Wednesday, September 28, 2005

Stocks Slightly Higher Mid-day Even as Energy Prices Rise Again

Indices
S&P 500 1,218.73 +.25%
DJIA 10,482.36 +.25%
NASDAQ 2,120.98 +.17%
Russell 2000 656.44 -.41%
DJ Wilshire 5000 12,161.39 +.18%
S&P Barra Growth 582.81 +.21%
S&P Barra Value 631.99 +.33%
Morgan Stanley Consumer 581.55 +.43%
Morgan Stanley Cyclical 722.96 +.17%
Morgan Stanley Technology 497.68 +.56%
Transports 3,661.93 +1.22%
Utilities 428.90 +1.01%
Put/Call .74 -6.33%
NYSE Arms .73 -22.64%
Volatility(VIX) 12.50 -2.04%
ISE Sentiment 140.00 -30.0%
US Dollar 89.47 -.15%
CRB 333.45 +1.96%

Futures Spot Prices
Crude Oil 66.40 +2.04%
Unleaded Gasoline 232.50 +7.32%
Natural Gas 14.60 +15.36%
Heating Oil 215.00 +3.94%
Gold 472.90 +1.44%
Base Metals 130.42 -.19%
Copper 174.50 +.98%
10-year US Treasury Yield 4.25% -.64%

Leading Sectors %
Gold & Silver +2.18%
Networking +1.89%
Computer Services +1.54%

Lagging Sectors
Homebuilders -.98%
Retail -1.13%
REITs -1.15%
BOTTOM LINE: The Portfolio is slightly lower mid-day on losses in my Internet longs and Energy-related shorts. I added back QQQQ/IWM shorts this morning and added back to my TLT long, thus leaving the Portfolio 25% net long. The tone of the market is neutral as the advance/decline line is lower, most sectors are higher and volume is average. Measures of investor anxiety are mostly lower. Today’s overall market action is slightly positive given the rise in energy prices and better-than-expected economic data. Given the spike in energy prices, measures of investor angst are relatively low. The 10-year T-note continues to rally. I expect US stocks to trade mixed-to-lower from current levels into the close on worries over higher energy prices.

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