Market Week in Review

S&P 500 899.22 -18.20%*

Click here for the Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices
S&P 500 899.22 -18.20%
DJIA 8,451.19 -18.15%
NASDAQ 1,649.51 -15.30%
Russell 2000 522.48 -15.65%
Wilshire 5000 9,088.30 -18.02%
Russell 1000 Growth 374.77 -16.60%
Russell 1000 Value 479.23 -19.83%
Morgan Stanley Consumer 544.77 -14.50%
Morgan Stanley Cyclical 585.98 -15.43%
Morgan Stanley Technology 363.35 -15.93%
Transports 3,744.74 -9.43%
Utilities 324.57 -21.17%
MSCI Emerging Markets 24.66 -21.2%

Sentiment/Internals
NYSE Cumulative A/D Line 20,609 -34.11%
Bloomberg New Highs-Lows Index -6,667 -256.71%
Bloomberg Crude Oil % Bulls 30.0 -10.0%
CFTC Oil Large Speculative Longs 165,772 -14.0%
Total Put/Call 1.23 +10.81%
OEX Put/Call 1.18 +78.79%
ISE Sentiment 108.0 -9.24%
NYSE Arms .91 -24.2%
Volatility(VIX) 69.95 +54.96%
G7 Currency Volatility (VXY) 19.79 +35.73%
Smart Money Flow Index 5,795.85 -25.14%
AAII % Bulls 31.47 -5.58%
AAII % Bears 60.84 +10.62%

Futures Spot Prices
Crude Oil 77.70 -16.65%
Reformulated Gasoline 180.70 -18.44%
Natural Gas 6.54 -11.33%
Heating Oil 221.0 -16.27%
Gold 859.0 +2.11%
Base Metals 156.09 -12.67%
Copper 214.45 -17.96%
Agriculture 295.69 -10.21%

Economy
10-year US Treasury Yield 3.87% +26 basis points
10-year TIPS Spread .93% -54 basis points
TED Spread 4.64 +76 basis points
N. Amer. Investment Grade Credit Default Swap Index 207.13 +24.44%
Emerging Markets Credit Default Swap Index 629.49 +57.50%
Citi US Economic Surprise Index -6.90 -675%
Fed Fund Futures imply 72.0% chance of 25 basis point cut, 28.0% chance of 50 basis point cut on 10/29
Iraqi 2028 Govt Bonds 60.75 -7.60%
4-Wk MA of Jobless Claims 482,500 +1.7%
Average 30-year Mortgage Rate 5.94% -16 basis points
Weekly Mortgage Applications 465,500 +2.22%
Weekly Retail Sales +1.3%
Nationwide Gas $3.35/gallon -.25/gallon
US Cooling Demand Next 7 Days 19.0% above normal
ECRI Weekly Leading Economic Index 120.60 -1.31%
US Dollar Index 83.0 +3.34%
Baltic Dry Index 2,221 -16.29%
CRB Index 289.89 -11.22%

Best Performing Style
Small-cap Growth -15.58%

Worst Performing Style
Large-cap Value -19.83%

Leading Sectors
Road & Rail -6.55%
REITs -9.42%
Restaurants -12.46%
Semis -14.22%
Wireless -14.39%

Lagging Sectors
I-Banks -25.60%
Gaming -26.25%
Energy -26.40%
Insurance -26.96%
Oil Service -30.27%

One-Week High-Volume Gainers

One-Week High-Volume Losers

*5-Day Change

Stocks Finished Mixed as Gains in Airline, REIT, Restaurant and Financial Stocks Offset Losses in Medical, Utility and Energy Stocks

Evening Review
Market Summary
Top 20 Biz Stories
Today’s Movers
Market Performance Summary
WSJ Data Center
Sector Performance
ETF Performance
Style Performance
Commodity Movers
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Commentary
After-hours Movers
After-hours Real-Time Stock Bid/Ask
After-hours Stock Quote
After-hours Stock Chart
In Play

Stocks Slightly Higher into Final Hour on Bargain-Hunting, Short-Covering and Less Financial Sector Pessimism

BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Biotech longs and Medical longs. I covered some of my (IWM)/(QQQQ) hedges, commodity shorts and (EEM) short today, thus leaving the Portfolio 100% net long. The tone of the market is negative as the advance/decline line is lower, most sectors are declining and volume is very heavy. Investor anxiety is very elevated again. Today’s overall market action is bullish. The VIX is rising 20.03% and is hitting a historically elevated 76.92. The ISE Sentiment Index is low at 101.0 and the total put/call is very high at 1.29. Finally, the NYSE Arms has been running low most of the day and is currently .58. The Euro Financial Sector Credit Default Swap Index is falling 2.85% today to 106.0 basis points. This index is up from a low of 52.66 on May 5^th, but down from 157.81 on Sept. 16^th. The North American Investment Grade Credit Default Swap Index is rising 3.9% to 198.86 basis points. The TED spread is rising 9.5% to 4.64 basis points. The 10-year TIPS spread, a good gauge of inflation expectations, is falling 12 basis points to .93%, which is down 170 basis points in about three months and at the lowest level since January 1999. Today’s “key reversal” is very encouraging. I would expect to see some follow through next week. Depending on upcoming global policy actions, this morning may have been “THE” bottom for US stocks. Nikkei futures indicate a -130 open in Japan and DAX futures indicate an +100 open in Germany on Monday. I expect US stocks to trade higher into the close from current levels on short-covering, less financial sector pessimism, diminished forced selling, bargain-hunting and technical buying.

Bull Radar

Style Outperformer:
Small-cap Value (-2.57%)

Sector Outperformers:
Banks (+3.12%), Airlines (+1.36%) and Computer Hardware (-.20%)

Stocks Rising on Unusual Volume:
BAC, JPM, AAPL, LGCY, UPL, TMX, HNP, DECK, BOBE, CTSH, EBAY, SRCL, LOGI, TISI, WRLD, HCSG, SQNM, WBSN, FFIN and SCHW

Stocks With Unusual Call Option Activity:
1) HA 2) SLM 3) NOK 4) OI 5) ACH

Links of Interest

Market Snapshot Commentary
Market Performance Summary
Style Performance
Sector Performance
WSJ Data Center
Top 20 Biz Stories
IBD Breaking News
Movers & Shakers
Upgrades/Downgrades
In Play
Exchange Volume vs. Average
NYSE Unusual Volume
NASDAQ Unusual Volume
Hot Spots
Option Dragon
NASDAQ 100 Heatmap
DJIA Quick Charts
Chart Toppers
Real-Time Intraday Quote/Chart
Dow Jones Hedge Fund Indexes