude Oil 69.56 +.90%
Unleaded Gasoline 238.00 +5.53%
Natural Gas 11.93 +4.0%
Heating Oil 219.25 +5.59%
Gold 447.40 +.20%
Base Metals 130.34 +.74%
Copper 164.40 -.24%
10-year US Treasury Yield 4.03 +.42%
Leading Sectors
Gold & Silver +3.53%
Steel +2.73%
Energy +2.68%
Lagging Sectors
Retail -1.81%
Restaurants -2.17%
Airlines -5.79%
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 PFGC and DHR.
Afternoon/Evening Headlines
Bloomberg:
- Robert McTeer, former president of the Federal Reserve Bank of Dallas, said President Bush might persuade Fed Chairman Greenspan to cut rates to soften the economic impact of Hurricane Katrina.
- Ayman al-Zawahiri, top lieutenant to al-Qaeda leader Osama bin Laden, has claimed responsibility for the bombings on London’s transport system on July 7.
- Contributions for victims of Hurricane Katrina climbed to at least $82 million as President Bush asked his father and former President Clinton to lead a fund-raising effort.
- Almost 3,000 National Guard soldiers have been deployed in New Orleans to maintain order and 1,400 more will be added each day for the next three days, US Homeland Security Secretary Michael Chertoff said at a press conference in Washington.
- The US Congress will return early from its summer recess to address damage caused by Hurricane Katrina, according to a congressional aide who requested anonymity.
- President Bush will ask Congress to approve $10.5 billion in emergency spending to help pay for cleanup costs associated with Hurricane Katrina.
- Honda Motor led US auto-sales gains with a 23% increase in August, helping Asian carmakers capture record market share after being eclipsed in July by discounts at GM and Ford.
BOTTOM LINE: The Portfolio finished substantially higher today on gains in my Financial and Storage longs and Technology shorts. I did not trade in the afternoon, thus leaving the Portfolio 50% net long. The tone of the market was neutral today as the advance/decline line finished mostly unchanged, sector performance was mixed and volume was about average. Measures of investor anxiety were mostly lower into the close. Overall, today’s market action was modestly positive given the rise in energy prices and concerns over economic growth. Over the last couple of weeks, I have trimmed the size of my long positions in preparation for a temporary spike in fear related to hurricanes or terrorism. I still believe this is likely over the coming weeks. I plan to add back to these long positions at such time in preparation for a significant rally during the fourth quarter.
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