S&P 500 1,185.32 -.52%
DJIA 10,280.14 -.63%
NASDAQ 2,075.80 -1.15%
Russell 2000 626.61 -1.85%
DJ Wilshire 5000 11,800.84 -.75%
S&P Barra Growth 567.84 -.64%
S&P Barra Value 612.94 -.45%
Morgan Stanley Consumer 579.40 -.52%
Morgan Stanley Cyclical 701.08 -.56%
Morgan Stanley Technology 490.47 -.87%
Transports 3,686.48 -1.32%
Utilities 390.43 -.43%
Put/Call 1.03 +13.19%
NYSE Arms 1.23 +34.77%
Volatility(VIX) 15.32 +5.0%
ISE Sentiment 155.00 +13.14%
US Dollar 89.07 -.47%
CRB 323.69 -.17%
Futures Spot Prices
Crude Oil 61.15 +.73%
Unleaded Gasoline 160.00 +.98%
Natural Gas 13.67 -2.35%
Heating Oil 185.75 +.08%
Gold 475.60 +.55%
Base Metals 133.45 +.28%
Copper 180.40 -.77%
10-year US Treasury Yield 4.56% -.40%
Leading Sectors %
HMOs +1.00%
Insurance +.47%
Gold & Silver +.30%
Lagging Sectors
Networking -2.66%
Oil Tankers -3.02%
Coal -3.27%
BOTTOM LINE: The Portfolio is slightly lower mid-day as gains in my Energy-related shorts and Steel shorts are more than offset by losses in my Semiconductor longs, Retail longs and Medical longs. I added to my IWM and QQQQ shorts, thus leaving the Portfolio 50% net long. The tone of the market is negative as the advance/decline line is substantially lower, most sectors are lower and volume is around average. Measures of investor anxiety are mostly higher. Today’s overall market action is negative considering the decline in long-term rates and fall in energy prices. The EIA reported natural gas stockpiles rose 77 bcf to 3139 bcf vs. estimates of a 66 bcf rise. Natural gas inventories continue to rise above the five-year average for this time of the year, even with substantial production still shut in the Gulf. As this production comes back and demand fails to meet expectations this winter, natural gas should see a substantial decline beginning next month. I expect US stocks to trade modestly higher from current levels into the close on short covering.
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