Indices
S&P 500 1,189.28 +3.05%
DJIA 10,471.91 +3.27%
NASDAQ 2,046.42 +3.52%
Russell 2000 609.41 +4.71%
DJ Wilshire 5000 11,727.93 +3.26%
S&P Equity Long/Short Index 1,001.95 -.25%
S&P Barra Growth 575.34 +2.74%
S&P Barra Value 609.47 +3.36%
Morgan Stanley Consumer 590.92 +3.02%
Morgan Stanley Cyclical 719.99 +4.87%
Morgan Stanley Technology 476.08 +3.90%
Transports 3,620.99 +6.43%
Utilities 364.89 +2.66%
Bloomberg Crude Oil % Bulls 22.0 unch.
Put/Call .99 -2.94%
NYSE Arms 1.15 -8.0%
Volatility(VIX) 13.14 -19.48%
ISE Sentiment 143.00 +33.64%
AAII % Bulls 38.92 +27.52%
US Dollar 86.63 +.60%
CRB 293.28 -.19%
Futures Spot Prices
Crude Oil 48.65 -3.08%
Unleaded Gasoline 141.91 +.36%
Natural Gas 6.34 -3.16%
Heating Oil 136.73 -.31%
Gold 417.70 -.36%
Base Metals 119.58 -.41%
Copper 137.50 +2.23%
10-year US Treasury Yield 4.12% unch.
Average 30-year Mortgage Rate 5.71% -1.04%
Leading Sectors
Steel +10.06%
Airlines +9.79%
Gaming +6.88%
Lagging Sectors
Tobacco +1.81%
Biotech +.69%
Drugs +.44%
*5-Day % Change
Friday, May 20, 2005
Stocks Mixed Mid-day in Quiet Trading
Indices
S&P 500 1,189.29 -.15%
DJIA 10,476.86 -.15%
NASDAQ 2,043.71 +.06%
Russell 2000 609.08 -.23%
DJ Wilshire 5000 11,725.06 -.13%
S&P Barra Growth 575.32 -.22%
S&P Barra Value 609.56 -.06%
Morgan Stanley Consumer 590.82 +.04%
Morgan Stanley Cyclical 720.19 +.11%
Morgan Stanley Technology 475.61 +.23%
Transports 3,625.44 +.12%
Utilities 365.16 +.17%
Put/Call .96 +23.08%
NYSE Arms 1.13 +49.01%
Volatility(VIX) 13.32 unch.
ISE Sentiment 155.00 -12.92%
US Dollar 86.65 +.65%
CRB 293.16 -.13%
Futures Spot Prices
Crude Oil 46.50 -.90%
Unleaded Gasoline 141.30 -1.77%
Natural Gas 6.33 -.35%
Heating Oil 137.10 -.76%
Gold 417.70 -.74%
Base Metals 119.58 -.37%
Copper 137.50 +.88%
10-year US Treasury Yield 4.11% +.14%
Leading Sectors
Airlines +.87%
Semis +.84%
Networking +.65%
Lagging Sectors
Commodity -.83%
Steel -.99%
Gold & Silver -1.21%
S&P 500 1,189.29 -.15%
DJIA 10,476.86 -.15%
NASDAQ 2,043.71 +.06%
Russell 2000 609.08 -.23%
DJ Wilshire 5000 11,725.06 -.13%
S&P Barra Growth 575.32 -.22%
S&P Barra Value 609.56 -.06%
Morgan Stanley Consumer 590.82 +.04%
Morgan Stanley Cyclical 720.19 +.11%
Morgan Stanley Technology 475.61 +.23%
Transports 3,625.44 +.12%
Utilities 365.16 +.17%
Put/Call .96 +23.08%
NYSE Arms 1.13 +49.01%
Volatility(VIX) 13.32 unch.
ISE Sentiment 155.00 -12.92%
US Dollar 86.65 +.65%
CRB 293.16 -.13%
Futures Spot Prices
Crude Oil 46.50 -.90%
Unleaded Gasoline 141.30 -1.77%
Natural Gas 6.33 -.35%
Heating Oil 137.10 -.76%
Gold 417.70 -.74%
Base Metals 119.58 -.37%
Copper 137.50 +.88%
10-year US Treasury Yield 4.11% +.14%
Leading Sectors
Airlines +.87%
Semis +.84%
Networking +.65%
Lagging Sectors
Commodity -.83%
Steel -.99%
Gold & Silver -1.21%
BOTTOM LINE: The Portfolio is unchanged mid-day as gains in my Internet longs are being offset by losses in my Oil Tanker shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is modestly negative as the advance/decline line is slightly lower, sector performance is mixed and volume is light. Measures of investor anxiety are higher. Today’s overall market action is mixed, given another decline in energy prices and recent sharp gains. Oil tanker rates are now falling below breakeven levels for some shipowners. This is with OPEC pumping near 30-year high levels. More ships are coming online over the coming months, as well. Moreover, I continue to believe OPEC will cut production during the second half of the year. I continue to believe this is a very bearish situation for oil tanker stocks as forward estimates are substantially too high. I expect US stocks to trade modestly higher into the close on short-covering, lower energy prices and bargain hunting.
