Style Outperformer:
Sector Outperformers:
- 1) Networking +1.18% 2) Gold & Silver +.34% 3) Drugs +.19%
Stocks Rising on Unusual Volume:
- CTCM, SKM, FIO, FNP, XXIA, SHLD, VRNT, FLO, INCY, ARNA and COH
Stocks With Unusual Call Option Activity:
- 1) STZ 2) DG 3) SHLD 4) SCHW 5) MAKO
Stocks With Most Positive News Mentions:
- 1) UPS 2) WBSN 3) ADI 4) GWW 5) DE
Charts:
Weekend Headlines
Bloomberg:
- Euro Leaders Declaring Worst Is Over Turn to Economy Woes.
European leaders declaring they’ve
gained the upper hand in the three-year-old debt crisis are sharpening
efforts to channel a rebound in financial markets to an economic
recovery to chip away at soaring unemployment. Even as euro-area
chiefs call for more time to lock in a bailout package for Cyprus and
elections loom next month in Italy, German Finance Minister Wolfgang
Schaeuble said Jan. 11 that the single currency is “over the worst of
the crisis.”
- China Export Surge Spurs Data Skepticism at Goldman(GS), UBS(UBS). China’s
unexpected surge in exports last month renewed concern from analysts at
Goldman Sachs Group Inc., UBS AG and Australia & New Zealand
Banking Group Ltd. (ANZ) that statistics from the nation can be
unreliable. The 14.1 percent gain from a year earlier was the biggest
positive surprise since March 2011, according to data compiled by
Bloomberg. The increase didn’t match goods movements through ports
and imports by trading partners according to UBS, while Goldman Sachs
and Mizuho Securities Asia Ltd. cited a divergence from overseas orders
in a manufacturing index. “China’s influence on the global economy has
become bigger,
so not only Chinese policy makers but also business people and
the rest of the world need better data,” said Liu, Hong Kong-
based chief Greater China economist, who formerly worked for the World
Bank. “Unreliable data could have a negative impact on resource
allocation and business planning.” The Beijing-based customs
administration, which reported the December trade figures on Jan. 10,
said it couldn’t immediately respond to a faxed request from Bloomberg
News for comment on the banks’ skepticism. Li Keqiang, who may
succeed Wen Jiabao as premier in March, was quoted in 2007 as saying he
watched data on power, rail cargo and loans because gross domestic
product numbers were “man-made.” Li’s remarks were in a U.S. diplomatic cable published by WikiLeaks in late 2010. “It
is possible that local governments may have tried to boost exports data
by either making round trips in special trade zones” or by exporting
“earlier than otherwise in an attempt to improve the annual exports
data,” Goldman Sachs’ Beijing- based economists Yu Song and Yin Zhang
wrote the same day. Rushed shipments and even faked exports to secure
tax refunds may have contributed to the stronger growth data, according
to Alistair Thornton and Ren Xianfang, Beijing-based analysts at IHS
Inc. (IHS) UBS economists led by Hong Kong-based Wang Tao pointed to a
“quite obvious discrepancy” in the growth of China’s exports to Taiwan
and South Korea and those economies’ reported imports from China in
recent months, even as historically they have tracked each other well.
UBS and ANZ also highlighted a surge in shipments into and out of
special trade zones within China that would be classified
as imports and exports. “This anomaly has raised some
suspicions as to whether some exports have been inflated to take
advantage of tax rebates,” the UBS economists wrote on Jan. 10.
- Gold Futures Drop as China’s Inflation Jumps to Seven-Month High. Gold fell for the second time in three days as inflation in China topped economist estimates,
increasing concern that officials may curb stimulus.
China’s inflation accelerated to a seven-month high in
December, the National Bureau of Statistics said today.
- Hedge-Fund Leverage Most Since 2004 in New Year as Margin Grows. Hedge funds
are borrowing more to buy equities just as loans by NYSE brokers reach
the highest in four years, signs of increasing confidence after
professional investors trailed the market since 2008. Leverage among
managers who speculate on rising and falling shares
climbed to the highest level to start any year wince at least 2004,
according to data compiled by Morgan Stanley. Margin debt at NYSE firms rose in November to the most since February 2008, data from NYSE Euronext show.
