S&P 500 1,174.76 +.16%
DJIA 10,421.37 +.16%
NASDAQ 1,987.02 +.11%
Russell 2000 610.93 -.10%
DJ Wilshire 5000 11,576.77 +.07%
S&P Barra Growth 566.17 +.20%
S&P Barra Value 604.18 +.10%
Morgan Stanley Consumer 574.95 +.50%
Morgan Stanley Cyclical 741.25 -.06%
Morgan Stanley Technology 453.11 +.19%
Transports 3,696.34 +.26%
Utilities 360.01 -.08%
Put/Call .87 -16.35%
NYSE Arms 1.08 -45.16%
Volatility(VIX) 14.44 +2.48%
ISE Sentiment 144.00 +30.91%
US Dollar 84.86 +.51%
CRB 310.90 -.31%
Futures Spot Prices
Crude Oil 57.70 +.66%
Unleaded Gasoline 173.10 unch.
Natural Gas 7.66 -1.15%
Heating Oil 166.50 +.07%
Gold 430.425.90 -.56%
Base Metals 127.92 -.01%
Copper 149.50 +.71%
10-year US Treasury Yield 4.44% -.04%
Leading Sectors
Insurance +2.56%
Airlines +1.08%
Telecom +1.01%
Lagging Sectors
Energy -1.44%
Oil Service -1.57%
Papers -3.04%
BOTTOM LINE: US stocks are mixed mid-day as worries over slowing economic growth and corporate scandals are being offset by lower energy prices and long-term interest rates. The Portfolio is unchanged as gains in my Base Metal shorts and Internet shorts are offsetting losses in my Software longs. I have not traded today, thus leaving the Portfolio’s market exposure at Market Neutral. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is light. Consumer-related stocks are outperforming, while Energy-related shares are underperforming and measures of investor anxiety are mostly lower. Today’s overall market action is negative considering another decline in long-term interest rates, the market’s oversold state, a pullback in energy prices from highs and rising US dollar. I continue to believe the lows for the year will be made over the coming weeks, making for a much more positive second half in equities. I expect US stocks to trade mixed into the close as optimism over falling long-term interest rates is offset by concerns over slowing global growth.
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