S&P 500 1,200.17 -.12%
DJIA 10,377.65 -.27%
NASDAQ 2,068.68 -.06%
Russell 2000 640.86 -.10%
DJ Wilshire 5000 11,926.25 -.13%
S&P Barra Growth 572.34 -.39%
S&P Barra Value 622.87 +.01%
Morgan Stanley Consumer 573.81 -.49%
Morgan Stanley Cyclical 721.50 -.05%
Morgan Stanley Technology 475.17 -.32%
Transports 3,514.29 +.96%
Utilities 385.15 -.21%
Put/Call .78 +4.0%
NYSE Arms 1.04 +56.37%
Volatility(VIX) 11.66 +.60%
ISE Sentiment 220.00 +25.0%
US Dollar 89.04 +.07%
CRB 304.08 -2.36%
Futures Spot Prices
Crude Oil 57.35 -1.41%
Unleaded Gasoline 160.70 -1.10%
Natural Gas 7.12 +.74%
Heating Oil 160.80 -.77%
Gold 439.30 +.37%
Base Metals 122.58 -.75%
Copper 156.20 +.51%
10-year US Treasury Yield 3.98% +1.14%
Leading Sectors
Gold & Silver +3.38%
Insurance +1.44%
Networking +1.08%
Lagging Sectors
Semis -.71%
Homebuilders -.76%
Restaurants -.78%
BOTTOM LINE: The Portfolio is slightly 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 slightly negative as the advance/decline line is about even, most sectors are lower and volume is about average. Measures of investor anxiety are mixed. Today’s overall market action is negative, considering another decline in energy prices and better economic data. I expect the Fed to raise rates 25 basis points tomorrow. As well, they will likely restate that policy is "accommodative" and that accommodation can be removed at a pace that is likely to be "measured." However, I would expect to see some subtle changes in language acknowledging that risks to growth may have increased due to high energy prices and slowing global growth. Considering tomorrow is the last day of the quarter, stocks will likely rise as Fed uncertainty is temporarily lifted. I expect US stocks to trade modestly higher into the close on short-covering, declining energy prices and quarter-end window-dressing.
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