S&P 500 1,254.20 -.05%
DJIA 10,815.32 -.05%
NASDAQ 2,245.00 +.15%
Russell 2000 678.83 -.02%
DJ Wilshire 5000 12,539.67 -.03%
S&P Barra Growth 601.26 -.04%
S&P Barra Value 648.57 -.06%
Morgan Stanley Consumer 591.60 -.34%
Morgan Stanley Cyclical 766.16 -.23%
Morgan Stanley Technology 530.09 +.41%
Transports 4,140.56 -.38%
Utilities 395.81 -.48%
Put/Call 1.11 +40.51%
NYSE Arms .75 -4.51%
Volatility(VIX) 10.78 -.46%
ISE Sentiment 165.00 -26.99%
US Dollar 91.97 -.08%
CRB 315.26 +.52%
Futures Spot Prices
Crude Oil 58.80 +1.91%
Unleaded Gasoline 147.40 +1.15%
Natural Gas 11.55 +1.93%
Heating Oil 175.00 +2.37%
Gold 492.70 +.65%
Base Metals 140.15 -1.73%
Copper 184.70 -3.35%
10-year US Treasury Yield 4.46% +.04%
Leading Sectors
Disk Drives +1.72%
Oil Service +1.56%
Semis +1.0%
Lagging Sectors
Wireless -.92%
Steel -1.90%
Airlines -2.29%
BOTTOM LINE: The Portfolio is higher mid-day as gains in my Internet longs, Medical longs, Semi longs and Retail longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is slightly negative as the advance/decline line is modestly lower, most sectors are declining and volume is about average. Measures of investor anxiety are mixed. Overall, today’s market action is slightly negative considering yesterday’s late afternoon gains and today’s rise in energy prices. The Johnson Redbook same-store sales index rose 3.8% year-over-year last week vs. a 3.8% rise the prior week. This week's gain is up from a 1.5% increase in late April and the 29th week in a row the index has risen 3% or more. Retail sales should remain strong into the holidays on colder weather, rising stock prices, a healthy job market, better sentiment and lower-than-expected energy costs. I expect US stocks to trade modestly higher from current levels into the close on short-covering, lower long-term interest rates and more optimism.
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