S&P 500 1,160.41 -.15%
DJIA 10,225.88 -.17%
NASDAQ 1,942.01 -.45%
Russell 2000 591.81 -.78%
DJ Wilshire 5000 11,433.60 -.17%
S&P Barra Growth 561.79 -.10%
S&P Barra Value 594.41 -.18%
Morgan Stanley Consumer 575.45 -.30%
Morgan Stanley Cyclical 708.29 -.67%
Morgan Stanley Technology 442.31 -.34%
Transports 3,440.77 -.87%
Utilities 368.76 -.21%
Put/Call .68 -13.92%
NYSE Arms .93 +40.02%
Volatility(VIX) 14.59 -.21%
ISE Sentiment 161.00 +25.78%
US Dollar 84.02 +.24%
CRB 309.59 +.29%
Futures Spot Prices
Crude Oil 54.15 -.77%
Unleaded Gasoline 162.00 -1.88%
Natural Gas 7.08 -1.02%
Heating Oil 151.00 -.53%
Gold 438.90 +.71%
Base Metals 124.63 -.42%
Copper 145.70 -1.82%
10-year US Treasury Yield 4.27% +.61%
Leading Sectors
Gaming +3.06%
Homebuilders +.92%
Broadcasting +.52%
Lagging Sectors
Computer Hardware -2.61%
Tobacco -2.89%
Steel -3.84%
BOTTOM LINE: US stocks are modestly lower mid-day, spurred by declines in commodity-related stocks. The Portfolio is slightly lower on losses in my Internet and Networking longs. I added a few new shorts and longs this morning, thus leaving the Portfolio 75% net long. One of my new shorts is PD and I am using a $93 stop-loss on this position. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is average. Measures of investor anxiety are mostly lower. Today’s overall market action is modestly negative, considering lower energy prices, a rising US dollar and strong home sales. The recent home sales data should quell fears that US growth is slowing too much. As well, I continue to see data that points to lower commodity prices in the future, which bodes well for a decline in inflation readings. I expect US stocks to trade modestly higher into the close on short-covering, lower energy prices and bargain-hunting.
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