Indices
S&P 500 1,529.03 +.61%
DJIA 13,815.56 +.55%
NASDAQ 2,666.48 +.56%
Russell 2000 817.40 +1.34%
Wilshire 5000 15,335.25 +.65%
Russell 1000 Growth 613.30 +.55%
Russell 1000 Value 858.55 +.64%
Morgan Stanley Consumer 741.15 +.93%
Morgan Stanley Cyclical 1,056.79 +.69%
Morgan Stanley Technology 653.29 +.20%
Transports 4,905.56 -.55%
Utilities 511.50 +1.31%
MSCI Emerging Markets 142.99 +2.50%
Sentiment/Internals
Total Put/Call .96 -8.57%
NYSE Arms .87 +197.87%
Volatility(VIX) 20.03 -1.57%
ISE Sentiment 155.0 +31.36%
Futures Spot Prices
Crude Oil 81.84 +.40%
Reformulated Gasoline 209.51 +1.69%
Natural Gas 6.14 -6.52%
Heating Oil 224.10 -.06%
Gold 729.10 +.75%
Base Metals 244.04 +4.46%
Copper 357.0 +3.54%
Economy
10-year US Treasury Yield 4.53% +6 basis points
US Dollar 79.32 +.14%
CRB Index 329.57 +.85%
Leading Sectors
REITs +1.70%
Oil Service +1.63%
Telecom +1.36%
Lagging Sectors
Gaming -.50%
Road & Rail -1.45%
Coal -1.77%
Evening Review
Market Performance Summary
WSJ Data Center
Sector Performance
ETF Performance
Style Performance
Commodity Movers
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Commentary
After-hours Movers
After-hours Stock Quote
In Play
Afternoon Recommendations
RBC:
- Rated (DIS) Outperform, target $39.
Afternoon/Evening Headlines
Bloomberg:
- US stocks extended their biggest rally in four years, buoyed by speculation Federal Reserve interest-rate cuts will help contain the housing slump and spur profit growth.
- Monolithic Power(MPWR), a leading fables manufacturer of high-performance analog and mixed-signal semiconductors, today announced increased revenue expectations for the third quarter of 2007 on strong demand for notebook computers and flat-panel TVs. The stock is jumping 9.4% in after-hours trading.
- US SEC Chairman Christopher Cox said the agency may expand its scrutiny of hedge funds for insider trading by asking more firms about their relationships with public companies.
NY Times:
- Dan Rather, whose career at CBS News ground to an inglorious end 15 months ago over his role in an unsubstantiated report questioning President Bush’s Vietnam-era National Guard service, filed a $70 million lawsuit this afternoon against the network, its corporate parent and three of his former superiors.
BOTTOM LINE: The Portfolio finished higher today on gains in my Biotech longs, Internet longs and Medical longs. I did not trade in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was very positive today as the advance/decline line finished substantially higher, almost every sector rose and volume was above average. Measures of investor anxiety were slightly above-average into the close, despite today’s gains. Today's overall market action was bullish. Small-caps outperformed substantially today. I have dozens of stocks on my monitor pages with 2%-4% gains. Google (GOOG) is really starting to gain steam. I still expect the stock to easily exceed $600 by year-end. It remains my largest equity long position. Apple (AAPL) sold off into the close on option backdating rumors. Piper Jaffray said that there wasn't anything to these rumors and reiterated its buy on the shares. I am sure the bears will pull out all the stops to try and prevent this stock from breaking out. I still expect the shares to hit $180 before year-end, and it remains my second-largest long position. I sense many investors are hoping for something to come out of the clear blue to take stocks lower. Tomorrow's Bear Stearns (BSC), Circuit City (CC) and FedEx (FDX) reports could result in some early weakness in the major averages. I still think any near-term weakness will remain muted and short-term in nature as I suspect far too many bulls are still underinvested and bears are too short given the news over the last two days.
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