Tuesday's US Market Wrap

by: Between the Hedges

From Between the Hedges:

Stocks Finish Near Session Highs, Led Again by Cyclicals

S&P 500 1,313.21 +.61%
DJIA 11,416.45 +.64%
NASDAQ 2,309.84 +.22%
Russell 2000 767.61 +.85%
Wilshire 5000 13,278.38 +.57%
S&P Barra Growth 609.15 +.40%
S&P Barra Value 702.06 +.82%
Morgan Stanley Consumer 610.76 +.23%
Morgan Stanley Cyclical 862.61 +1.09%
Morgan Stanley Technology 543.31 +.27%
Transports 4,728.80 +1.26%
Utilities 403.44 +2.39%
Put/Call .86 -3.37%
NYSE Arms .77 -24.86%
Volatility(VIX) 12.02 -4.15%
ISE Sentiment 153.00 -14.53%
US Dollar 85.82 -.17%
CRB 357.02 +.52%

Futures Spot Prices
Crude Oil 74.60 -.01%
Unleaded Gasoline 217.64 +.06%
Natural Gas 6.77 +.42%
Heating Oil 207.70 -.09%
Gold 671.00 +.54%
Base Metals 218.77 +1.39%
Copper 326.00 -.50%
10-year US Treasury Yield 5.11% -.53%

Leading Sectors
Oil Service +3.41%
Steel +3.19%
Utilities +2.39%

Lagging Sectors
Banks -1.12%
Biotech -1.34%
Homebuilders -1.49%

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
Banc of America:
- Rated (Pending:PETC) Sell, target $18.

Afternoon/Evening Headlines
- EMI Group Plc is making another bid for Warner Music Group, CNBC reported.
- UnitedHealth Group(NYSE:UNH) shareholders re-elected all four directors up for renewal at the company’s annual meeting, ignoring criticism from some large stock owners.
- Overseas Shipholding Group(NYSE:OSG), the largest US-based oil tanker owner, said first-quarter profit plunged 22% as a glut of ships drove down rates.
- President Bush telephoned Sudanese President Umar Hasan al-Bashir to urge him to commit to reaching a peace accord with rebel groups in Darfur, as Deputy Secretary of State Zoellick met with all sides in Nigeria in a bid to keep the talks alive.
- A jurisdictional tug-of-war could delay a vote in the US House of Representatives on legislation making it easier for telephone companies such as AT&T(NYSE:T) to sell television service, a Key House member said.

BOTTOM LINE: The tone of the market was mildly positive today as the advance/decline line finished slightly higher, sector performance was mostly positive and volume was above average. Measures of investor anxiety were mostly lower into the close. Overall, today's market performance was mildly bullish. The Morgan Stanley Cyclical Index (CYC) has risen 27.3% in a little less than 7 months. The Consumer Index (CMR) has risen 7.5% during this period. The current spread between the two has never been this wide going back to at least 1997, according to Bloomberg. I expect this spread to begin to shrink over the coming weeks.

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