Gross leverage, a measure of hedge fund borrowing that shows how much
their holdings exceed the cash invested by clients, was 153% in the week
ended Jan. 4, up from an average of 152% in 2012 and 143% a year ago,
according to Morgan Stanley. While leverage shows increased optimism, it
multiples losses when investors are wrong, according to Peter
Sorrentino, who helps manage about $14.6 billion of assets at Huntington
Asset Advisors in Cincinnati. "If you want to speed up a loss, put some
leverage on it," he said in an interview. "There's a fair amount of
leverage being used at this juncture, maybe there's a little too much
optimism out there. It indicates investors are bullish, but if you loo
at the fundamentals, earnings growth has started to slow and it's real
tough to defend that." S&P 500 profits will increase 1% for the
first three months of 2013, according to analyst estimates compiled by
Bloomberg. Professional investors abandoned bets that stocks would
decline last month, as the most-shorted shares staged the best rally in a
year relative to the S&P 500. The 20 stocks with the highest short
sales rose an avg. of 5.1 percent in December, compared with .7% for the
full gauge, the widest gap since January 2012. A gauge of hedge-fund
bullishness, which measures how much they're betting on rising shares,
rose to 47.3 at the end of 2012 from 43.9 a year ago and is near the
one-year high of 48.1 in August, according to a survey by
Washington-based ISI.
- The New (Old) Payroll Tax Is Starting to Hit Hard. Shortly after Congress passed legislation to avoid the
fiscal cliff, with headlines touting that rates had been raised only on
those making more than $400,000 per year, some buzz-killing news for the
less-wealthy emerged. Workers’ share of the Social Security payroll
tax, which had been temporarily cut from 6.2 percent to 4.2 percent for
two years, was immediately snapping back to the higher level. The
result is smaller paychecks for all wage earners, with the country’s
economic recovery still sluggish and unemployment stubbornly high. A
worker making $50,000 in 2013 will take home $38.46 less per two-week
paycheck, or $1,000 per year.
- French Airstrikes Counter Northern Mali Islamist Insurgency. French
airstrikes sought to halt an
offensive by Islamist rebels in northern Mali as west African nations
pledged to send about 2,000 soldiers to oust the militants fully.
France’s intervention in its former colony will last “as long as is
needed” President Francois Hollande said yesterday in a televised speech
in Paris. Separately, in Somalia, French special forces failed to
free a French intelligence officer who had been held hostage for three
years, resulting in his death. In Mali “France has no other objective
than to safeguard a
country that is a friend,” Hollande said. “It doesn’t have
another goal than fighting terrorism,” and it has the backing
of the international community, he said.
- HSBC Said to Advise Wealthy Against More SAC Investments. HSBC
Holdings Plc (HSBA)’s private bank advised clients to not add money to
Steven A. Cohen’s SAC Capital Advisors LP amid a U.S. government
insider-trading
investigation into the hedge fund, according to a person with
knowledge of the matter.
- French Anti-Gay Marriage Protests Draw Hundreds of Thousands. Protests against French President
Francois Hollande’s proposal to allow same-sex marriage drew
hundreds of thousands of people into the streets in Paris. “There are many people who are worried about this law,”
Laurent Wauquiez, a minister under former President Nicolas
Sarkozy, said today on Europe 1 radio. “Do we have to destroy
the family and the place of children in it? We must pay
attention to the place of children.” Wauquiez joined
the demonstration. About 340,000 people joined today’s marches,
according to police estimates, while organizers indicated a turnout of
more
than 800,000.
- Hedge Funds Cut Bets to Six-Month Low Before Rally: Commodities. Hedge funds cut bullish commodity wagers to the lowest since June before prices rallied to a two- month high on signs of a rebound in Chinese economic growth. Speculators trimmed net-long positions across 18 futures
and options by 5.4 percent to 654,443 contracts in the week
ended Jan. 8, the lowest since June 19, U.S. Commodity Futures
Trading Commission data show. Wagers on a corn rally dropped for
a fifth week before a reduction in U.S. stockpile data sparked
the biggest jump in prices in five months. Gold holdings fell to
the lowest since August as the metal snapped a six-week slump.
