Tuesday, December 13, 2005

Stocks Finish Higher on Weak Breadth

S&P 500 1,267.43 +.56%
DJIA 10,823.72 +.52%
NASDAQ 2,265.00 +.18%
Russell 2000 689.03 -.07%
DJ Wilshire 5000 12,684.52 +.44%
S&P Barra Growth 605.72 +.43%
S&P Barra Value 657.33 +.68%
Morgan Stanley Consumer 596.23 +.80%
Morgan Stanley Cyclical 785.52 +.65%
Morgan Stanley Technology 536.34 +.12%
Transports 4,088.03 -.07%
Utilities 412.84 +1.24%
Put/Call .63 -8.70%
NYSE Arms .72 -11.56%
Volatility(VIX) 11.11 -3.14%
ISE Sentiment 174.00 -15.94%
US Dollar 90.53 +.23%
CRB 335.62 +.58%

Futures Spot Prices
Crude Oil 61.23 -.24%
Unleaded Gasoline 164.00 -.36%
Natural Gas 15.25 -.80%
Heating Oil 183.16 -.27%
Gold 521.70 -.44%
Base Metals 153.38 +1.06%
Copper 202.20 -.22%
10-year US Treasury Yield 4.51% -.61%

Leading Sectors
Restaurants +1.74%
Drugs +1.68%
Homebuilders +1.38%

Lagging Sectors
Oil Tankers -1.41%
Gaming -1.51%
Oil Service -1.54%

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

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on PFE.

Afternoon/Evening Headlines
- Futures traders pared bets the Federal Reserve will boost its benchmark interest rate to 4.75% by April after the central bank raised rates a 13th straight time and signaled it’s moving closer to the end of the increases.
- Iraqis residing in the US began casting absentee ballots today at eight polling places across the country for Iraq’s parliamentary elections.

- Delphi Corp. CEO Steve Miller said the bankrupt auto-parts maker will likely come to a labor agreement with the UAW in the first quarter of next year.
- A judge granted a preliminary injunction today against a potential strike by NYC transit workers.
BOTTOM LINE: The Portfolio finished lower today on losses in my Medical longs and Retail longs. I added to my VLO short and added IWM and QQQQ shorts in the afternoon, thus leaving the Portfolio 75% net long. The tone of the market was mixed today as the advance/decline line finished slightly lower, sector performance was mostly positive and volume was above average. Measures of investor anxiety were mostly lower into the close. I still expect stocks to finish the year strongly with the S&P 500 returning around 10%. However, in the near term, it appears more consolidation is necessary.

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