S&P 500 1,377.93 +.04%
DJIA 12,086.50 -.03%
NASDAQ 2,363.77 +.56%
Russell 2000 770.36 +.59%
Wilshire 5000 13,795.83 +.08%
S&P Barra Growth 639.06 +.07%
S&P Barra Value 736.78 +.02%
Morgan Stanley Consumer 671.00 +.34%
Morgan Stanley Cyclical 859.63 +.06%
Morgan Stanley Technology 550.01 +.94%
Transports 4,788.29 +.84%
Utilities 447.04 -.10%
Put/Call .81 -21.36%
NYSE Arms 1.24 -17.78%
Volatility(VIX) 11.20 +3.70%
ISE Sentiment 152.00 -5.59%
US Dollar 85.56 unch
CRB 306.22 -1.97%
Futures Spot Prices
Crude Oil 58.42 -3.84%
Unleaded Gasoline 145.10 -6.98%
Natural Gas 7.43 -5.01%
Heating Oil 160.50 -5.28%
Gold 606.20 -.20%
Base Metals 244.27 -1.66%
Copper 335.00 -.25%
10-year US Treasury Yield 4.67% -.09%
Leading Sectors
Disk Drives +3.41%
Airlines +2.27%
Software +1.22%
Lagging Sectors
Energy -1.56%
HMOs -1.73%
Coal -1.80%
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
Bank of America:
- Rated (BID) Buy, target $45.
Afternoon/Evening Headlines
Bloomberg:
- Merck(MRK) will buy Sirna Therapeutics for $1.1 billion to gain access to drugs based on the mechanism that regulates the flow of genetic information.
- The American Red Cross, provider of emergency blood supplies and disaster aid, proposed an overhaul that will cut the number of seats on its board and put day-to-day operations clearly in the hands of management.
- KFC Corp., the home of Colonel Sanders’ Kentucky fried chicken, will start using oil without harmful trans fatty acids in the US after a lawsuit claimed its food raises the risk of heart disease.
- US daily newspapers are losing readers at an accelerating rate, led by big-city publications such as the Miami Herald, NY Times, Boston Globe and LA Times.
- Crude oil fell the most in more than a year in NY on forecasts that warm US weather will reduce demand for heating fuels, bolstering inventories.
Fortune:
- Yahoo!(YHOO) is considering buying Time Warner’s(TWX) AOL unit.
Reuters:
- Federal Reserve Bank of Dallas President Richard Fisher said he’s “very comfortable” with the central bank’s interest-rate stance after policy makers voted for a third month to leave borrowing costs unchanged.
BOTTOM LINE: The Portfolio finished higher today on gains in my Semi longs, Biotech longs, Retail longs and Commodity shorts. I did not trade in the final hour, thus leaving the Portfolio 75% net long. The tone of the market was mildly positive today as the advance/decline line finished modestly higher, most sectors rose and volume was about average. Measures of investor anxiety were mixed into the close. Today's overall market action was modestly bullish. Most of today's weakness was contained to the energy, healthcare and telecom sectors. Tech stocks outperformed substantially with the MS Tech Index rising almost 1%. Oil traded down $2.36 and looks poised to test its recent low of $56.55. I continue to believe oil will test $50 before year-end. Copper is also weakening as inventories reach 7-month highs. Long-term interest rates were stable today and look to remain low as the U.S. treasury cuts bond sales 50%. The NYSE Arms continues to trade at above-average levels despite recent gains, which is another positive.
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