S&P 500 1,197.36 -.58%
DJIA 10,475.24 -.77%
NASDAQ 2,075.98 -1.04%
Russell 2000 621.42 -.61%
DJ Wilshire 5000 11,843.40 -.56%
S&P Barra Growth 578.10 -.76%
S&P Barra Value 614.23 -.48%
Morgan Stanley Consumer 583.95 -.79%
Morgan Stanley Cyclical 723.95 -.54%
Morgan Stanley Technology 483.30 -1.03%
Transports 3,624.61 -.69%
Utilities 368.05 -.10%
Put/Call 1.02 +7.37%
NYSE Arms 1.46 +27.75%
Volatility(VIX) 12.31 +3.97%
ISE Sentiment 166.00 -4.60%
US Dollar 88.05 +.34%
CRB 306.37 +.73%
Futures Spot Prices
Crude Oil 54.50 +1.62%
Unleaded Gasoline 154.30 +1.82%
Natural Gas 6.85 +.53%
Heating Oil 158.50 +2.78%
Gold 425.60 +.21%
Base Metals 127.00 +3.02%
Copper 155.80 +2.74%
10-year US Treasury Yield 3.96% +1.65%
Leading Sectors
Gold & Silver +1.37%
HMOs +1.10%
Oil Tankers +.93%
Lagging Sectors
Software -1.35%
Biotech -1.68%
Computer Hardware -1.69%
BOTTOM LINE: The Portfolio is lower mid-day on losses in my Internet and Homebuilding longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is negative as the advance/decline line is lower, most sectors are lower and volume is about average. Measures of investor anxiety are higher. Today’s overall market action is slightly negative, given recent gains and disappointing economic data. While treasuries are overbought near-term, I think a continuation of the recent rally is likely over the intermediate-term. I see further U.S. dollar gains, a flight of capital into the U.S., improving U.S. budget/trade deficits, slowing global growth and decelerating inflation readings as the catalysts. I expect US stocks to trade modestly higher into the close on short-covering and subsiding Fed worries.
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