Today's Headlines
Bloomberg:
- OPEC will keep production at current levels to meet global demand regardless of how much prices fall, the group’s president said.
- French President Chirac’s popularity plunged 9 points to 38%, the lowest since at least April 2002, a week before a referendum on the European Union constitution, according to a survey by polling company BVA.
- The US military began an investigation after photos of Saddam Hussein appeared in a British tabloid newspaper, including one image of the ousted Iraqi dictator in his underpants in jail.
- Time Warner, having pared its debt by $11 billion in three years, plans to start paying the company’s first dividend since the AOL acquisition.
- Toyota, Nissan and Honda said they will further increase production of cars and trucks outside of Japan as they win market share in the US and Europe.
- Microsoft must make it easier for developers of free programs to work with Windows by June 1 or face new European antitrust charges.
- Businesses and consumers are already changing investment and purchasing plans to adapt to higher energy prices, eventually reducing the energy dependence of the US economy, Fed Chairman Greenspan said.
- The US Justice Department is creating a Web site that will offer the public a single location for information from state and city registries of convicted sex offenders.
Wall Street Journal:
- Pfizer, Merck and other drugmakers are in no rush to test whether statins can be used to ward off cancer, because preventing the disease has only limited profit potential.
- Tiffany & Co., Zale and other jewelry chains are vying for bigger outlets and better space to keep pace with fast-growing sales.
- Sales of National Basketball Association apparel have slumped amid a lackluster season.
- Shanghai GM sold more cars in China in April than any other automaker, and its two-month total was double that in the two previous months.
NY Times:
- Iraq acknowledged it was the aggressor in the war with Iran that began in 1980, citing a joint statement in Baghdad from the Iraqi government and Iran’s foreign minister.
- European Union countries are split into fast-growing and lagging economies, creating a challenge for the European Central Bank to devise an appropriate monetary policy for all.
- GM said only its Chevrolet and Cadillac brands will continue to field a full line-up of vehicles, while the other six brands sold in the US will offer few choices.
NY Post:
- Some ad agencies want to be paid based on the success of their campaigns instead of fees tied to labor and other costs.
Dow Jones Newswires:
The US Treasury wants to amend a bill aimed at strengthening regulation of Fannie Mae and Freddie Mac that would require the government-chartered companies to reduce their portfolios.
London-based Times:
- S&P, a unit of McGraw-Hill, may start the first private equity fund index to increase transparency in the industry.
- A human embryo was cloned for the first time in the UK by a group of British scientists.
- OPEC will keep production at current levels to meet global demand regardless of how much prices fall, the group’s president said.
- French President Chirac’s popularity plunged 9 points to 38%, the lowest since at least April 2002, a week before a referendum on the European Union constitution, according to a survey by polling company BVA.
- The US military began an investigation after photos of Saddam Hussein appeared in a British tabloid newspaper, including one image of the ousted Iraqi dictator in his underpants in jail.
- Time Warner, having pared its debt by $11 billion in three years, plans to start paying the company’s first dividend since the AOL acquisition.
- Toyota, Nissan and Honda said they will further increase production of cars and trucks outside of Japan as they win market share in the US and Europe.
- Microsoft must make it easier for developers of free programs to work with Windows by June 1 or face new European antitrust charges.
- Businesses and consumers are already changing investment and purchasing plans to adapt to higher energy prices, eventually reducing the energy dependence of the US economy, Fed Chairman Greenspan said.
- The US Justice Department is creating a Web site that will offer the public a single location for information from state and city registries of convicted sex offenders.
Wall Street Journal:
- Pfizer, Merck and other drugmakers are in no rush to test whether statins can be used to ward off cancer, because preventing the disease has only limited profit potential.
- Tiffany & Co., Zale and other jewelry chains are vying for bigger outlets and better space to keep pace with fast-growing sales.
- Sales of National Basketball Association apparel have slumped amid a lackluster season.
- Shanghai GM sold more cars in China in April than any other automaker, and its two-month total was double that in the two previous months.
NY Times:
- Iraq acknowledged it was the aggressor in the war with Iran that began in 1980, citing a joint statement in Baghdad from the Iraqi government and Iran’s foreign minister.
- European Union countries are split into fast-growing and lagging economies, creating a challenge for the European Central Bank to devise an appropriate monetary policy for all.
- GM said only its Chevrolet and Cadillac brands will continue to field a full line-up of vehicles, while the other six brands sold in the US will offer few choices.
NY Post:
- Some ad agencies want to be paid based on the success of their campaigns instead of fees tied to labor and other costs.
Dow Jones Newswires:
The US Treasury wants to amend a bill aimed at strengthening regulation of Fannie Mae and Freddie Mac that would require the government-chartered companies to reduce their portfolios.
London-based Times:
- S&P, a unit of McGraw-Hill, may start the first private equity fund index to increase transparency in the industry.
- A human embryo was cloned for the first time in the UK by a group of British scientists.
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