Tuesday's US Market Wrap

by: Between the Hedges

From Between the Hedges:

Stocks Finish Lower on Late Day Sell-Off

S&P 500 1,256.58 -.44%
DJIA 11,098.35 -.24%
NASDAQ 2,158.76 -.65%
Russell 2000 711.29 -.55%
Wilshire 5000 12,654.50 -.43%
S&P Barra Growth 582.46 -.44%
S&P Barra Value 672.28 -.43%
Morgan Stanley Consumer 601.13 -.25%
Morgan Stanley Cyclical 824.31 +.05%
Morgan Stanley Technology 497.76 -.73%
Transports 4,615.43 -.75%
Utilities 393.86 -1.42%
Put/Call 1.07 -11.57%
NYSE Arms 1.06 -33.49%
Volatility(VIX) 18.26 +3.05%
ISE Sentiment 188.00 -8.29%
US Dollar 84.40 +.07%
CRB 352.37 +2.37%

Futures Spot Prices
Crude Oil 71.46 -.42%
Unleaded Gasoline 208.80 -.95%
Natural Gas 6.28 +.37%
Heating Oil 199.25 -.32%
Gold 668.60 -.76%
Base Metals 243.44 +8.19%
Copper 382.25 -1.62%
10-year US Treasury Yield 5.03% -.16%

Leading Sectors
Gold & Silver +1.69%
Steel +1.37%
Oil Service +.71%

Lagging Sectors
Airlines -1.59%
Semis -1.62%
Computer Hardware -2.13%

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
RBC Capital Markets:
- Rated (NASDAQ:CSTR) Outperform, target $30.
- Rated (NASDAQ:FLOW) Outperform, target $16.

Afternoon/Evening Headlines
- The Senate Intelligence Committee today approved General Michael Hayden’s nomination to head the US CIA.
- Gold demand fell 16% in the first quarter as prices at 25-year highs deterred purchases by jewelers, the biggest buyers, the producer-funded World Gold Council said.

Boston Globe:
- Massachusetts single-family home sales in April fell to their lowest point in more than 10 years while prices remained steady.

BOTTOM LINE: The tone of the market was negative today as the advance/decline line finished lower, most sectors fell and volume was above average. Measures of investor anxiety were mixed into the close. Overall, today's market performance was bearish. Considering recent losses and elevated anxiety readings, today's reversal has to be very disappointing to the bulls. While commodities had a very good day today, the commodity stocks reversed most of their gains into the close. However, the real weakness remained in tech as semis continue to trade very poorly. Today's action makes it less likely that a durable bottom is in place in the major averages. I will closely monitor the market’s reaction to tomorrow’s housing data before further shifting market exposure.