S&P 500 1,267.13 +1.51%
DJIA 10,835.89 +1.10%
NASDAQ 2,243.90 +1.75%
Russell 2000 683.55 +1.54%
DJ Wilshire 5000 n/a
S&P Barra Growth 606.18 +1.63%
S&P Barra Value 656.96 +1.46%
Morgan Stanley Consumer 595.74 +.71%
Morgan Stanley Cyclical 792.32 +.91%
Morgan Stanley Technology 531.98 +1.87%
Transports 4,196.21 unch.
Utilities 411.83 +1.66%
Put/Call .79 +3.95%
NYSE Arms .77 -53.51%
Volatility(VIX) 11.12 -7.87%
ISE Sentiment 152.00 -6.74%
US Dollar 89.80 -1.39%
CRB 336.33 +1.36%
Futures Spot Prices
Crude Oil 63.14 +3.44%
Unleaded Gasoline 175.05 +1.34%
Natural Gas 10.62%
Heating Oil 179.64 +1.50%
Gold 533.80 +.24%
Base Metals 153.83 +.93%
Copper 204.75 -.05%
10-year US Treasury Yield 4.36% -.58%
Leading Sectors
Gold & Silver +5.69%
Oil Service +5.22%
Energy +4.38%
Lagging Sectors
Papers -.10%
Broadcasting -1.0%
Airlines -1.49%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Internet longs, Semi longs, Computer longs and Biotech longs. I exited the remainder of my (IWM) and (QQQQ) shorts and added (GILD), (RACK) and (ITRN) long, 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 above average. Measures of investor anxiety are mixed. Overall, today’s market action is positive considering recent losses, the rise in oil and weaker-than expected economic data. A record $20.3 billion flowed into funds investing in emerging market equities last year, up 500% from the prior year. Argentina and Brazil were two of the largest recipients of these flows. As growth in the U.S. and China slows, emerging market economies will suffer disproportionately. I believe the mania for emerging market investments will end in 2006. I expect US stocks to trade modestly higher into the close on short-covering, bargain hunting and optimism over dovish Fed comments.
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