Weekly Scoreboard*

Indices
S&P 500 1,016.40 -1.22%
DJIA 9,441.27 -1.08%
NASDAQ 2,018.78 -.49%
Russell 2000 570.50 -1.61%
Wilshire 5000 10,361.50 -1.24%
Russell 1000 Growth 448.08 -.47%
Russell 1000 Value 522.44 -1.93%
Morgan Stanley Consumer 616.08 -1.42%
Morgan Stanley Cyclical 709.52 -1.30%
Morgan Stanley Technology 509.31 unch.
Transports 3,762.88 +1.06%
Utilities 369.62 -1.98%
MSCI Emerging Markets 36.25 +.49%

Lyxor L/S Equity Long Bias Index 928.96 -1.11%

Lyxor L/S Equity Variable Bias Index 852.26 -.28%

Lyxor L/S Equity Short Bias Index 1,082.20 +2.05%

Sentiment/Internals
NYSE Cumulative A/D Line +51,910 -1.26%
Bloomberg New Highs-Lows Index +173 +28.15%
Bloomberg Crude Oil % Bulls 24.0 -60.0%
CFTC Oil Net Speculative Position +28,594 -27.67%

CFTC Oil Total Open Interest 1,164,511 +.47%
Total Put/Call .88 +17.33%
OEX Put/Call 1.08 -30.32%
ISE Sentiment 93.0 -27.34%
NYSE Arms .62 -6.06%
Volatility(VIX) 25.26 +2.02%
G7 Currency Volatility (VXY) 12.85 +.94%
Smart Money Flow Index 8,913.20 -1.08%

Money Mkt Mutual Fund Assets $3.559 Trillion -.60%.
AAII % Bulls 38.0 +11.76%
AAII % Bears 38.0 -22.45%

Futures Spot Prices
CRB Index 247.58 -3.97%

Crude Oil 68.02 -6.64%
Reformulated Gasoline 177.63 -6.70%
Natural Gas 2,73 -9.61%
Heating Oil 172.05 -9.02%
Gold 996.70 +4.15%
Bloomberg Base Metals 180.74 -2.45%
Copper 286.65 -3.47%

US No. 1 Heavy Melt Scrap Steel 239.33 USD/Ton unch.

China Hot Rolled Domestic Steel Sheet 3,752 Yuan/Ton -2.90%

S&P GSCI Agriculture 291.95 -5.59%

Economy
ECRI Weekly Leading Economic Index 124.70 +.32%

Citi US Economic Surprise Index +58.10 -12.76%

Fed Fund Futures imply 70.0% chance of no change, 30.0% chance of 25 basis point cut on 9/23

US Dollar Index 78.14 -.29%

Yield Curve 250.0 +7.0 basis points

10-year US Treasury Yield 3.44% -1 basis point

Federal Reserve’s Balance Sheet $2.07 Trillion +.84%

U.S. Sovereign Debt Credit Default Swap 24.0 +4.34%

10-year TIPS Spread 1.77% +6 basis points
TED Spread 19.0 -2 basis points
N. Amer. Investment Grade Credit Default Swap Index 122.01 +6.13%

Euro Financial Sector Credit Default Swap Index 88.0 +7.77%
Emerging Markets Credit Default Swap Index 314.32 +.60%
CMBS Super Senior AAA 10-year Treasury Spread 546.0 -.55%

M1 Money Supply $1.639 Trillion -1.04%

Business Loans 712.60 -.59%
4-Wk MA of Jobless Claims 571,300 +.7%

Continuing Claims Unemployment Rate 4.70% +10 basis points
Average 30-year Mortgage Rate 5.08% -6 basis points
Weekly Mortgage Applications 554,100 -2.17%

ABC Consumer Confidence -45 unch.
Weekly Retail Sales -4.30% +10 basis points
Nationwide Gas $2.59/gallon -.02/gallon
US Cooling Demand Next 7 Days 4.0% above normal
Baltic Dry Index 2,415 -.25%

Oil Tanker Rate(Arabian Gulf to US Gulf Coast) 25.0 unch.

