S&P 500 1,176.72 -.07%
DJIA 10,215.63 unch.
NASDAQ 2,048.12 +.52%
Russell 2000 622.88 +.22%
DJ Wilshire 5000 11,718.82 -.04%
S&P Barra Growth 568.18 +.32%
S&P Barra Value 605.40 -.26%
Morgan Stanley Consumer 575.51 +.29%
Morgan Stanley Cyclical 684.11 -.06%
Morgan Stanley Technology 487.70 +.65%
Transports 3,588.02 -1.08%
Utilities 390.35 -2.47%
Put/Call 1.42 +9.23%
NYSE Arms .79 +.25%
Volatility(VIX) 16.43 +1.29%
ISE Sentiment 142.0 -5.33%
US Dollar 89.94 +.36%
CRB 328.98 -.94%
Futures Spot Prices
Crude Oil 63.15 -1.59%
Unleaded Gasoline 175.50 -3.97%
Natural Gas 13.10 -2.91%
Heating Oil 199.75 -.78%
Gold 473.30 -.69%
Base Metals 132.03 -1.59%
Copper 176.45 -1.62%
10-year US Treasury Yield 4.47% +.77%
Leading Sectors %
Computer Hardware +2.17%
Semis +1.89%
Biotech +1.71%
Lagging Sectors
Energy -2.20%
Oil Tankers -2.85%
Coal -3.30%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Computer longs, Airline longs, Semi longs, Steel shorts and Energy-related shorts. I covered some of my IWM and QQQQ shorts this morning, thus leaving the Portfolio 75% net long. The tone of the market is slightly positive as the advance/decline line is around even, most sectors are higher and volume is above average. Measures of investor anxiety are higher. Today’s overall market action is positive given the steep losses in commodity stocks. The AAII % Bulls fell to 38.96% this week from 50.0% the prior week; this reading is now below average levels. Likewise, the % Bears rose to 48.05% from 27.42% the prior week; this is now at elevated levels. I expect sentiment to weaken further next week which is a big positive for equities over the intermediate-term. I expect US stocks to trade modestly higher from current levels into the close on short-covering.
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