S&P 500 1,180.75 +.39%
DJIA 10,453.15 +.31%
NASDAQ 1,996.60 +.28%
Russell 2000 614.53 +.13%
DJ Wilshire 5000 11,576.77 +.38%
S&P Barra Growth 569.68 +.45%
S&P Barra Value 607.08 +.40%
Morgan Stanley Consumer 580.96 +.96%
Morgan Stanley Cyclical 743.49 +.14%
Morgan Stanley Technology 453.85 -.07%
Transports 3,724.74 +.48%
Utilities 363.62 +.68%
Put/Call .83 -4.60%
NYSE Arms .81 -22.68%
Volatility(VIX) 13.71 -2.83%
ISE Sentiment 179.00 +7.83%
US Dollar 84.81 +.04%
CRB 309.09 -.33%
Futures Spot Prices
Crude Oil 56.15 -1.42%
Unleaded Gasoline 169.20 -1.72%
Natural Gas 7.49 -1.30%
Heating Oil 162.40 -1.11%
Gold 430.426.80 +.19%
Base Metals 127.35 -.45%
Copper 148.50 -.67%
10-year US Treasury Yield 4.47% +.46%
Leading Sectors
Airlines +2.64%
Papers +2.50%
Drugs +2.01%
Lagging Sectors
Energy -.37%
Networking -.61%
Software -.84%
BOTTOM LINE: US stocks are modestly higher mid-day on optimism over falling energy prices. The Portfolio is unchanged again as gains in my Computer and Retail longs are offsetting losses in my Software longs and Base Metal shorts. I have not traded today, thus leaving the Portfolio’s market exposure at 50% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, sector performance is mostly positive and volume is light. Defensively oriented Consumer stocks are outperforming again, while Tech is underperforming and measures of investor anxiety are lower. Today’s overall market action is modestly negative considering the pullback in energy prices and the market’s oversold state. Greenspan just referred to energy prices as being “frenzied”, which implies he believe current levels are unsustainable. The CRB Index is breaking down through its recent parabolic uptrend even with energy near highs, which is also a positive. I expect US stocks to trade mixed into the close as optimism over falling energy prices is offset by concerns over slowing global growth.
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