Stocks Close Mixed as Rising Energy Prices Offset Positive Economic Data Ahead of Fed Meeting at 2006-02-06 23:45:56
Indices S&P 500 1,285.20 +.12% DJIA 10,899.92 -.07% NASDAQ 2,306.78 +.11% Russell 2000 730.87 -.18% S&P Barra Growth 612.77 +.15% S&P Barra Value 668.26 +.08% Morgan Stanley Consumer 597.19 -.30% Morgan Stanley Cyclical 798.87 +.02% Morgan Stanley Technology 544.38 +.28% Transports 4,354.49 +1.04% Utilities 413.71 -.57% Put/Call .65 -16.67% NYSE Arms .78 -14.00% Volatility(VIX) 12.39 +3.51% ISE Sentiment 238.00 +20.20% US Dollar 89.43 +.12% CRB 350.06 +.89%
Afternoon Recommendations Goldman Sachs: - Reiterated Underperform on (SGP).
Afternoon/Evening Headlines Bloomberg: - President Bush will nominate Stanford University economist Ed Lazear to be chairman of his Council of Economic Advisers. - OPEC agreed to keep production near a 26-year high in the second quarter after most members said prices were too high to warrant an output cut, Saudi Arabia’s oil minister said.
San Francisco Chronicle: - California builders plan to construct tens of thousands of homes on flood-prone delta lands to meet demand for housing from Sacramento to the Bay Area.
BOTTOM LINE: The Portfolio finished higher today on gains in my Medical Information Systems longs, Semi longs and Computer longs. I exited my VLO short and took profits in a few longs in the final hour, thus leaving the Portfolio 100% net long. The tone of the market was slightly negative today as the advance/decline line finished modestly lower, sector performance was mixed and volume was about average. Measures of investor anxiety were mostly lower into the close. Overall, today’s performance was neutral ahead of a number of market-moving catalysts. The Airline Index (XAL) was up almost 3% today, even as oil remains near $70/bbl. The recent correction in the group looks like it has run its course. (AMR) and (SKYW) are my two favorites in this despised group.
