S&P 500 1,226.00 +.22%
DJIA 10,626.08 +.65%
NASDAQ 2,152.37 +.38%
Russell 2000 663.57 -.61%
DJ Wilshire 5000 12,211.19 +.06%
S&P Barra Growth 586.77 +.33%
S&P Barra Value 635.04 +.14%
Morgan Stanley Consumer 582.26 +.51%
Morgan Stanley Cyclical 740.52 +.30%
Morgan Stanley Technology 501.60 +.63%
Transports 3,646.37 +1.02%
Utilities 391.04 -1.47%
Put/Call .67 -14.10%
NYSE Arms .67 -6.43%
Volatility(VIX) 11.02 +1.66%
ISE Sentiment 163.00 +5.16%
US Dollar 89.44 +.21%
CRB 308.39 -1.01%
Futures Spot Prices
Crude Oil 57.70 -3.85%
Unleaded Gasoline 168.50 -3.94%
Natural Gas 7.80 -1.20%
Heating Oil 165.60 -3.66%
Gold 420.20 -1.04%
Base Metals 123.55 +.64%
Copper 154.70 -.16%
10-year US Treasury Yield 4.19% +.85%
Leading Sectors
Semis +1.17%
Computer Hardware +1.16%
Biotech%
Lagging Sectors
Oil Tankers -2.09%
Energy -2.49%
Oil Service -2.60%
BOTTOM LINE: The Portfolio is slightly higher mid-day on gains in my Internet and Medical longs and Energy-related shorts. I added to some existing Energy shorts this morning and to my AUO, PMCS and NOK longs, thus leaving the Portfolio 100% net long. The tone of the market is modestly negative as the advance/decline line is modestly lower, sector performance is mostly positive and volume is slightly above average. Measures of investor anxiety are mostly lower. Today’s overall market action is neutral considering recent gains, positive economic reports and the fall in energy prices. This report from the China Securities Journal via China Daily says China has entered a "mild" slowdown that could last one to two years. They expect 8.2% growth in the fourth quarter, down from a 9.5% rate in the fourth quarter of last year. They said the property market would slow significantly and that there were no assurances that a soft landing in the sector could be achieved. Finally, they said export growth would decelerate significantly. This is why I think it is so absurd that the IEA is forecasting Chinese crude demand growth to rebound to 9.4% during the second half of the year when it fell 1% in the second quarter with 9%+ GDP growth. I expect US stocks to trade mixed-to-higher into the close on short-covering and lower energy prices.
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