S&P 500 1,187.23 -.33%
DJIA 10,509.08 -.36%
NASDAQ 2,009.25 -.47%
Russell 2000 614.72 -.81%
DJ Wilshire 5000 11,694.16 -.38%
S&P Barra Growth 573.16 -.31%
S&P Barra Value 609.60 -.36%
Morgan Stanley Consumer 586.31 -.20%
Morgan Stanley Cyclical 747.28 -.58%
Morgan Stanley Technology 456.47 -.41%
Transports 3,618.54 -2.70%
Utilities 364.20 -.33%
Put/Call .75 +8.70%
NYSE Arms 1.02 +35.11%
Volatility(VIX) 11.66 -5.52%
ISE Sentiment 175.00 +29.63%
US Dollar 84.52 -.41%
CRB 303.98 -.75%
Futures Spot Prices
Crude Oil 53.05 -1.77%
Unleaded Gasoline 152.20 -3.06%
Natural Gas 7.27 -1.24%
Heating Oil 149.00 -2.51%
Gold 428.80 +.09%
Base Metals 129.69 +.47%
Copper 150.60 -.03%
10-year US Treasury Yield 4.47% -.08%
Leading Sectors
Semis +.16%
Broadcasting +.10%
Foods +.06%
Lagging Sectors
HMOs -1.28%
Oil Service -1.33%
Transports -2.61%
BOTTOM LINE: US stocks are lower mid-day on a consolidation of recent gains and worries over slowing growth. The Portfolio is slightly lower on losses in my Internet and Retail longs. I added to a few Internet longs this morning and added a new short, thus leaving the Portfolio’s market exposure 50% net long. One of my new shorts is ATI and I am using a $26.5 stop-loss on this position. The tone of the market is negative as the advance/decline line is lower, almost every sector is lower and volume is very light. Small-caps are underperforming, while measures of investor anxiety are mixed. Today’s overall market action is modestly negative, considering the decline in energy prices, the market’s oversold state and stabilizing long-term interest rates. The fact that commodity prices are falling again, even with a decline in the US dollar, is a big positive. One more bout of inflation worries is likely over the coming weeks, however I believe inflation fears will peak for the year during this period. While I think the odds that oil has peaked for the year have risen substantially, the fact that trader sentiment towards crude is bearish likely means a test of recent highs over the coming weeks. I expect US stocks to rise modestly into the close as optimism over falling energy prices and stabilizing long-term rates more than offsets worries over slowing global growth.
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