S&P 500 1,204.07 +.24%
DJIA 10,547.27 +.23%
NASDAQ 2,066.21 -.18%
Russell 2000 631.40 +.38%
DJ Wilshire 5000 11,916.18 +.15%
S&P Barra Growth 578.02 +.09%
S&P Barra Value 620.40 +.25%
Morgan Stanley Consumer 583.54 +.24%
Morgan Stanley Cyclical 726.85 +.40%
Morgan Stanley Technology 477.36 -.98%
Transports 3,513.34 -.29%
Utilities 375.39 +.25%
Put/Call .84 -4.55%
NYSE Arms .70 +15.78%
Volatility(VIX) 11.94 +2.49%
ISE Sentiment 182.00 +54.24%
US Dollar 89.16 +.24%
CRB 305.01 +.24%
Futures Spot Prices
Crude Oil 55.30 -.58%
Unleaded Gasoline 154.80 -.90%
Natural Gas 7.26 unch.
Heating Oil 165.40 -.55%
Gold 429.30 -.42%
Base Metals 123.18 -.24%
Copper 152.65 -.84%
10-year US Treasury Yield 4.11% +.47%
Leading Sectors
Retail +2.01%
Gaming +1.74%
HMOs +1.27%
Lagging Sectors
Semis -.90%
Oil Tankers -.95%
Gold & Silver -1.76%
BOTTOM LINE: The Portfolio is modestly higher mid-day on gains in my Oil Tanker shorts and Networking/Retail longs. I added a few new longs from various sectors this morning, thus leaving the Portfolio 100% net long. One of my new longs is HET and I am using a $71 stop-loss on this position. The tone of the market is modestly positive as the advance/decline line is slightly higher, sector performance is mixed and volume is very light. Measures of investor anxiety are mostly lower. Today’s overall market action is neutral, considering the decline in the PPI and energy prices. Several Fed members have stated that the Fed can continue raising rates at a "measured" pace. However, every time they make the caveat that it "will depend on the data." I continue to expect a 25-basis-point hike and the removal of the word "measured" from the policy statement at the June 30 meeting, thus paving the way for a pause. While I am less confident in this prediction than a few weeks ago, upcoming data should result in increased expectations for this outcome. I expect US stocks to trade mixed-to-higher into the close on lower energy prices and stabilizing long-term rates.
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