S&P 500 1,242.40 +.57%
DJIA 10,674.49 +.48%
NASDAQ 2,213.10 +.81%
Russell 2000 686.14 +.49%
DJ Wilshire 5000 12,420.97 +.56%
S&P Barra Growth 596.32 +.63%
S&P Barra Value 641.57 +.51%
Morgan Stanley Consumer 591.75 +.39%
Morgan Stanley Cyclical 764.84 +.52%
Morgan Stanley Technology 506.52 +.95%
Transports 3,518.05 +.19%
Utilities 402.07 +2.43%
Put/Call 1.0 +9.89%
NYSE Arms .88 +3.43%
Volatility(VIX) 11.82 -2.15%
ISE Sentiment 156.00 -27.10%
US Dollar 88.72 -.19%
CRB 317.31 +.82%
Futures Spot Prices
Crude Oil 61.35 -.36%
Unleaded Gasoline 175.85 +.65%
Natural Gas 8.37 +2.65%
Heating Oil 171.50 -.11%
Gold 437.70 unch.
Base Metals 128.13 +.76%
Copper 166.10 -.12%
10-year US Treasury Yield 4.32% +.23%
Leading Sectors
Steel +3.21%
Utilities +2.40%
Semis +2.20%
Lagging Sectors
Oil Tankers -.15%
Homebuilders -.44%
Airlines -1.38%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Medical Information Systems and Semiconductor longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly positive as the advance/decline line is modestly higher, most sectors are higher and volume is about average. Measures of investor anxiety are mostly higher. Today’s overall market action is positive considering recent gains and stubbornly high energy prices. The Johnson Redbook same store sales index rose 4.4% year over year last week vs. a 4.3% rise the prior week. The last time weekly sales exceeded 4.0% for five consecutive weeks was May/June 2004. This week's gain is also up from a 1.5% increase in late April and the 13th week in a row the index has exceeded 3%. I expect stocks to trade mixed from current levels into the close as earnings optimism offsets higher energy prices.
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