S&P 500 1,204.15 -.66%
DJIA 10,377.16 -.82%
NASDAQ 2,122.62 -.72%
Russell 2000 652.15 -.49%
DJ Wilshire 5000 12,022.63 -.61%
S&P Barra Growth 576.75 -.80%
S&P Barra Value 623.15 -.53%
Morgan Stanley Consumer 576.58 -.93%
Morgan Stanley Cyclical 726.63 -.79%
Morgan Stanley Technology 490.17 -.77%
Transports 3,642.72 -1.15%
Utilities 400.98 -.47%
Put/Call 1.03 +3.0%
NYSE Arms 1.19 +56.01%
Volatility(VIX) 13.95 +3.18%
ISE Sentiment 143.00 +4.38%
US Dollar 88.45 +.23%
CRB 331.13 +2.47%
Futures Spot Prices
Crude Oil 69.40 +3.27%
Unleaded Gasoline 243.00 +17.93%
Natural Gas 11.65 +4.59%
Heating Oil 202.50 +6.09%
Gold 435.60 -1.31%
Base Metals 130.35 +.28%
Copper 164.70 +1.57%
10-year US Treasury Yield 4.11% -1.34%
Leading Sectors
Oil Service +1.76%
Energy +1.45%
HMOs +.51%
Lagging Sectors
Retail -2.18%
Disk Drives -2.91%
Airlines -3.13%
BOTTOM LINE: The Portfolio is slightly lower mid-day on losses in my Internet and Retail longs. I exited a few longs this morning as they hit stop-losses and added back IWM and QQQQ shorts, thus leaving the Portfolio 50% net long. The tone of the market is negative as the advance/decline line is lower, most sectors are lower and volume is light. Measures of investor anxiety are mostly higher. Today’s overall market action is modestly negative given another rise in energy prices. I expect US stocks to trade mixed-to-higher from current levels into the close on short-covering and bargain-hunting.
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