S&P 500 1,202.65 -.10%
DJIA 10,536.76 -.10%
NASDAQ 2,063.75 -.24%
Russell 2000 634.35 -.01%
DJ Wilshire 5000 11,926.27 -.06%
S&P Barra Growth 577.75 -.13%
S&P Barra Value 621.15 +.02%
Morgan Stanley Consumer 581.94 -.37%
Morgan Stanley Cyclical 729.12 +.21%
Morgan Stanley Technology 476.57 -.26%
Transports 3,526.83 +.45%
Utilities 372.86 -.71%
Put/Call .79 -3.66%
NYSE Arms 1.0 +7.32%
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 56.55 +2.82%
Unleaded Gasoline 158.20 +2.67%
Natural Gas 7.48 +3.49%
Heating Oil 164.10 +.15%
Gold 431.30 +.47%
Base Metals 124.10 +.75%
Copper 155.20 +1.67%
10-year US Treasury Yield 4.12% +.38%
Leading Sectors
Steel +1.80%
Gold & Silver +1.20%
Energy +.92%
Lagging Sectors
Broadcasting -.86%
Disk Drives -1.02%
Airlines -1.30%
BOTTOM LINE: The Portfolio is unchanged mid-day as gains in my Oil Tanker shorts and Homebuilding longs are offsetting losses in my Base Metal Shorts and Internet longs. I exited a number of tech longs this morning and added a QQQQ short, thus leaving the Portfolio 50% net long. The tone of the market is modestly negative as the advance/decline line is lower, sector performance is mixed and volume is average. Measures of investor anxiety are mostly lower. Today’s overall market action is modestly negative, considering positive economic reports and the rise in energy prices. The Baltic Dry Index is now down 56.4% since its December 6, 2004 high. It has fallen 44.0% in just the last eight weeks. This leading indicator continues to forecast slowing economic growth. This was one of the first indicators to turn higher in late 2002, before substantial economic growth began in the first half of 2003. I expect US stocks to trade mixed into the close as high energy prices offset better inflation readings.
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