S&P 500 1,194.97 -.09%
DJIA 10,452.92 -.07%
NASDAQ 2,071.20 -.01%
Russell 2000 620.28 unch.
DJ Wilshire 5000 11,843.40 -.04%
S&P Barra Growth 577.29 -.02%
S&P Barra Value 613.57 -.10%
Morgan Stanley Consumer 583.44 -.03%
Morgan Stanley Cyclical 720.39 -.22%
Morgan Stanley Technology 482.78 +.01%
Transports 3,620.77 -.23%
Utilities 368.83 -.08%
Put/Call 1.02 +3.03%
NYSE Arms 1.43 -4.70%
Volatility(VIX) 12.72 +4.69%
ISE Sentiment 148.00 -12.94%
US Dollar 87.62 -.48%
CRB 308.58 +.62%
Futures Spot Prices
Crude Oil 54.52 -.87%
Unleaded Gasoline 153.60 -1.36%
Natural Gas 7.18 +4.51%
Heating Oil 161.00 +.66%
Gold 428.90 +.73%
Base Metals 126.23 -.61%
Copper 156.05 +.35%
10-year US Treasury Yield 3.97% unch.
Leading Sectors
Airlines +1.16%
I-Banks +.55%
Homebuilders +.48%
Lagging Sectors
Disk Drives -1.07%
Gaming -1.07%
Steel -1.24%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Internet, Retail and Medical longs. I have not traded today, thus leaving the Portfolio 75% net long. The tone of the market is mixed as the advance/decline line is about even, sector performance is mixed and volume is below average. Measures of investor anxiety are mostly higher. Today’s overall market action is neutral ahead of Greenspan’s comments in China tonight. An official at the China Iron and Steel Association said last night that 90% of China's producers of rebar and wire rods will likely be unprofitable soon. Rebar and wire rods are used in construction. Steel prices in China have fallen more than $121/metric ton just since April. According to the last data, China is now exporting 2.07 million tons of steel products, up 417% since March 1, 2004. This should continue to pressure steel prices in the US. I expect US stocks to trade mixed-to-higher into the close on short-covering and merger speculation.
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