S&P 500 1,196.92 +.58%
DJIA 10,518.24 +.58%
NASDAQ 2,068.20 +.88%
Russell 2000 613.06 +1.10%
DJ Wilshire 5000 11,804.16 +.64%
S&P Barra Growth 579.49 +.58%
S&P Barra Value 612.88 +.58%
Morgan Stanley Consumer 589.03 +.25%
Morgan Stanley Cyclical 724.79 +.80%
Morgan Stanley Technology 481.76 +.97%
Transports 3,639.92 +1.12%
Utilities 364.48 +.55%
Put/Call .74 -27.45%
NYSE Arms .56 -32.86%
Volatility(VIX) 12.13 -3.58%
ISE Sentiment 172.00 +10.26%
US Dollar 86.87 +.60%
CRB 300.13 +.31%
Futures Spot Prices
Crude Oil 51.45 +.92%
Unleaded Gasoline 145.50 +.23%
Natural Gas 6.26 -.87%
Heating Oil 145.10 +1.58%
Gold 417.60 -.31%
Base Metals 122.18 +.28%
Copper 144.70 +1.94%
10-year US Treasury Yield 4.07% -.19%
Leading Sectors
Homebuilders +2.82%
Steel +2.47%
Airlines +2.24%
Lagging Sectors
Papers +.10%
Food +.10%
Gold & Silver -.26%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Internet, Semiconductor and Homebuilding longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is strong, almost every sector is higher and volume is light. Measures of investor anxiety are lower. Today’s overall market action is positive, given last week’s gains, rising energy prices and an upward revision to 1Q GDP. Through April, U.S. short-biased hedge funds have returned on average 17.65%, according to Hennessee. This is the best four-month performance for this style since the period around the 9/11 attacks. Record-high short interest, combined with profit protection by the shorts should cushion any pullbacks over the coming months. I expect US stocks to rise modestly into the close on short-covering and more optimism.
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