S&P 500 1,216.47 -.28%
DJIA 10,503.27 -.18%
NASDAQ 2,161.42 +.06%
Russell 2000 655.48 -.50%
DJ Wilshire 5000 12,158.20 -.30%
S&P Barra Growth 582.72 -.18%
S&P Barra Value 629.71 -.35%
Morgan Stanley Consumer 584.50 -.33%
Morgan Stanley Cyclical 729.07 +2.69%
Morgan Stanley Technology 507.78 -.23%
Transports 3,919.38 -1.36%
Utilities 391.83 -.60%
Put/Call .83 -8.79%
NYSE Arms 1.05 +31.47%
Volatility(VIX) 13.47 +3.62%
ISE Sentiment 179.00 +12.58%
US Dollar 91.29 +.94%
CRB 318.83 -.77%
Futures Spot Prices
Crude Oil 60.80 -1.67%
Unleaded Gasoline 161.00 -1.03%
Natural Gas 11.36 -2.81%
Heating Oil 179.30 -2.21%
Gold 457.50 -.95%
Base Metals 136.47 +.72%
Copper 184.60 +1.04%
10-year US Treasury Yield 4.65% +.14%
Leading Sectors %
Gaming +1.21%
Restaurants +1.04%
HMOs +.77%
Lagging Sectors
Steel -1.48%
Energy -2.80%
Oil Service -2.85%
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 negative as the advance/decline line is lower, sector performance is mixed and volume is slightly above average. Measures of investor anxiety are mixed. Today's market action appears to be a healthy consolidation of recent gains to me. A number of sectors are higher or just slightly lower. The only real losses are in the commodity stocks, which is positive for the market as a whole. I have been forecasting continued strength in the US dollar for some time. This is now helping to pressure commodity prices. Gold is especially weak, due to US dollar strength, and will likely remain so over the intermediate-term as inflation decelerates and the dollar remains relatively strong. The 10-year T-note yield is slightly higher to 4.66%. However, this is still lower than the 4.92% it touched intraday last year and still near historically low levels. I expect US stocks to trade modestly higher from current levels into the close on more optimism and short-covering.
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