Thursday, December 29, 2005

Stocks Finish Near Session Lows on Light Volume

S&P 500 1,254.42 -.30%
DJIA 10,784.82 -.11%
NASDAQ 2,218.16 -.48%
Russell 2000 677.96 -.31%
DJ Wilshire 5000 12,556.02 -.28%
S&P Barra Growth 599.71 -.39%
S&P Barra Value 650.43 -.20%
Morgan Stanley Consumer 596.14 -.17%
Morgan Stanley Cyclical 790.04 -.03%
Morgan Stanley Technology 525.39 -.72%
Transports 4,241.34 +.41%
Utilities 406.63 -.10%
Put/Call .90 +7.14%
NYSE Arms 1.19 +6.61%
Volatility(VIX) 11.61 +2.29%
ISE Sentiment 163.00 -17.68%
US Dollar 91.09 -.13%
CRB 329.32 unch.

Futures Spot Prices
Crude Oil 60.31 -.02%
Unleaded Gasoline 165.24 +3.85%
Natural Gas 11.19 -.25%
Heating Oil 170.10 -.11%
Gold 518.70 +.23%
Base Metals 152.98 -.52%
Copper 204.50 -.02%
10-year US Treasury Yield 4.36% -.31%

Leading Sectors
Gold & Silver +1.67%
Airlines +.75%
Steel +.75%

Lagging Sectors
Semis -.96%
Tobacco -1.38%
Oil Service -1.57%

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 SPLS ,HD, ODP, DKS and PETM.

Afternoon/Evening Headlines
- US music album sales dropped about 7% this year as Internet sites such as Apple Computer’s iTunes store more than doubled their share of the market.
- Sumner Redstone placed his stake in Midway Games into a new company controlled by his daughter, Shari Redstone, as part of an effort to free him from debt.
- ConocoPhillioips, Marathon Corp. and Amerada Hess Corp. said they reached an agreement with the Libyan National Oil Corp. allowing them to return to Libya after a 19-year absence.
- Applied Digital Solutions’(ADSX) VeriChip Corp. subsidiary has filed papers for an IPO
BOTTOM LINE: The Portfolio finished slightly lower today as losses in my Medical longs and Computer longs more than offset gains in my Energy-related shorts. I did not trade in the afternoon, thus leaving the Portfolio 100% net long. The tone of the market was mildly negative today as the advance/decline line finished modestly lower, most sectors declined and volume was very light. Measures of investor anxiety were higher into the close. Overall, today's action was good for the bears as the major averages and breadth finished near session lows. It seems as though technology shares come under pressure any time a weak housing number is released. Time and signs of stabilizing home sales will cure this. I still expect any early January weakness to be shallow and short-lived.

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