Tuesday's US Market Wrap

by: Between the Hedges

From Between the Hedges:

Stocks Finish Near Session Lows on Heavy Volume and Poor Breadth

S&P 500 1,286.57 -.77%
DJIA 11,089.63 -.46%
NASDAQ 2,310.35 -.98%
Russell 2000 742.11 -1.44%
Wilshire 5000 12,994.31 -.84%
S&P Barra Growth 604.20 -.76%
S&P Barra Value 679.42 -.79%
Morgan Stanley Consumer 598.57 -.77%
Morgan Stanley Cyclical 822.89 -.30%
Morgan Stanley Technology 547.74 -.66%
Transports 4,619.04 -1.03%
Utilities 384.42 -.98%
Put/Call 1.0 +20.48%
NYSE Arms 1.32 +46.02%
Volatility(VIX) 13.0 +6.64%
ISE Sentiment 151.00 +.67%
US Dollar 89.38 -.30%
CRB 340.48 +.14%

Futures Spot Prices
Crude Oil 68.90 -.12%
Unleaded Gasoline 205.65 +.10%
Natural Gas 6.88 -.33%
Heating Oil 195.55 +.52%
Gold 597.50 -.32%
Base Metals 192.05 +.73%
Copper 271.00 -.42%
10-year US Treasury Yield 4.92% -.58%

Leading Sectors
Gaming -.12%
Restaurants -.26%
REITs -.45%

Lagging Sectors
Oil Tankers -1.84%
Oil Service -1.88%
Gold & Silver -2.46%

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
Goldman Sachs:
- Upgraded HSY to Outperform.
- Initiated Coal sector with Neutral.

Afternoon/Evening Headlines
- News Corp.’s(NASDAQ:NWS) MySpace.com appointed a security chief to police its network of 70 million personal Web pages, responding to concerns from child-safety advocates.
- Federal Reserve Bank of Dallas President Richard Fisher said he hasn’t seen evidence that companies are able to pass along increases in the price of metals, oil and other commodities to customers.
- Genentech Inc.(Private:DNA) said first-quarter profit climbed 48% as more doctors prescribed the Avastin and Herceptin cancer drugs.

Nikkei English News:
- Kobe Steel Ltd. is forming a joint US venture with steelmaker Steel Dynamics(NASDAQ:STLD) and Cleveland-Cliffs(NYSE:CLF), an iron ore producer, for a new plant to make low-cost, high-grade steel products.

BOTTOM LINE: The tone of the market was very negative today as the advance/decline line finished substantially lower, sector performance was negative and volume was heavy. Measures of investor anxiety were mostly higher into the close. Overall, today's market performance was bearish. Afternoon weakness was mainly related to selling in commodity stocks. I continue to believe the major averages will further consolidate recent gains before another push higher commences.

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