Wall Street Journal:
- Ugly Choices Loom Over Debt Clash. The
showdown over the nation's debt ceiling could force the government to
consider drastic steps to manage its limited cash, including delaying
trillions of dollars of payments to employees, Social Security
recipients, contractors and others. The Obama administration has said it
has no backup plan to pay the government's bills if Congress refuses to
raise the $16.4 trillion federal borrowing
limit. The White House said Saturday in a statement that "there are
only two options to deal with the debt limit: Congress can pay its bills
or it can fail to act and put the nation into default." The Treasury could be forced to revisit proposals it considered
during the 2011 borrowing-limit crisis, most of which it said were
unworkable. Those included selling assets such as gold or
mortgage-backed securities to raise funds, cutting all spending by 40%
or prioritizing some payments over others—for example, paying Social
Security recipients before military contractors.
The proposal considered most viable was
to pay the government's bills only as tax revenue became available,
delaying many payments. There are important unanswered questions about
this approach, including whether it would include delaying interest
payments on government debt.
- Top Japan General Calls for Beefed-Up Defenses. When a Japanese coast guard cutter spotted a small Chinese aircraft
flying above disputed East China Sea islands in December, Japan's air
force scrambled eight F-15 fighter jets, but they reached the scene only
after the intruder had left. Japan's radar or surveillance planes had
missed the low-flying aircraft entering what the nation considers its
airspace, causing a delay in scrambling. The embarrassing incident underscores the need for Japan to beef up
the defense of air, sea and land in its southwest, said Gen. Shigeru
Iwasaki, the top uniformed official of Japan's military, known as the
Self-Defense Forces. He said China's navy and air force have been
gradually shifting activities closer to the waters and skies near
Japan's southwestern islands and "establishing a tenacious presence" in
what's becoming an increasingly contentious part of Asia-Pacific.
- 'Whale' Is Threat to Dimon Bonus. J.P. Morgan Chase & Co.'s(JPM)
board is expected to dock the 2012 bonuses of Chief Executive James
Dimon and another top executive because of the "London Whale" trading
debacle, said people close to the company. An internal report, scheduled to be issued Wednesday, takes to task senior
executives for the trade that cost J.P. Morgan $6.2 billion in losses
and led to the departure of Chief Investment Officer Ina Drew, a
confidant of Mr. Dimon. If the board does reduce Mr. Dimon's pay, he
could surrender a crown he has worn for several years as Wall Street's
best-compensated top executive.
- France Says U.S. Is Ready to Back Up Mali Mission. France said Sunday that the U.S. was set to back up its military
intervention against Islamist rebel groups in Mali, while the U.K. said
it would provide logistical assistance to the French deployment. Responding to a call for help by the Malian president, France engaged
its troops in central Mali on Friday and conducted more airstrikes over
the weekend to block the southern progression of rebel groups that
control the northern half of the African country. "The Americans are going to back up our operation in terms of
intelligence and in terms of a support both for logistics and
provisions," French Defense Minister Jean-Yves Le Drian said in a
televised interview.
- Options Traders Discard Safety Net as Stocks Rise.
In the new year, options traders seem to have settled on a resolution:
no more hedging for the worst. Fearless trading has left the number of
active “put” options
protecting against declines in the broader market on the brink of a
multi-year low, as budget worries fade. “Investors don’t see much need for buying protection, which is a sign
they are fairly bullish,” said Joe Kinahan, chief derivatives
strategist at TD Ameritrade. “Once we reached a settlement on the budget
stuff, we saw people weren’t seeing the need to buy protection.
- Apple(AAPL) Cuts Order for iPhone Parts on Weak Demand. Apple Inc. has cut its component orders for the iPhone 5 due to
weaker-than-expected demand, people familiar with the situation said
Monday. Apple's orders for screens for the January-March quarter,
for example, have dropped to roughly half of what it had previously
planned to order, two of the people said. The U.S. company has also cut
orders for components other than screens, according to one of the
people. Apple notified the suppliers of the order cut last month, they said.
- Neighbors Grow More Wary of China.
Entertainer Linn Linn sings about love, the environment and freedom. But
his fans keep asking for a different song—the one about Chinese
immigrants taking over his hometown.
- Promise of China Fades for Banks. In
June 2005, when Bank of America Corp.'s(BAC) then-Chief Executive Ken
Lewis flew to Beijing to sign a $3 billion pact to acquire a 9% stake in
one of China's biggest state-run banks, he
hailed the deal as "a long-term investment."
The deal yielded a tidy profit but little else for Bank of America. The
U.S. bank sold down its holding to about 1% as of November 2011.
