S&P 500 1,180.58 +.21%
DJIA 10,310.38 +.24%
NASDAQ 2,058.86 +.14%
Russell 2000 625.87 +.08%
DJ Wilshire 5000 11,751.82 +.16%
S&P Barra Growth 569.38 +.35%
S&P Barra Value 607.22 +.12%
Morgan Stanley Consumer 580.50 +.40%
Morgan Stanley Cyclical 686.36 -.33%
Morgan Stanley Technology 490.75 -.12%
Transports 3,568.13 -.59%
Utilities 392.61 +.14%
Put/Call 1.28 +36.17%
NYSE Arms 1.07 -33.38%
Volatility(VIX) 15.13 -1.30%
ISE Sentiment 170.00 +1.80%
US Dollar 90.04 -.29%
CRB 326.24 -.91%
Futures Spot Prices
Crude Oil 61.95 -1.98%
Unleaded Gasoline 167.25 -3.61%
Natural Gas 13.49 +.51%
Heating Oil 189.00 -2.29%
Gold 465.30 -1.96%
Base Metals 134.39 -.50%
Copper 180.60 -1.07%
10-year US Treasury Yield 4.44% -.45%
Leading Sectors %
Restaurants +2.07%
Gaming +1.99%
I-Banks +1.02%
Lagging Sectors
Coal -1.70%
Semis -2.23%
Gold & Silver -2.52%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Energy-related shorts, Steel shorts, Internet longs, Medical longs and Retail longs. I exited my IWM and QQQQ shorts and added to existing longs PWR, NTES, BBY, BRCM, AAPL, ISRG and NVDA today, thus leaving the Portfolio 100% net long. The tone of the market is negative as the advance/decline line is lower, sector performance is mixed and volume is above average. Measures of investor anxiety are mostly lower. Today’s overall market action is slightly positive considering the decline in energy prices, fall in long-term rates and mostly positive earnings reports. As I said a few weeks ago, energy demand destruction is accelerating markedly. According to the API, gasoline demand in September fell by almost 4%, the most in over a decade. That is amazing considering how many more people are in the U.S., how many more people drive cars and how many more people drive larger cars. The sharp decline in gasoline demand is the main reason unleaded gas futures have declined about 45% since September peaks even with refinery utilization at its lowest level in 20 years. Natural gas will be no different. I already hear people everywhere I go talk of ways they are going to conserve this winter. Natural gas will follow the entire energy complex lower this fall. I expect US stocks to trade modestly higher from current levels into the close on short-covering and bargain-hunting.
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