S&P 500 1,221.72 -.41%
DJIA 10,497.94 -.36%
NASDAQ 2,152.88 -.12%
Russell 2000 670.02 -.08%
DJ Wilshire 5000 12,232.98 -.39%
S&P Barra Growth 583.65 -.27%
S&P Barra Value 633.87 -.53%
Morgan Stanley Consumer 588.89 +.53%
Morgan Stanley Cyclical 724.89 -.38%
Morgan Stanley Technology 507.19 -.24%
Transports 3,732.71 -.12%
Utilities 433.13 -1.03%
Put/Call .65 -26.14%
NYSE Arms 1.17 +9.42%
Volatility(VIX) 12.51 +.32%
ISE Sentiment 235.00 unch.
US Dollar 90.09 -.04%
CRB 329.75 -1.04%
Futures Spot Prices
Crude Oil 63.85 -2.55%
Unleaded Gasoline 200.75 -2.65%
Natural Gas 14.20 +1.31%
Heating Oil 204.00 -2.09%
Gold 469.80 +.11%
Base Metals 130.33 +1.06%
Copper 176.60 +.40%
10-year US Treasury Yield 4.37% -.14%
Leading Sectors %
Airlines +3.98%
Disk Drives +1.21%
Networking +.94%
Lagging Sectors
Computer Hardware -2.57%
Energy -2.60%
Oil Tankers -2.83%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Semiconductor longs, Airline longs, Medical longs and Energy-related shorts. I added back IWM and QQQQ shorts, thus leaving the Portfolio 75% net long. The tone of the market is neutral as the advance/decline line is about even, sector performance is mixed and volume is above average. Measures of investor anxiety are mixed. Today’s overall market action is negative given the slight decline in long-term rates, decline in energy prices and positive economic data. The Johnson Redbook same-store sales index rose 3.2% year-over-year last week vs. a 3.1% rise the prior week. This week's gain is up from a 1.5% increase in late April and the 22nd week in a row the index has risen 3% or more. Moreover, Mastercard said retail sales other than gasoline and autos rose 6.6% in the week ended Sept. 16 from the year-earlier period. The Morgan Stanley Retail Index has stabilized over the last week and a half, rising about 2.0%. Retail should outperform through year-end. I expect US stocks to trade modestly higher from current levels into the close on declining energy prices and stabilizing long-term rates.
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