- ObamaCare's Health-Insurance Sticker Shock. Thanks to mandates that take effect in 2014, premiums in individual markets will shoot up. Some may double. Health-insurance premiums have been rising—and consumers will
experience another series of price shocks later this year when some see
their premiums skyrocket thanks to the Affordable Care Act, aka
ObamaCare. The reason: The congressional Democrats who crafted the legislation
ignored virtually every actuarial principle governing rational insurance
pricing. Premiums will soon reflect that disregard—indeed, premiums are
already reflecting it.
Marketwatch.com:
- Iron-ore prices may soon melt. The sudden recent increase in the iron-ore price likely reflects
temporary market influences of restocking taking place in China at a
time of subdued supply, they believe. Supply is expected to increase in the second half of the year, they
said, and the present demand from China is unlikely a function of a
widespread uplift in Chinese economic activity, given that coking coal
and Chinese steel prices have fallen since last July.
Fox News:
- Obama administration shoots down platinum coin idea as debt ceiling solution. The Obama administration ended speculation Saturday that it would
mint a trillion-dollar platinum coin as a way to avoid the debt ceiling.
Treasury Department spokesman Anthony Coley said the agency wouldn't
mint one and the Federal Reserve would not accept the coin. “Neither the Treasury Department nor the Federal Reserve believes
that the law can or should be used to facilitate the production of
platinum coins for the purpose of avoiding an increase in the debt
limit,” Coley said. His statement was followed by one from White House Press Secretary Jay Carney. “There are only two options to deal with the debt limit: Congress can
pay its bills or it can fail to act and put the nation into default,"
Carney said.
- Obama to push for one-step, comprehensive immigration reform early in second term. President Obama seems ready to tackle the illegal immigration issue
in the coming months and push Congress to act promptly on comprehensive
reform of U.S. policy, perhaps laying out his plan in the coming weeks. The president and Senate Democrats will propose the changes in a
comprehensive bill, compared to some Republicans who want a more
step-by-step reform, according to The New York Times. Democrats purportedly want a plan that includes a path to citizenship
for most of the 11 million illegal immigrants in the country.
- Businessman in fraud case ties Harry Reid to scheme. A Utah businessman accused of running a fraudulent $350 million software
scheme says the state attorney general arranged a deal to pay Senate
Majority Leader Harry Reid to make a federal investigation into the
software business disappear.
Zero Hedge:
- Macro Polo. From Qbamco's Paul Brodsky: The absence of meaningful negative market responses to debt ceiling
dramas, Japanese inflation targeting, trillion dollar coins, and other
odd and dubious politically-oriented market meddling seems to be sending
reflexive signals back to capitals: all clear, continue
self-destructing.
Business Insider:
IBD:
AllAboutAlpha.com:
Reuters:
- Oracle Corp(ORCL) to fix Java security flaw 'shortly'.
Oracle Corp said it is
preparing an update to address a flaw in its widely used Java software
after the U.S. Department of Homeland Security urged computer users to
disable the program in web browsers because
criminal hackers are exploiting a security bug to attack PCs. "A fix will be available shortly," the company said in a
statement released late on Friday.
- Hedge fund exits at 3-year high in December-data.
Hedge funds suffered their biggest month of withdrawals for more than
three years in December, data showed on Friday, after a year of mediocre
returns prompted disatisfied investors to move their money out. Hedge fund administrator SS&C GlobeOp's Capital Movement
Index, which tracks monthly net subscriptions to and redemptions
from funds, measured minus 2.58 percent last month, representing
the biggest monthly outflow of cash seen since October 2009.
- Greece raises electricity prices by up to 15 pct. They come after a 9.2 percent average increase in prices
last year.
- Syrian forces kill dozens in bombardments: opposition. Government forces
killed at least 36 people, 14 of them children, in a bombardment of
rebel-held areas on the outskirts of Damascus on Sunday, Syrian
opposition activists said. Video footage showed women
weeping over the dismembered bodies of children strewn across a field in
the Eastern Ghouta region, near an air defense base on the edge of the
town of Muleiha, 5 km (3 miles) east of Damascus.
