S&P 500 1,213.19 +.27%
DJIA 10,419.82 +.40%
NASDAQ 2,110.21 +.17%
Russell 2000 650.89 +.15%
DJ Wilshire 5000 12,093.72 +.18%
S&P Barra Growth 580.69 +.33%
S&P Barra Value 628.19 +.10%
Morgan Stanley Consumer 575.36 +.34%
Morgan Stanley Cyclical 717.17 +.60%
Morgan Stanley Technology 493.81 +.03%
Transports 3,601.12 +.11%
Utilities 417.55 -1.01%
Put/Call 1.45 +29.46%
NYSE Arms .77 -47.45%
Volatility(VIX) 13.63 -1.16%
ISE Sentiment 177.00 +31.1%
US Dollar 88.57 +.49%
CRB 327.39 +.11%
Futures Spot Prices
Crude Oil 66.50 -.45%
Unleaded Gasoline 211.50 +3.01%
Natural Gas 12.77 +1.35%
Heating Oil 202.80 -.43%
Gold 468.90 -.91%
Base Metals 130.27 +.31%
Copper 170.90 +.15%
10-year US Treasury Yield 4.16% +.09%
Leading Sectors %
Restaurants +2.90%
Retail +2.19%
Airlines +2.05%
Lagging Sectors
Gold & Silver -1.37%
Coal -1.52%
Oil Service -1.67%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Retail longs and Oil Tanker shorts. I covered some of my QQQQ and IWM shorts this morning, thus leaving the Portfolio 50% net long. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is about average. Measures of investor anxiety are mixed. Today’s overall market action is positive given the risks posed by Hurricane Rita. The AAII % Bulls fell to 39.47% this week from 51.43% the prior week; this reading is now below average levels. Likewise, the % Bears rose to 32.46% from 28.57% the prior week; this is above average levels. This is a positive for equities over the intermediate term and I would expect another decline next week. However, on a short-term basis, I am still not seeing the levels of anxiety I would like to see for a tradable bottom. I expect US stocks to trade mixed into the close from current levels as lower energy prices offset worries over Hurricane Rita.
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