S&P 500 1,199.16 +.38%
DJIA 10,492.75 +.15%
NASDAQ 2,071.46 +.54%
Russell 2000 623.92 +.56%
DJ Wilshire 5000 11,869.96 +.41%
S&P Barra Growth 578.80 +.42%
S&P Barra Value 616.09 +.36%
Morgan Stanley Consumer 582.87 +.20%
Morgan Stanley Cyclical 716.58 -.47%
Morgan Stanley Technology 483.43 +.76%
Transports 3,512.93 -.70%
Utilities 369.99 -.08%
Put/Call .97 +5.43%
NYSE Arms .75 -17.05%
Volatility(VIX) 12.19 -4.02%
ISE Sentiment 191.00 +21.66%
US Dollar 88.02 +.16%
CRB 304.05 +.11%
Futures Spot Prices
Crude Oil 53.65 +2.11%
Unleaded Gasoline 153.00 +2.17%
Natural Gas 7.08 +1.14%
Heating Oil 161.50 +4.01%
Gold 426.10 -.12%
Base Metals 123.24 +.06%
Copper 154.70 +.06%
10-year US Treasury Yield 3.96% +.68%
Leading Sectors
Oil Service +3.02%
Energy +2.31%
Networking +1.59%
Lagging Sectors
Airlines -.94%
Steel -1.29%
Papers -1.58%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Internet and Semiconductor longs and Base Metal shorts. I re-entered my QQQQ long and added to some existing longs, thus leaving the Portfolio 75% net long. The tone of the market is modestly positive as the advance/decline line is higher, most sectors are gaining and volume is around average. Measures of investor anxiety are mostly lower. Today’s overall market action is positive considering the rise in energy prices and Greenspan’s basically unchanged stance on his view of the economy and interest rates. The first tropical storm of the 2005 season has formed in the Caribbean and several oil companies have announced they will be removing non-essential personnel. So far, equities are mostly ignoring the spike in crude. I expect US stocks to trade modestly higher into the close on short-covering ahead of Intel’s mid-quarter update.
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