Financial Times:
- Cameron’s policy on Europe ‘creates uncertainty’. David
Cameron’s Europe policy could drive away inward investment and leave a
cloud of uncertainty hanging over the British economy for years, Lord
Heseltine, the prime minister’s adviser on growth, has warned. Speaking to the Financial Times, Lord Heseltine warned that Mr
Cameron’s desire to renegotiate Britain’s EU membership and put the
outcome to a referendum would start a process which could inadvertently
lead to an exit.
- Big banks on thin ground with rate margins. Big
US banks are set to report the thinnest margins between the rates at
which they borrow and lend since the 1950s, as profits are squeezed by
the Federal Reserve’s policy of ultra-low interest rates.
Telegraph:
BBC:
- Greek parliament passes new tax increases. The Greek parliament has
approved a series of unpopular tax rises aimed at boosting revenue in
line with Athens' commitments to international creditors. The measures, approved overnight, introduce a new top tax
rate of 42% for Greeks earning more than 42,000 euros (£34,700; $56,000)
a year. Corporate rates also go up and the tax base now includes low-earning farmers. The changes are part of an overall package approved in November to allow Greece to qualify for further bailout funds. But the opposition say the tax rises will increase hardship
for ordinary Greeks. The main opposition Radical Left Coalition says
austerity has "demolished the country's middle classes"
Frankfurt Allgemeine Sonntagszeitung:
- While the world economy is doing reasonably well, Europe is "the problem" as the single currency doesn't create prosperity for Europeans, Heidelberg Cement CEO Bernd Scheifele said. "Politicians have to finally realize that the costs of the currency union are just too high," he said.
Kyodo:
- Japanese Minister for Economic and Fiscal Policy Akira Amari says if the yen exceeds 100 yen to the dollar, it will raise prices of imports and weigh down people's lives. Amari says the yen has come to a "pretty good level" at the current exchange rate.
Nikkei:
- Japan
May Increase the Top Income Tax Rate to 45%. The government and Liberal
Democratic Party are discussing increasing Japan's top income tax rate
to 45% from 40% starting Jan. 1, 2015. The inheritance tax may be increased to 55% from 50% at the same time.
Chosun Ilbo:
- South Korea's finance ministry is skeptical of its earlier economic growth forecast of 3% for this year because of global economic uncerainty, citing a ministry briefing.
Weekend Recommendations
Barron's:
- Bullish commentary on (LLY), (ACN), (AA), (CKEC), (CNK), (EPR), (RGC), (ESV), (KEY) and (CMCSA).
Night Trading
- Asian indices are -.25% to +1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 106.0 +3.0 basis points.
- Asia Pacific Sovereign CDS Index 84.75 +1.75 basis points.
- NASDAQ 100 futures +.15%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
Upcoming Splits
Other Potential Market Movers
- The Fed's Bernanke speaking, Fed's Lockhart speaking and the Fed's Williams speaking could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the week.
U.S. Week Ahead by MarketWatch (video).
Wall St. Week Ahead by Reuters.
Stocks to Watch Monday by MarketWatch.
Weekly Economic Calendar by Briefing.com.
BOTTOM LINE: I expect US stocks to finish the week modestly lower on rising US fiscal cliff concerns, Eurozone debt angst, profit-taking, earnings jitters, technical selling and more shorting. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 25% net long heading into the week.
S&P 500 1,472.05 +.38%*
The Weekly Wrap by Briefing.com.
