Monday's US Market Wrap

by: Between the Hedges

From Between the Hedges, an overview of today's action in the US market.

S&P 500 1,305.19 -.41%
DJIA 11,343.29 -.21%
NASDAQ 2,304.79 -.77%
Russell 2000 761.12 -.45%
Wilshire 5000 13,203.34 -.37%
S&P Barra Growth 606.69 -.40%
S&P Barra Value 696.34 -.43%
Morgan Stanley Consumer 609.36 -.02%
Morgan Stanley Cyclical 853.32 +.43%
Morgan Stanley Technology 541.85 -.42%
Transports 4,669.91 +.12%
Utilities 394.02 -.87%
Put/Call .89 +3.49%
NYSE Arms 1.01 -7.31%
Volatility(VIX) 12.53 +8.11%
ISE Sentiment 176.00 +5.39%
US Dollar 86.28 +.20%
CRB 355.22 +1.52%

Futures Spot Prices
Crude Oil 73.70 unch.
Unleaded Gasoline 214.66 +2.75%
Natural Gas 6.69 +2.14%
Heating Oil 205.88 +2.28%
Gold 656.50 -.56%
Base Metals 215.77 -.16%
Copper 330.70 -.41%
10-year US Treasury Yield 5.14% +1.75%

Leading Sectors
Oil Service +2.19%
Energy +1.55%
Defense +.87%

Lagging Sectors
Oil Tankers -1.02%
REITs -1.31%
I-Banks -3.17%

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
Merrill Lynch:
- Added (NASDAQ:ADBE) to Focus List.

Afternoon/Evening Headlines
- Federal Reserve interest-rate policy is “very close” to a level that’s “properly calibrated” to the outlook for moderating economic growth, Atlanta Fed President Guynn said.
- Left-wing Bolivian President Evo Morales took control of the country’s oil and gas fields and gave foreign energy companies operating in the country 180 days to agreed to new contracts with state-run Petroliferos Fiscales Bolivianos.
- Supporters of immigrant rights rallied across the US today to demand that Congress give millions of undocumented workers a change to gain legal status.
- UnitedHealth Group(NYSE:UNH) said its board discontinued equity-based awards for CEO McGuire and COO Hemsley.
- The percentage of speculative-grade bonds at distressed levels fell to an eight-year low last month as economic growth helped companies improve their creditworthiness, S&P said.
- About 11% of Americans age 12 to 19 have high blood glucose levels that may increase their risk of developing Type 2 diabetes, heart disease or stroke, a study said.

- “Federal Reserve Chairman Ben Bernanke told me over the weekend that the media and the markets basically got it wrong last week in speculating that the Fed is done raising interest rates,” said Maria Bartiromo.

BOTTOM LINE: The tone of the market was negative today as the advance/decline line finished lower, sector performance was mostly negative and volume was above average. Measures of investor anxiety were mixed into the close. Overall, today's market performance was bearish. I continue to believe the Fed has their finger on the “pause trigger,” but won’t pull until signs of slowing economic growth are evident.