Wednesday, March 30, 2005

Mid-day Scoreboard

S&P 500 1,177.80 +1.07%
DJIA 10,513.00 +1.04%
NASDAQ 1,999.89 +1.32%
Russell 2000 612.25 +1.26%
DJ Wilshire 5000 11,608.82 +1.15%
S&P Barra Growth 569.75 +1.20%
S&P Barra Value 604.96 +1.17%
Morgan Stanley Consumer 579.06 +1.07%
Morgan Stanley Cyclical 740.78 +1.02%
Morgan Stanley Technology 457.75 +1.81%
Transports 3,727.54 +1.46%
Utilities 354.25 +1.31%
Put/Call .87 -7.45%
NYSE Arms .63 -56.40%
Volatility(VIX) 13.72 -5.31%
ISE Sentiment 123.00 -25.90%
US Dollar 84.17 -.18%
CRB 310.28 +.44%

Futures Spot Prices
Crude Oil 52.95 -2.18%
Unleaded Gasoline 155.90 -.89%
Natural Gas 7.45 +.65%
Heating Oil 156.00 +.24%
Gold 429.60 +.21%
Base Metals 128.54 +.54%
Copper 149.20 +1.46%
10-year US Treasury Yield 4.55% -.35%

Leading Sectors
Airlines +4.71%
Internet +2.08%
Semis +1.88%

Lagging Sectors
Broadcasting +.17%
Hospitals +.16%
Insurance -.06%

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 higher mid-day on a technical bounce, end-of-quarter window dressing and lower energy prices. The Portfolio is unchanged as gains in my Homebuilding shorts and Retail longs are offsetting losses in my Chinese ADR shorts and Base Metal shorts. I took profits in a few shorts this morning and added some new longs from various sectors, thus bringing the Portfolio’s market exposure to 50% net long. One of my new longs is OSTK and I am using a $41.50 stop-loss on this position. The tone of the market is positive as the advance/decline line is higher, almost every sector is higher and volume is decent. Technology stocks are outperforming and measures of investor anxiety are mostly lower. Today’s overall market action is positive. I would like to see the major indices hold gains or improve into the close. Stocks should continue bouncing through week’s end on quarter-end window dressing, short-covering, bargain hunting, lower long-term interest rates and declining energy prices. I expect US stocks to trade mixed-to-higher into the close on short-covering, window dressing and bargain hunting.

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