S&P 500 1,220.30 -.10%
DJIA 10,471.03 +.11%
NASDAQ 2,145.21 -.13%
Russell 2000 664.48 -.59%
DJ Wilshire 5000 12,193.27 -.19%
S&P Barra Growth 583.35 -.10%
S&P Barra Value 632.71 -.11%
Morgan Stanley Consumer 583.81 +.60%
Morgan Stanley Cyclical 739.65 +.32%
Morgan Stanley Technology 495.44 +.01%
Transports 3,670.94 -.01%
Utilities 414.45 -.43%
Put/Call 1.13 +29.88%
NYSE Arms 1.07 -12.64%
Volatility(VIX) 13.30 +1.14%
ISE Sentiment 192.00 +25.49%
US Dollar 86.24 -.35%
CRB 331.33 -1.45%
Futures Spot Prices
Crude Oil 67.57 -2.74%
Unleaded Gasoline 218.37 -9.35%
Natural Gas 11.69 -.56%
Heating Oil 209.11 -4.89%
Gold 447.50 +.22%
Base Metals 131.91 +1.20%
Copper 167.30 +1.52%
10-year US Treasury Yield 4.03% +.09%
Leading Sectors %
Foods +.60%
Drugs +.56%
Steel
+.53%
Lagging Sectors
Computer Hardware -1.57%
Energy -1.94%
Oil Service -2.05%
BOTTOM LINE: The Portfolio is unchanged mid-day as gains in my Oil Tanker shorts and Internet longs offset losses in my Financial longs. I added to some existing shorts this morning and added a few new energy-related shorts, thus leaving the Portfolio market neutral(%long -%short=0). One of my new shorts is VLO and I am using a $115 stop-loss on this position. The tone of the market is modestly negative as the advance/decline line is lower, sector performance is mixed and volume is very light. Measures of investor anxiety are mixed. Today’s overall market action is negative given the decline in energy prices. The ECRI Weekly Leading Index fell slightly to 135.20 this week from 135.30 the prior week. This is up from 132.00 during the last week of May and still very near the cycle highs of 135.90 set in mid-March. It is forecasting stabilizing healthy economic growth, however I expect it to begin heading lower next week. I expect US stocks to trade mixed-to-lower from current levels into the close as worries over economic growth offset short-covering ahead of the three-day weekend.
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