S&P 500 1,213.55 +.90%
DJIA 10,477.13 +.67%
NASDAQ 2,142.17 +1.31%
Russell 2000 654.62 +1.80%
DJ Wilshire 5000 12,127.95 +1.0%
S&P Barra Growth 579.03 +.83%
S&P Barra Value 630.22 +.94%
Morgan Stanley Consumer 584.40 +.12%
Morgan Stanley Cyclical 729.71 +1.49%
Morgan Stanley Technology 504.51 +1.13%
Transports 3,923.06 +2.16%
Utilities 389.85 -.17%
Put/Call .68 -29.17%
NYSE Arms .66 -46.47%
Volatility(VIX) 13.65 -8.08%
ISE Sentiment 172.00 +4.24%
US Dollar 89.74 -.38%
CRB 315.40 -.15%
Futures Spot Prices
Crude Oil 59.10 -1.25%
Unleaded Gasoline 156.20 -2.59%
Natural Gas 11.52 -2.95%
Heating Oil 176.75 -2.08%
Gold 464.60 unch.
Base Metals 134.72 +.70%
Copper 182.85 -.11%
10-year US Treasury Yield 4.60% +.98%
Leading Sectors %
Homebuilders +3.59%
Airlines +3.0%
Semis +2.75%
Lagging Sectors
Utilities -.24%
HMOs -1.06%
Software -1.94%
BOTTOM LINE: The Portfolio is substantially higher mid-day on gains in my Internet longs, Medical longs, Semi longs, Computer longs and Retail longs. I added TOL long this morning and added to my Steel shorts, thus leaving the Portfolio 100% net long. The tone of the market is very positive as the advance/decline line is substantially higher, almost every sector is higher and volume is heavy. Measures of investor anxiety are lower. Today’s overall market action is positive considering the shift in psychology. For the last two months, beginning around the time of Hurricane Katrina, almost every bit of news has been interpreted in a negative light by investors. In my opinion, the fundamentals dictate much higher stock prices. However, during the last couple of months, the many with negative agendas, both political and financial, have been winning the battle for investor psychology. I sense this may be changing right now. I expect US stocks to trade modestly higher from current levels into the close on more optimism.
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