S&P 500 1,217.37 +.22%
DJIA 10,500.58 +.27%
NASDAQ 2,156.08 +.55%
Russell 2000 658.39 +.20%
DJ Wilshire 5000 12,172.64 +.24%
S&P Barra Growth 582.81 +.57%
S&P Barra Value 630.57 -.07%
Morgan Stanley Consumer 585.15 +.06%
Morgan Stanley Cyclical 732.63 +.34%
Morgan Stanley Technology 508.26 +.65%
Transports 3,973.77 +1.17%
Utilities 395.59 +.65%
Put/Call .85 +25.0%
NYSE Arms .81 +20.04%
Volatility(VIX) 13.10 -2.82%
ISE Sentiment 166.00 -6.21%
US Dollar 90.42 +.79%
CRB 321.25 +1.52%
Futures Spot Prices
Crude Oil 61.75 +3.35%
Unleaded Gasoline 162.75 +3.72%
Natural Gas 11.67 +.57%
Heating Oil 183.25 +2.78%
Gold 462.00 +.02
Base Metals 135.50 +.58%
Copper 182.65 -.03%
10-year US Treasury Yield 4.64% +.89%
Leading Sectors %
Gaming +2.13%
Biotech +1.81%
Energy +1.80%
Lagging Sectors
Homebuilders -.89%
Gold & Silver -1.62%
Telecom -1.73%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Internet longs, Software longs, Semi longs, Computer longs, Medical longs and Retail longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, most sectors are higher and volume is heavy. Measures of investor anxiety are mostly higher. Today’s overall market action is positive considering the rise in long-term rates/oil and recent gains. The U.S. economy is in the middle of the longest string of 3%+ GDP growth quarters since 1986. That's right, better than the growth streak during the bubbling 1990s. This has occurred during a time of terrorism fears, war, multiple natural disasters, soaring commodity prices, pandemic worries, many Fed rate hikes, corporate scandals, historically bitter politics and the hangover effects from the overcapacity generated during the bubble years. The bears' worst nightmare is P/E multiple expansion. I contend that the S&P 500's current forward multiple of 15.8 is too low given the U.S. economy's bulletproof disposition. I expect US stocks to trade modestly higher from current levels into the close on more optimism and short-covering.
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