Wednesday, March 23, 2005

Mid-day Scoreboard

S&P 500 1,173.42 +.15%
DJIA 10,465.92 -.05%
NASDAQ 1,993.68 +.22%
Russell 2000 614.63 -.64%
DJ Wilshire 5000 11,570.15 -.01%
S&P Barra Growth 566.85 +.21%
S&P Barra Value 602.18 +.08%
Morgan Stanley Consumer 574.70 +.72%
Morgan Stanley Cyclical 752.46 -.83%
Morgan Stanley Technology 452.61 +.42%
Transports 3,738.65 -.42%
Utilities 349.29 -.74%
Put/Call 1.09 +11.22%
NYSE Arms .56 -46.30%
Volatility(VIX) 14.09 -1.26%
ISE Sentiment 94.00 -43.37%
US Dollar 83.93 +.68%
CRB 306.15 -2.19%

Futures Spot Prices
Crude Oil 53.80 -3.98%
Unleaded Gasoline 155.20 -1.45%
Natural Gas 7.14 -1.49%
Heating Oil 151.50 -2.04%
Gold 425.80 -1.32%
Base Metals 128.81 -1.19%
Copper 144.70 -3.37%
10-year US Treasury Yield 4.61 -.61%

Leading Sectors
Airlines +2.31%
Semis +1.45%
Telecom +1.29%

Lagging Sectors
Gaming -1.46%
Energy -2.01%
Oil Service -2.95%

Links of Interest
Market Internals
Movers & Shakers
I-Watch Sector Overview
NYSE Unusual Volume
NASDAQ Unusual Volume
NASDAQ 100 Heatmap
DJIA Quick Charts
Chart Toppers
Hot Spots
Option Dragon
Real-time Intraday Chart/Quote

BOTTOM LINE: US stocks are mixed mid-day as worries over future US economic growth are offsetting lower energy prices and interest rates. The Portfolio is slightly lower on losses in my Chinese ADR shorts and Gaming longs. I exited a few longs from various sectors this morning as they hit stop-losses, thus leaving the Portfolio’s market exposure Market Neutral. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is light. Commodities, Cyclicals and Small-caps are underperforming, while Tech is outperforming. Measures of investor anxiety are mixed, which is a negative. Today’s overall market action is disappointing considering recent losses, the fall in energy prices and stabilization of interest rates. On the positive side, the ISE Sentiment Index hit its lowest level this morning since before the election in Sept. 04 and the CRB Index appears to have topped. I believe inflation fears will peak over the next few weeks. Declining inflation worries, a stabilizing US dollar, lower long-term interest rates and falling commodity prices should propel equities in the second half of the year. I expect US stocks to trade modestly lower into the close as volatility and volume increase.

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