S&P 500 1,222.97 +.24%
DJIA 10,581.65 +.49%
NASDAQ 2,179.52 +.47%
Russell 2000 661.43 +.50%
DJ Wilshire 5000 12,227.58 +.27%
S&P Barra Growth 585.86 +.25%
S&P Barra Value 632.97 +.22%
Morgan Stanley Consumer 586.60 +.20%
Morgan Stanley Cyclical 738.48 +.85%
Morgan Stanley Technology 512.57 +.45%
Transports 3,978.78 +1.11%
Utilities 393.59 +.17%
Put/Call .88 +2.33%
NYSE Arms 1.10 +27.80%
Volatility(VIX) 12.92 -1.90%
ISE Sentiment 144.00 -23.8%
US Dollar 91.44 +.20%
CRB 316.89 -.59%
Futures Spot Prices
Crude Oil 59.30 -2.11%
Unleaded Gasoline 155.50 -3.30%
Natural Gas 11.62 +1.80%
Heating Oil 178.00 -.90%
Gold 460.40 +.55%
Base Metals 136.26 -.15%
Copper 184.75 +.08%
10-year US Treasury Yield 4.64% -.35%
Leading Sectors %
Homebuilders +1.64%
Tobacco +1.47%
Oil Tankers +1.22%
Lagging Sectors
Disk Drives -1.05%
Broadcasting -1.10%
Energy -1.31%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Internet longs, Software longs, Steel shorts and Energy-related shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly positive as the advance/decline line is modestly higher, sector performance is mixed and volume is below average. Measures of investor anxiety are mostly higher. After doing some checks, I found the demand for the Xbox 360 seems greater than even optimistic projections. Notwithstanding its $300 price, I am hearing that it is virtually impossible to pre-order the device. Gamestop and Electronics Boutique have quit taking orders and say they won't even take your name for the next shipment because they "don't want to make the customer mad" and they "don't know when it will be available." The lack of supply may be disappointing in the short run, but it bodes well for a number of companies in the longer term. Microsoft (MSFT), GameStop (GME), Best Buy (BBY), Circuit City (CC), Activision (ATVI), THQ (THQI) and Electronic Arts (ERTS) should all benefit over the coming months from this very strong replacement cycle. Can the consumer really be anything but strong considering a $300 toy is in such strong demand six weeks before the holiday season? I expect US stocks to trade modestly higher from current levels into the close on more optimism and short-covering.
No comments:
Post a Comment