Market Week in Review

• S&P 500 2,429.26 -.31%*

The Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 2,429.26 -.31%

• DJIA 21,395.0 -.01%

• NASDAQ 6,159.73 -1.66%

• Russell 2000 1,419.33 +.38%

• S&P 500 High Beta 37.24 +1.81%

• Goldman 50 Most Shorted 134.48 +.43%

• Wilshire 5000 25,198.80 -.25%

• Russell 1000 Growth 1,195.783 -1.12%

• Russell 1000 Value 1,142.42 +.53%

• S&P 500 Consumer Staples 568.09 -.89%

• Vanda Cyclicals-Defensives 1.3076 +.48%
  

• Morgan Stanley Technology 1,471.17 -2.43%

• Transports 9,584.99 +2.12%

• Utilities 708.61 -2.23%

• Bloomberg European Bank/Financial Services 99.01 +2.56%

• MSCI Emerging Markets 41.41 +.04%

• HFRX Equity Hedge 1,200.16 +.29%

• HFRX Equity Market Neutral 994.42 +.36%

Sentiment/Internals

• NYSE Cumulative A/D Line 293,243 +.43%

• Bloomberg New Highs-Lows Index 142 +60

• Bloomberg Crude Oil % Bulls 60.47 +31.94%

• CFTC Oil Net Speculative Position 328,764 -8.42%

• CFTC Oil Total Open Interest 2,118,015 -2.70%

• Total Put/Call 1.09 +14.74%

• OEX Put/Call .62 -80.32%

• ISE Sentiment 99.0 -10.0%

• NYSE Arms 1.17 -3.77%

• Volatility(VIX) 10.78 +7.58%

• S&P 500 Implied Correlation 35.02 +2.40%

• G7 Currency Volatility (VXY) 7.63 +5.22%

• Emerging Markets Currency Volatility (EM-VXY) 7.78 +4.49%

• Smart Money Flow Index 19,600.07 -1.24%

• ICI Money Mkt Mutual Fund Assets $2.622 Trillion +.16%

• ICI US Equity Weekly Net New Cash Flow -$3.504 Billion

• AAII % Bulls 29.7 -9.0%

• AAII % Bears 26.9 -7.1%

Futures Spot Prices

• CRB Index 174.22 +3.25%

• Crude Oil 45.91 +5.56%

• Reformulated Gasoline 151.27 +4.58%

• Natural Gas 3.0 +2.09%

• Heating Oil 147.47 +6.38%

• Gold 1,242.50 -1.22%

• Bloomberg Base Metals Index 178.63 +2.27%

• Copper 270.0 +2.38%

• US No. 1 Heavy Melt Scrap Steel 261.67 USD/Ton unch.

• China Iron Ore Spot 64.95 USD/Ton +14.45%

• Lumber 365.80 +1.40%

• UBS-Bloomberg Agriculture 1,063.43  +3.51%

Economy

• Atlanta Fed GDPNow Forecast +2.2 -20.0 basis points
• ECRI Weekly Leading Economic Index Growth Rate +3.0% -40.0 basis points
  

• Philly Fed ADS Real-Time Business Conditions Index .0734 -4.4% 
• US Economic Policy Uncertainty Index 170.34 +75.1%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 138.22 +.17%

• Citi US Economic Surprise Index -72.60 +2.0 points

• Citi Eurozone Economic Surprise Index 30.3 +25.6 points

• Citi Emerging Markets Economic Surprise Index 12.50 +1.6 points

• Fed Fund Futures imply 88.0% chance of no change 12.0% chance of 25 basis point hike on 7/26

• US Dollar Index 95.73 -1.58%
• MSCI Emerging Markets Currency Index 1,599.56 +.39%

• Euro/Yen Carry Return Index 133.90 +2.90%

• Yield Curve 91.0 +8.0 basis points

• 10-Year US Treasury Yield 2.29% +14.0 basis points

• Federal Reserve's Balance Sheet $4.424 Trillion -.26%

• U.S. Sovereign Debt Credit Default Swap 21.83 -.18%

• Illinois Municipal Debt Credit Default Swap 371.0 -5.41%

• Western Europe Sovereign Debt Credit Default Swap Index 6.78 +12.3%

• Asia Pacific Sovereign Debt Credit Default Swap Index 21.45 +11.07%
  

• Emerging Markets Sovereign Debt CDS Index 55.05 +3.71%
  

• Israel Sovereign Debt Credit Default Swap 68.95 +3.79%

• South Korea Sovereign Debt Credit Default Swap 52.46 +.77%

• Russia Sovereign Debt Credit Default Swap 169.71 -.81%

• iBoxx Offshore RMB China Corporate High Yield Index 139.62 +.21%

• 10-Year TIPS Spread 1.75% +4.0 basis points

• TED Spread 29.0 -5.0 basis points

• 2-Year Swap Spread 23.0 +3.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -27.25 +2.75 basis points

• N. America Investment Grade Credit Default Swap Index 60.69 +.5%

• America Energy Sector High-Yield Credit Default Swap Index 464.0 -7.25%

• European Financial Sector Credit Default Swap Index 52.80 -1.13%
  

• Emerging Markets Credit Default Swap Index 201.55 +1.63%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 146.50 +.5 basis point
  

• M1 Money Supply $3.468 Trillion -.29%

• Commercial Paper Outstanding 973.60 -.6%

• 4-Week Moving Average of Jobless Claims 242,250 -2,500

• Continuing Claims Unemployment Rate 1.4% unch.
  

• Average 30-Year Mortgage Rate 3.88% -2.0 basis points

• Weekly Mortgage Applications 417.40 -6.24%

• Bloomberg Consumer Comfort 48.60 -.8 point

• Weekly Retail Sales +2.4% -10.0 basis points

• Nationwide Gas $2.28/gallon -.07/gallon

• Baltic Dry Index 920.0 +5.75%

• China (Export) Containerized Freight Index 851.26 +.68%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 25.0 unch.

• Rail Freight Carloads 281,190 +1.59%

Best Performing Style

•  Large-Cap Value +.2%

Worst Performing Style

•  Large-Cap Growth -1.5%

Leading Sectors

• Steel +4.6%

• Banks +4.2%

• Hospitals +3.6%

• Construction +2.7%

• Retail +2.7%

Lagging Sectors

• Gold & Silver -3.1% 

• Biotech -3.1%

• Disk Drives -3.4%

• Gaming -4.3%

• Semis -4.9%

Weekly High-Volume Stock Gainers (37)

• MGEN, PTLA, SNCR, CARA, SPNC, FMAO, STRL, AVAV, POWI, OSUR, PVAC, LNTH, CAR, STOR, MPO, KEG, SD, IESC, SPLS, FOXF, DSKE, UPL, SNC, IBTX, PFBC, PLSE, ASIX, NSA, WLDN, PRFT, NTLA, OLN, INSW, MLP, BGCP, TRUP and QCP

Weekly High-Volume Stock Losers (21)

• NRZ, ASMB, EVI, MYOK, CTLT, CAVM, WHF, ARR, DOC, COR, COHR, BBBY, ARNC, HSTM, RARX, AMSWA, OVID, SGEN, DPLO, GOV and ALDR

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Rising into Final Hour on Better Economic Data, Earnings Optimism, Oil Gain, Homebuilding/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 10.99 -3.93%

• Euro/Yen Carry Return Index 133.95 +.04%

• Emerging Markets Currency Volatility(VXY) 7.78 +1.30%

• S&P 500 Implied Correlation 34.83 -.88%

• ISE Sentiment Index 106.0 +17.8%
  

• Total Put/Call 1.09 +10.10%

• NYSE Arms 1.15 +85.43%

Credit Investor Angst:

• North American Investment Grade CDS Index 60.89 -.29%
  

• America Energy Sector High-Yield CDS Index 464.0 +.08%

• European Financial Sector CDS Index 52.79 +.48%

• Western Europe Sovereign Debt CDS Index 6.78 +11.33%

• Asia Pacific Sovereign Debt CDS Index 21.48 +8.57%

• Emerging Market CDS Index 201.93 -.19%
  

• iBoxx Offshore RMB China Corporate High Yield Index 139.62 +.06%

• 2-Year Swap Spread 23.0 +1.25 basis points

• TED Spread 28.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -27.25 +.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.98 +.06%
• 3-Month T-Bill Yield 1.01% -1.0 basis point
  

• Yield Curve 92.0 +2.0 basis points

• China Import Iron Ore Spot $64.95/Metric Tonne +.37%

• Citi US Economic Surprise Index -72.60 +3.8 points

• Citi Eurozone Economic Surprise Index 30.30 +6.3 points

• Citi Emerging Markets Economic Surprise Index 10.10 +2.4 points

• 10-Year TIPS Spread 1.74 unch.
  
• 29.6% chance of Fed rate hike at Sept. 20 meeting, 31.1% chance at Nov. 1 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +72 open in Japan 
• China A50 Futures: Indicating -103 open in China

• DAX Futures: Indicating +50 open in Germany

Portfolio: 

• Higher: On gains in my tech/medical/retail sector longs 

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 75% Net Long