S&P 500 1,258.83 -.77%
DJIA 10,800.19 -.76%
NASDAQ 2,229.91 -.87%
Russell 2000 677.68 -1.28%
DJ Wilshire 5000 12,587.37 -.83%
S&P Barra Growth 602.02 -.85%
S&P Barra Value 652.50 -.70%
Morgan Stanley Consumer 596.00 -.51%
Morgan Stanley Cyclical 788.37 -.56%
Morgan Stanley Technology 528.62 -.81%
Transports 4,219.88 -1.10%
Utilities 409.26 -.59%
Put/Call .93 +34.78%
NYSE Arms 1.55 +19.44%
Volatility(VIX) 11.50 +11.98%
ISE Sentiment 202.00 +26.25%
US Dollar 91.04 +.29%
CRB 323.87 -.75%
Futures Spot Prices
Crude Oil 57.65 -1.33%
Unleaded Gasoline 152.25 -1.81%
Natural Gas 11.01 -10.12%
Heating Oil 165.00 -3.24%
Gold 510.10 +.83%
Base Metals 153.51 +.63%
Copper 206.75 +1.60%
10-year US Treasury Yield 4.34% -.71%
Leading Sectors
Airlines +1.89%
Gold & Silver +.07%
Homebuilders +.05%
Lagging Sectors
Coal -2.16%
Energy -2.83%
Oil Service -3.20%
BOTTOM LINE: The Portfolio is lower mid-day on losses in my Internet longs, Medical longs and Semi longs. I added IWM and QQQQ shorts this morning, thus leaving the Portfolio 50% net long. The tone of the market is negative as the advance/decline line is substantially lower, most sectors are lower and volume is light. Measures of investor anxiety are mostly higher. Overall, today’s market action is negative considering the decline in energy prices, falling long-term rates and lack of normal seasonal strength. It appears to me the losses in the energy sector, which had been one of the best performing in 2005, are prompting hedge funds to take profits in most other winners. Gains by most funds are mediocre for the year and they do not want to slip into the red. I expect US stocks to trade mixed-to-higher from current levels into the close on short-covering.
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