S&P 500 1,186.01 +.39%
DJIA 10,498.28 +.38%
NASDAQ 2,003.97 +.25%
Russell 2000 617.62 +.51%
DJ Wilshire 5000 11,683.94 +.33%
S&P Barra Growth 571.54 +.19%
S&P Barra Value 609.34 +.46%
Morgan Stanley Consumer 582.03 +.14%
Morgan Stanley Cyclical 746.73 +.39%
Morgan Stanley Technology 455.18 +.26%
Transports 3,721.89 +.02%
Utilities 362.69 -.25%
Put/Call .85 -1.16%
NYSE Arms .89 +2.63%
Volatility(VIX) 13.18 -3.58%
ISE Sentiment 134.00 -27.57%
US Dollar 84.68 +.02%
CRB 308.56 -.07%
Futures Spot Prices
Crude Oil 56.20 +.29%
Unleaded Gasoline 167.40 -.83%
Natural Gas 7.64 +.96%
Heating Oil 159.80 -1.42%
Gold 429.20 +.61%
Base Metals 129.08 +1.36%
Copper 150.80 +1.58%
10-year US Treasury Yield 4.42% -.95%
Leading Sectors
Biotech +1.71%
Oil Service +1.74%
Energy +1.62%
Lagging Sectors
Internet -.32%
Telecom -.51%
Homebuilders -.62%
BOTTOM LINE: US stocks are modestly higher mid-day on optimism over falling long-term interest rates. The Portfolio is higher on gains in my Chinese ADR shorts, Retail longs, Energy longs and Computer Longs. I exited a few trading longs into this morning’s strength, thus leaving the Portfolio’s market exposure at 25% net long. The tone of the market is modestly positive as the advance/decline line is higher, sector performance is mostly positive and volume is modest. Consumer stocks are underperforming, while Energy-related shares are outperforming and measures of investor anxiety are mixed. Today’s overall market action is mixed, considering another decline in long-term interest rates, the market’s oversold state and the stabilization of energy prices. 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 and earnings.
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