S&P 500 1,216.10 unch.
DJIA 10,613.31 +.04%
NASDAQ 2,093.70 +.27%
Russell 2000 641.72 -.02%
DJ Wilshire 5000 12,056.53 -.02%
S&P Barra Growth 581.89 -.12%
S&P Barra Value 629.98 +.12%
Morgan Stanley Consumer 584.30 -.03%
Morgan Stanley Cyclical 742.03 +.16%
Morgan Stanley Technology 486.38 +.72%
Transports 3,568.49 -.10%
Utilities 380.00 +.33%
Put/Call .96 unch.
NYSE Arms .96 +16.47%
Volatility(VIX) 11.03 -3.84%
ISE Sentiment 158.00 +8.97%
US Dollar 88.27 -.26%
CRB 311.25 -.75%
Futures Spot Prices
Crude Oil 59.35 -.03%
Unleaded Gasoline 163.70 -.52%
Natural Gas 7.54 -1.69%
Heating Oil 164.60 -.95%
Gold 440.50 +.11%
Base Metals 125.96 -1.08%
Copper 156.65 +.71%
10-year US Treasury Yield 4.05% -1.27%
Leading Sectors
Internet +1.20%
Networking +.97%
Software +.86%
Lagging Sectors
Oil Service -1.45%
Steel -1.53%
Oil Tankers -2.37%
BOTTOM LINE: The Portfolio is higher mid-day on gains in my Internet/Computer longs and Steel/Oil Tanker shorts. I exited my QQQQ short and added to my BRCM long this morning, thus leaving the Portfolio 100% net long. The tone of the market is modestly positive as the advance/decline line is slightly higher, most sectors are higher and volume is above average. Measures of investor anxiety are mostly lower. Today’s overall market action is neutral, considering a decline in energy prices and interest rates. The Johnson Redbook Same-store-sales Index (year over year) rose 3.7% last week vs. a 3.5% rise the prior week. This is also up from a 1.5% gain in late April and the seventh week in a row the index has exceeded 3.0%. I expect US stocks to trade modestly higher into the close on short-covering and lower energy prices.
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