S&P 500 1,222.25 unch.
DJIA 10,544.44 +.29%
NASDAQ 2,142.13 -.05%
Russell 2000 668.30 -.37%
DJ Wilshire 5000 12,195.99 -.06%
S&P Barra Growth 584.24 -.06%
S&P Barra Value 633.66 +.05%
Morgan Stanley Consumer 578.41 -.03%
Morgan Stanley Cyclical 737.60 +.08%
Morgan Stanley Technology 497.29 +.48%
Transports 3,598.52 +.04%
Utilities 396.32 -.01%
Put/Call .80 +3.90%
NYSE Arms .83 -.32%
Volatility(VIX) 11.12 +1.55%
ISE Sentiment 157.00 -17.80%
US Dollar 89.35 +1.14%
CRB 312.81 +.37%
Futures Spot Prices
Crude Oil 60.90 +.46%
Unleaded Gasoline 178.40 +.48%
Natural Gas 8.02 +1.84%
Heating Oil 173.20 -1.11%
Gold 424.80 -.56%
Base Metals 122.76 -.78%
Copper 155.00 +.71%
10-year US Treasury Yield 4.14% +.19%
Leading Sectors
Airlines +1.69%
Computer Hardware +.99%
Banks +.54%
Lagging Sectors
Oil Service -.53%
HMOs -1.19%
Hospitals -3.01%
BOTTOM LINE: The Portfolio is slightly higher mid-day on gains in my Semiconductor, Internet and Networking longs. 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 modestly lower, sector performance is mixed and volume is below average. Measures of investor anxiety are mostly higher. Today’s overall market action is slightly positive considering recent gains. The ECRI Future Inflation Gauge came in at 117.5 for June. This is up from 116.7 in May, but down from 120.9 in February 2003. I expect US stocks to trade mixed-to-higher into the close on short-covering and bargain hunting.
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