S&P 500 1,177.11 -.90%
DJIA 10,441.28 -.64%
NASDAQ 1,981.76 -1.17%
Russell 2000 604.91 -1.32%
DJ Wilshire 5000 11,586.50 -.93%
S&P Barra Growth 568.20 -.82%
S&P Barra Value 604.37 -1.0%
Morgan Stanley Consumer 585.65 -.15%
Morgan Stanley Cyclical 731.76 -1.55%
Morgan Stanley Technology 446.57 -1.37%
Transports 3,563.20 -2.28%
Utilities 367.55 -.62%
Put/Call .79 -33.05%
NYSE Arms 1.45 +50.50%
Volatility(VIX) 12.42 +9.91%
ISE Sentiment 183.00 +16.56%
US Dollar 84.45 +.01%
CRB 300.51 -.69%
Futures Spot Prices
Crude Oil 50.85 +1.25%
Unleaded Gasoline 148.20 -3.44%
Natural Gas 7.07 +1.39%
Heating Oil 147.60 +2.36%
Gold 425.60 -1.25%
Base Metals 123.55 -1.46%
Copper 142.85 -2.12%
10-year US Treasury Yield 4.36% +.19%
Leading Sectors
Drugs +.78%
Energy +.20%
Broadcasting +.10%
Lagging Sectors
HMOs -3.75%
Airlines -3.78%
Steel -6.20%
BOTTOM LINE: US stocks are lower mid-day on continuing worries over slowing growth and a bounce in energy prices. The Portfolio is higher on gains in my Oil Tanker, Steel and Chinese ADR shorts. I added a few new shorts this morning, thus leaving the Portfolio Market Neutral. One of my new shorts is OMM and I am using an $18.5 stop-loss on this position. The tone of the market is negative as the advance/decline line is very weak, almost every sector is lower and volume is above-average. Measures of investor anxiety are mixed. However, the AAII % Bulls plunged to 16.5% this week, the lowest level since Sept. 4, 1992. This is a very positive development. Today’s overall market action is negative, considering the continuing decline in commodity prices, the market’s oversold state and the rising US dollar. While the extent of the market’s recent weakness caught me off guard, things continue to shape up very well for a much better second half of the year. I continue to expect lower energy prices, low interest rates and modestly improving employment prospects to boost economic growth and stocks prices over the intermediate-term. I expect US stocks to trade mixed into the close as higher energy prices offset bargain-hunting.
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