Wednesday, May 11, 2005

Stocks Modestly Higher on Stronger Dollar and Lower Oil

Indices
S&P 500 1,169.49 +.28%
DJIA 10,291.68 +.10%
NASDAQ 1,969.73 +.35%
Russell 2000 595.16 +.02%
DJ Wilshire 5000 11,526.59 +.29%
S&P Barra Growth 565.61 +.40%
S&P Barra Value 600.06 +.25%
Morgan Stanley Consumer 581.74 +.51%
Morgan Stanley Cyclical 706.71 +.16%
Morgan Stanley Technology 447.81 +.64%
Transports 3,526.99 +.81%
Utilities 366.36 +.30%
Put/Call 1.00 +17.65%
NYSE Arms .84 -60.29%
Volatility(VIX) 14.55 -2.41%
ISE Sentiment 136.00 +2.26%
US Dollar 84.95 +.59%
CRB 301.25 -.06%

Futures Spot Prices
Crude Oil 50.80 -2.44%
Unleaded Gasoline 148.10 -1.94%
Natural Gas 6.72 +.39%
Heating Oil 141.10 -2.66%
Gold 428.20 +.07%
Base Metals 123.30 -.91%
Copper 144.20 -.03%
10-year US Treasury Yield 4.19% -.14%

Leading Sectors
Disk Drives +1.53%
Networking +1.06%
I-Banks +1.04%

Lagging Sectors
Oil Tankers -1.16%
HMOs -1.22%
Airlines -1.40%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Internet and Wireless longs and Entertainment shorts. I added to some of my current longs today from various sectors, thus leaving the Portfolio 100% net long. One of the longs I added to was AAPL. I am using a stop-loss of $33 on this position. The tone of the market is mixed as the advance/decline line is slightly lower, most sectors are higher and volume is average. Measures of investor anxiety are mostly lower. Today’s overall market action is modestly positive considering terrorism fears, hedge fund blow-up worries and yesterday’s sell-off. I expect US stocks to trade modestly higher into the close on short-covering, bargain hunting and lower energy prices.

No comments: