Evening Headlines

Bloomberg:         

• ‘Dude, Get Back to Your Desk’: The Week That Roiled Bond Markets.  
• Paul Singer Warns of Trouble, and Is Eager to Say ‘Told You So’.  
• Bitcoin Slides in Worst Weekly Drop Since March Amid Selloff.
• Undaunted Bulls Keep Shoveling Money Into Stocks.
• Commodity Returns Plunge the Most in Months Amid Stronger Dollar.  
  
• Cybersecurity Firm SentinelOne Plans for IPO at Possible $10 Billion Value.
• Buttigieg Says Gas-Tax Hike Would Violate Biden Campaign Pledge.  
• Charting Global Economy: U.S. Income Growth Primes Spending Pump.  
• Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years.
  

Wall Street Journal:

• U.S. Airstrikes in Syria Hit Iranian Supply Network on Iraq’s Border.
• Joe Biden’s Mixed Iran Messages.
• Arrests of Unaccompanied Children Surge at Border.
• U.S. to Impose Sweeping Rule Aimed at China Technology Threats.

CNBC:

• House set to approve Biden’s $1.9 trillion stimulus package, send bill to the Senate.
• Art Cashin expects more stock pain as traders worry about Fed losing control of bond market.
• Dow drops more than 460 points to end losing week on rate fears.
• Lydall CEO expects demand boom for filtration material used in N95 masks and indoor systems beyond the pandemic.
• FDA panel unanimously recommends third Covid vaccine as J&J wins key vote in path to emergency use.
• Rising interest rates may continue to test the stock market in the week ahead.

IG:

• Weekend Markets Trading Live.

MarketWatch.com:

• Americans can’t seem to file their income taxes fast enough — but they should brace for unwelcome news in their 2020 returns  
• Here’s what one hedge fund trader says happened in Thursday’s bond-market tantrum, which sent the 10-year Treasury yield to 1.60%.

Fox News:

• Hawley scores raucous applause when he brings up objection to Electoral College certification.
• LIVE UPDATES: CPAC 2021 speakers Friday include Ron DeSantis, Ted Cruz, and Donald Trump Jr.
• Sen. Rick Scott at CPAC slams ‘establishment’ Republicans who want to ‘go backwards’.
• EXCLUSIVE: Threat level raised for US troops in Iraq after airstrikes in Syria.

Newsmax:

• DeSantis: GOP Cannot Go Back to ‘Establishment of Yesteryear’.
• Oliver North to Newsmax TV: Iran Nuclear Deal Prompted Syrian Air Strike.
• Democrats Demand Legal Rationale for Biden's Syria Airstrike.
  

Zero Hedge:

• SEC Suspends Trading In 15 Companies Due To "Questionable Trading And Social Media Activity".
• 'Brace For Rampant Inflation': Hedge Fund Billionaire Stunned At "Market Craziness", Sees "Trouble Ahead".
• Socialism-In-Practice Was A Nightmare, Not Utopia.
• Global Military Spending Hit Record High In 2020 With US In The Lead.
• The Ten "Peaks" Behind BofA's Call For A Second Half Crash.
  
• Trump Is "Still The Future Of The Republican Party" Says Don Jr.
• US & Israel Convene Top Secret "Strategic Forum" On Iran.
• For Bonds, This Is Now The Second Worst Bear Market In 40 Years.
• FDA Panel Unanimously Endorses J&J Covid Vaccine.
• "A New World Altogether" - Global Airlines Set To "Go Live In March" With COVID 'Passports'.
• Saudi Arabia "Completely Rejects" Khashoggi Murder Report As US Mulls Curbing Arms Sales.
• Federal Judge Rules Nationwide Eviction Ban Is Unconstitutional.
• Bonds & Bullion Suffer Worst Month In 5 Years As Commodities & Crypto Soar.
  

TheGatewayPundit.com:

• BREAKING: John Durham Resigns as US Attorney – Effective February 28th — Before Biden AG Takes Office.
• “God’s Will is No Concern of This Congress” – Top Democrat Nadler Derides God (VIDEO).
• HUGE BREAKING NEWS: Judge Rules Maricopa County Must Provide 2.1 Million Ballots From 2020 to Arizona Senate for Audit.
• WATCH: CNN’s Jim Acosta Confronted at CPAC — ‘Cuomo Killed 10,000 People and You Want to Talk About Ted Cruz!’.

The Epoch Times:

• China Insider: Boyu Capital Flees to Singapore in Fear of CCP Purge.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Weekly Scoreboard*

S&P 500 3,826.74 -2.29%*

 

 

 

 

 

 

 

 

 

 

 

 

The Weekly Wrap by Briefing.com. 

Indices

• DJIA 31,074.40 -1.34%

• NASDAQ 13,255.23 -4.3%

• Russell 2000 2,203.50 -2.8%

• S&P 500 High Beta 66.72 +1.83%

• Goldman 50 Most Shorted 304.54 -4.3%

• Wilshire 5000 41,391.71 -2.3%

• Russell 1000 Growth 2,412.83 -4.3%

• Russell 1000 Value 1,416.52 -.9%

• S&P 500 Consumer Staples 652.28 -2.26%

• MSCI Cyclicals-Defensives Spread 1,421.26 -2.34%
  

• NYSE Technology 3,883.39 -6.6%

• Transports 13,361.92 +.75%

• Utilities 803.28 -5.0%

• Bloomberg European Bank/Financial Services 66.58 +.89%

• MSCI Emerging Markets 53.89 -5.9%

• HFRX Equity Hedge 1,364.72 -.61%

• HFRX Equity Market Neutral 924.52 +.09%

Sentiment/Internals

• NYSE Cumulative A/D Line 453,757 -.37%

• Bloomberg New Highs-Lows Index 914 +443

• Crude Oil Commercial Bullish % Net Position -40.50 +2.98%

• CFTC Oil Net Speculative Position 514,713 +.09%

• CFTC Oil Total Open Interest 2,507,620 +2.49%

• Total Put/Call .86 +15.8%

• OEX Put/Call 1.09 +.14%

• ISE Sentiment 97.0 -16.0 points

• NYSE Arms 1.46 +57.8% 
• Bloomberg Global Risk-On/Risk-Off Index 2,517.0 -51.0 points
  

• Volatility(VIX) 26.7 +22.0%

• S&P 500 Implied Correlation 50.50 +.88%

• G7 Currency Volatility (VXY) 7.5 +15.6%
  

• Emerging Markets Currency Volatility (EM-VXY) 10.7 +11.1%

• Smart Money Flow Index 13,796.39 +.97%

• ICI Money Mkt Mutual Fund Assets $4.344 Trillion +.25%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +3.518 Million

• AAII % Bulls 45.9 -2.6%

• AAII % Bears 23.8 -6.3%

Futures Spot Prices

• CRB Index 190.88 +1.19%

• Crude Oil 61.95 +5.13%

• Reformulated Gasoline 188.0 +5.39%

• Natural Gas 2.77 -10.1%

• Heating Oil 186.30 +2.78%

• Gold 1,728.10 -3.22%
• Silver 26.45 -3.87%
  

• Bloomberg Base Metals Index 241.39 +1.8% 

• Copper 409.75 +.76%

• US No. 1 Heavy Melt Scrap Steel 418.0 USD/Metric Tonne unch.

• China Iron Ore Spot 172.0 USD/Metric Tonne +.44%

• Lumber 995.10 +.39%

• UBS-Bloomberg Agriculture 1,137.71 +.56%
• US Gulf NOLA Potash Spot 325.0 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow Forecast +8.8% -.7 percentage point
  

• ECRI Weekly Leading Economic Index Growth Rate +22.1% +.9 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 20.0% unch.
  

• NY Fed Real-Time Weekly Economic Index -3.3 -127.1%

• US Economic Policy Uncertainty Index 99.1 -12.8%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 177.24 +.5%

• Citi US Economic Surprise Index 86.5 +7.5 points

• Citi Eurozone Economic Surprise Index 157.30 +1.5 points

• Citi Emerging Markets Economic Surprise Index 61.70 -4.1 points

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate hike on 3/17

• US Dollar Index 90.88 +.63%

• MSCI Emerging Markets Currency Index 1,726.16 -.07%
  

• Bitcoin/USD 47,600.0 -14.1%

• Euro/Yen Carry Return Index 133.23 +.76%

• Yield Curve 135.0 +11.0 basis points
  

• 10-Year US Treasury Yield 1.45% +10.0 basis points
  

• Federal Reserve's Balance Sheet $7.550 Trillion +.43%

• U.S. Sovereign Debt Credit Default Swap 11.37 -9.4%

• Illinois Municipal Debt Credit Default Swap 287.72 +3.97%
  

• Italian/German 10Y Yld Spread 102.0 +9.0 basis points
  

• China Sovereign Debt Credit Default Swap 30.99 +7.95%
  

• Brazil Sovereign Debt Credit Default Swap 191.85 +17.9%
  

• Israel Sovereign Debt Credit Default Swap 41.24 -1.09%

• South Korea Sovereign Debt Credit Default Swap 24.1 +9.4%

• Russia Sovereign Debt Credit Default Swap 95.91 +14.1%

• iBoxx Offshore RMB China Corporate High Yield Index 186.47 +.37%

• 10-Year TIPS Spread 2.14% +1.0 basis point

• TED Spread 15.5 unch.

• 2-Year Swap Spread 10.25 +.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 -5.75 basis points

• N. America Investment Grade Credit Default Swap Index 55.70 +8.6%
  

• America Energy Sector High-Yield Credit Default Swap Index 372.0 -2.01%

• European Financial Sector Credit Default Swap Index 62.52 +6.62%
  

• Emerging Markets Credit Default Swap Index 190.64 +14.7%
  

• MBS 5/10 Treasury Spread 83.25 +6.25 basis points
  
• Markit CMBX BBB-6 75.5 unch.

• M1 Money Supply $18.128 Trillion +.01%

• Commercial Paper Outstanding 1,089.40 +1.3%

• 4-Week Moving Average of Jobless Claims 807,750 -2.5%

• Continuing Claims Unemployment Rate 3.1% -10.0 basis points
  

• Average 30-Year Mortgage Rate 2.97% +16.0 basis points

• Weekly Mortgage Applications 790,600 -11.4%

• Bloomberg Consumer Comfort 47.3 +1.5 points

• Weekly Retail Sales +2.6% +20.0 basis points

• Nationwide Gas $2.70/gallon +.10/gallon

• Baltic Dry Index 1,700 +.12%

• China (Export) Containerized Freight Index 2,059.52 -.59%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.
• Truckstop.com Market Demand Index 212.9 +54.3%

• Rail Freight Carloads 206,262 -23.3%

Best Performing Style

• Small-Cap Value +.7%

Worst Performing Style

• Mid-Cap Growth -5.6%
  

Leading Sectors

• Oil Service +8.2%

• Gaming +4.9%
  

• Airlines +4.0%

• Energy +3.9%

• Insurance +.9%
  

Lagging Sectors

• Biotech -5.3%
  

• Social Media -6.2%

• Digital Health -8.3%

• Video Gaming -8.7%

• Alt Energy -10.7%

Weekly High-Volume Stock Gainers (30)

• AMCX, FSR, MGNX, GRPN, TRIP, UVE, ACHC, RVLV, BBIO, CZR, BLDR, EB, SLM, BLUE, EVH, VAC, SEAS, RCII, HPQ, DMYI, VUZI, RHP, TWTR, AMAT, WSC, ABR, TCPC, WSFS, MGTA, ELAN and LESL
  

Weekly High-Volume Stock Losers (21)

• AACQ, MILE, VVNT, CLF, CRM, WEX, ORA, BMRN, OTRK, SPKE, REGI, HSC, CARS, CLVR, SRAC, FOCS, ENV, WHKS, ROOT, TPIC and VST
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Slightly Lower into Afternoon on Inflation Concerns, Emerging Markets Debt Angst, Technical Selling, Commodity/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 27.6 -4.6%
• Bloomberg Global Risk On/Risk Off Index 2,459.0 -103.0 points

• Euro/Yen Carry Return Index 133.20 -.42%

• Emerging Markets Currency Volatility(VXY) 10.65 +3.9%

• S&P 500 Implied Correlation 51.1 -3.4%

• ISE Sentiment Index 100.0 -36.0 points
  

• Total Put/Call .86 +8.9%

• NYSE Arms 1.51 +86.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 55.95 +.29%
  

• US Energy High-Yield OAS 482.21 +1.72%

• European Financial Sector CDS Index 62.69 +1.1%

• Italian/German 10Y Yld Spread 102.0 -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 60.73 +5.13%
  

• Emerging Market CDS Index 190.79 +5.0%
  

• iBoxx Offshore RMB China Corporate High Yield Index 186.47 +.07%

• 2-Year Swap Spread 10.25 +1.5 basis points

• TED Spread 15.5 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 -3.75 basis points
  
• MBS  5/10 Treasury Spread  86.25 +1.75 basis points
  
• IHS Markit CMBX BBB- 6 75.5 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 61.55 -.79%
• 3-Month T-Bill Yield .04% unch.
  

• Yield Curve 135.0 +8.0 basis points
  

• China Iron Ore Spot 168.20 USD/Metric Tonne -.5%

• Citi US Economic Surprise Index 86.5 +1.5 points

• Citi Eurozone Economic Surprise Index 157.3 -3.1 points
  

• Citi Emerging Markets Economic Surprise Index 61.7 -1.0 point

• 10-Year TIPS Spread 2.15 -1.0 basis point
• 100.0% chance of no change at April 28th meeting, 100.0% chance of no change at June 16th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +374 open in Japan 
• China A50 Futures: Indicating -19 open in China

• DAX Futures: Indicating +15 open in Germany

Portfolio:

• Slightly Lower: On losses in my energy/industrial/medical/biotech sector longs
  

• Disclosed Trades: None
  

• Market Exposure: 50% Net Long