Tuesday, June 01, 2004

Tuesday Close

S&P 500 1,121.20 +.05%
NASDAQ 1,990.77 +.20%

Leading Sectors
Hospitals +1.71%
Energy +1.42%
HMO's +1.26%

Lagging Sectors
Fashion -1.37%
Disk Drives -1.57%
Airlines -1.66%

Crude Oil 42.45 +.28%
Natural Gas 6.69 +.21%
Gold 395.80 +.08%
Base Metals 110.42 +1.48%
U.S. Dollar 88.88 -.02%
10-Yr. T-note Yield 4.70% +1.15%
VIX 16.30 +5.16%
Put/Call .95 -8.65%
NYSE Arms 1.11 -2.63%

After-hours Movers
ALKS -3.54% after revising its financial expectations downwards for the fiscal year 05 in connection with the decision to discontinue commercialization of Nutropin Depot.

Goldman Sachs reiterated Outperform on ACN, IGT, FS, BNS, ENH and MDT.

After-hours News
U.S. stocks finished modestly higher Monday on strength in healthcare and energy shares, notwithstanding rising interest rates. China is succeeding in reducing the symptoms of an overheating economy, which may delay their need to raise interest rates, the Asian Wall Street Journal reported. Shipping companies keep launching new versions of "the world's largest container ship" as they try to outdo one another amid a global trade boom, straining transport facilities in the process, the LA Times said. Disney plans to start three of is own tv channels in India helped by a joint venture with a local company, Handelsblatt said. Three terrorists who escaped capture after taking hostages in a Saudi housing compound Saturday bluffed authorities into believing accomplices were ready to blow up buildings unless they were allowed to leave, Reuters reported.

BOTTOM LINE: The Portfolio had a good day today as a few of my internet, basic material and telecom equipment long positions rose substantially in the afternoon. I did not trade today and the Portfolio is still 125% net long. Today's modest gains were a big positive for the Bulls as a substantial rise in oil prices and interest rates could not send stocks lower. The market's tone was constructive most of the day and small-caps continue to outperform. I expect U.S. stocks to build on last week's rally as the week progresses.

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