Rail Freight Carloads 202,553 +4.84%

Iraqi 2028 Govt Bonds 68.50 -.90%

Best Performing Style
Large-Cap Growth -.47%

Worst Performing Style
Small-Cap Value -2.58%

Leading Sectors
Road & Rail +1.94%
HMOs +1.47%

Semis +1.13%
Wireless +.70%
Biotech +.57%

Lagging Sectors
Education -2.95%
Insurance -3.47%
Homebuilders -4.15%
Banks -4.79%
REITs -5.72%

One-Week High-Volume Gainers

One-Week High-Volume Losers

*5-Day Change

Stocks Finish at Session Highs, Boosted by Homebuilding, Hospital, Technology and Transportation Shares

Evening Review
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Stocks Surging into Final Hour on Less Economic Fear, Short-Covering

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Technology longs, Financial longs, Biotech longs and Medical longs. I covered all my (IWM)/(QQQQ) hedges and some of my (EEM) short today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, almost every sector is positive and volume is below average. Investor anxiety is very high. Today’s overall market action is bullish. The VIX is falling 7.12% and is very high at 25.17. The ISE Sentiment Index is low at 95.0 and the total put/call is above average at .91. Finally, the NYSE Arms has been running low most of the day, hitting .35 at its intraday trough, and is currently .64. The Euro Financial Sector Credit Default Swap Index is rising 1.28% today to 89.0 basis points. This index is down from its record March 10th high of 208.75. The North American Investment Grade Credit Default Swap Index is falling 1.24% to 122.01 basis points. This index is also well below its Dec. 5^th record high of 285.99. The TED spread is falling 5.27% to 19 basis points. The TED spread is now down 447 basis points since its all-time high of 463 basis points on October 10th. The 2-year swap spread is down 2.07% to 35.44 basis points. The Libor-OIS spread is falling 7.78% to 14 basis points. The 10-year TIPS spread, a good gauge of inflation expectations, is rising 10 basis points to 1.77%, which is down 89 basis points since July 7th. The 3-month T-Bill is yielding .12%, which is unch. today. Given the mixed jobs report, the market’s reaction to it is quite favorable. Cyclicals are especially strong. Defense, Coal, Oil Tanker, Computer, Semi, Disk Drive, Hospital, Homebuilding, Road/Rail and Airline shares are all jumping 2%+ on the day. It is noteworthy that oil is unable to rally despite the reversal lower in the US dollar, bond weakness and equity strength. I am not convinced we are done with the recent pullback, however I am not ruling it out. It is a big positive that the trend of the market falling on good news has ended, but volume is too light to draw any conclusions as of yet. Nikkei futures indicate an +143 open in Japan and DAX futures indicate an +38 open in Germany on Monday. I expect US stocks to trade mixed-to-higher into the close from current levels on diminishing economic fear, short-covering and investment manager performance anxiety.

Bear Radar

Style Underperformer:
Mid-Cap Value (+.77%)

Sector Underperformers:
Education (-.92%), Insurance (-.21%) and Utilities (+.13%)

Stocks Falling on Unusual Volume:
LOPE, ZUMZ, SNDA, AIG, COO and ABM

Bull Radar

Style Outperformer:
Large-Cap Growth (+1.33%)

Sector Outperformers:
Defense (+2.42%), Airlines (+2.24%) and Semis (+2.15%)

Stocks Rising on Unusual Volume:
INFA, PHG, LGCY, AMT, CHL, DB, PNR, GROW, ULTA, AMED, RMBS, STAR, NVTL, ARST, MDCO, OVTI, GOLD, ATPG, SSRI, HMIN, CREE, CIEN, BIIB, JOSB, CTCM, RYAAY, FIRE, IPSU, ESL, CBE, TKS, WBD, OXM and SJR