Major Averages Near Flat Line

September 22, 2005
Ashton Dorkins

The major averages are trading in
narrow ranges, fluctuating either side of the unchanged mark as traders seem
reluctant to take positions with hurricane Rita approaching.

Oil stocks are posting some strong gains, benefiting from the
increase in the price of oil. Crude for October delivery is currently well above
$67 a barrel, as traders express concern that Hurricane Rita will result in
further supply disruptions.

Meanwhile, the loss currently being shown by the Nasdaq
reflects some weakness in the technology sector, with disk drive stocks posting
notable losses. Iomega
(
IOM |
Quote |
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PowerRating) and M-Systems
(
FLSH |
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PowerRating) are
contributing to a 1.4 percent loss by the disk drive sector. Bargain hunting is
also contributing to some strength in the retail sector.

Weakness also remains visible in the gold sector, as traders
use a decrease in the price of the precious metal as an opportunity to do some
profit taking. Some notable weakness has also emerged among brokerage stocks.

Biggest Risers And Fallers

S&P 500:

Nasdaq 100:

Strongest Sectors

Weakest Sectors

Dow	-16.00	10,362.03
Nasdaq	-10.01	2096.63
S&P 500	-2.67	1207.53
	NYSE	Nasdaq
Volume	1,047,311,000	737,694,000
Up Volume	361 (38%)	232 (33%)
Down Volume	557 (58%)	450 (65%)
Advances	1044	1027
Declines	2064	1791

Ashton Dorkins

ashtond@tradingmarkets.com

For up to date strike probabilities on Hurricane Rita go to
the National Hurricane Center
website. For the latest platform and rig evacuations, and the loss in oil
and gas production go to the Minerals Management Service
website. A more complete report can be found
in the TradingMarkets Futures Market Recap after the close each day.

Major Averages Near Flat Line

BUY THE FEAR, SELL THE GREED

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