*5-Day Change
Indices
- Russell 2000 880.77 +.18%
- Value Line Geometric(broad market) 381.42 +.18%
- Russell 1000 Growth 679.0 +.54%
- Russell 1000 Value 741.65 +.30%
- Morgan Stanley Consumer 859.72 -.19%
- Morgan Stanley Cyclical 1,091.73 +.09%
- Morgan Stanley Technology 713.68 +1.28%
- Transports 5,572.62 +.70%
- Bloomberg European Bank/Financial Services 97.47 +4.22%
- MSCI Emerging Markets 44.36 -.47%
- Lyxor L/S Equity Long Bias 1,100.35 +2.19%
- Lyxor L/S Equity Variable Bias 813.52 +.37%
Sentiment/Internals
- NYSE Cumulative A/D Line 166,419 +2.02%
- Bloomberg New Highs-Lows Index 816 +156
- Bloomberg Crude Oil % Bulls 50.0 -14.3%
- CFTC Oil Net Speculative Position 214,778 +8.43%
- CFTC Oil Total Open Interest 1,477,695 +.3%
- Total Put/Call .71 -15.48%
- ISE Sentiment 106.0 -10.9%
- Volatility(VIX) 13.36 -3.25%
- S&P 500 Implied Correlation 61.41 -.10%
- G7 Currency Volatility (VXY) 8.26 +6.2%
- Smart Money Flow Index 11,008.43 +.52%
- Money Mkt Mutual Fund Assets $2.716 Trillion +.4%
- AAII % Bears 26.92 -25.6%
Futures Spot Prices
- Reformulated Gasoline 273.57 -1.13%
- Bloomberg Base Metals Index 216.24 +.57%
- US No. 1 Heavy Melt Scrap Steel 349.33 USD/Ton -.10%
- China Iron Ore Spot 154.90 USD/Ton +1.04%
- UBS-Bloomberg Agriculture 1,557.60 +1.48%
Economy
- ECRI Weekly Leading Economic Index Growth Rate 5.1% +20 basis points
- Philly Fed ADS Real-Time Business Conditions Index .2209 -7.1%
- S&P 500 Blended Forward 12 Months Mean EPS Estimate 112.83 +.15%
- Citi US Economic Surprise Index 10.90 -23.2 points
- Fed Fund Futures imply 54.0% chance of no change, 46.0% chance of 25 basis point cut on 1/30
- US Dollar Index 79.56 -1.17%
- Yield Curve 162.0 -1 basis point
- 10-Year US Treasury Yield 1.87% -3 basis points
- Federal Reserve's Balance Sheet $2.911 Trillion +.41%
- U.S. Sovereign Debt Credit Default Swap 41.5 +5.1%
- Illinois Municipal Debt Credit Default Swap 175.0 +.55%
- Western Europe Sovereign Debt Credit Default Swap Index 97.93 -3.53%
- Emerging Markets Sovereign Debt CDS Index 155.03 +3.59%
- Israel Sovereign Debt Credit Default Swap 129.83 +1.63%
- Iraq Sovereign Debt Credit Default Swap 430.0 -3.77%
- China Blended Corporate Spread Index 361.0 unch.
- 10-Year TIPS Spread 2.51% +3 basis points
- TED Spread 23.75 -.25 basis point
- 2-Year Swap Spread 13.75 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -17.0 +2.25 basis points
- N. America Investment Grade Credit Default Swap Index 86.79 +.05%
- European Financial Sector Credit Default Swap Index 127.56 +1.48%
- Emerging Markets Credit Default Swap Index 215.52 +11.25%
- CMBS Super Senior AAA 10-Year Treasury Spread 90.0 unch.
- M1 Money Supply $2.443 Trillion -.81%
- Commercial Paper Outstanding 1,105.0 +2.10%
- 4-Week Moving Average of Jobless Claims 365,800 +5,800
- Continuing Claims Unemployment Rate 2.4%-10 basis points
- Average 30-Year Mortgage Rate 3.40% +6 basis points
- Weekly Mortgage Applications 726.40 +11.7%
- Bloomberg Consumer Comfort -34.4 -2.6 points
- Weekly Retail Sales +2.10% -40 basis points
- Nationwide Gas $3.31/gallon +.01/gallon
- U.S. Heating Demand Next 7 Days n/a
- Baltic Dry Index 760.0 +7.65%
- China (Export) Containerized Freight Index 1,122.36 +1.1%
- Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 25.0 unch.
- Rail Freight Carloads 178,317 +14.45%
Best Performing Style
Worst Performing Style
Leading Sectors
- Drugs +2.1%
- Biotech +2.0%
- Airlines +2.0%
- Medical Equipment +1.9%
- Gaming +1.6%
Lagging Sectors
- Retail -1.1%
- Utilities -1.2%
- Steel -1.8%
- Coal -7.3%
- Education -9.3%
Weekly High-Volume Stock Gainers (19)
- EPOC, NSM, IRWD, ININ, CELG, GGC, MDCO, CGI, OCN, TISI, LNN, CLVS, WAC, DGI, QDEL, NUVA, ARCT, GPN and ROVI
Weekly High-Volume Stock Losers (9)
- AYI, MSM, MAKO, NGVC, APOL, USPH, MG, FIO and ESI
Weekly Charts
ETFs
Stocks
*5-Day Change
Today's Market Take:
Broad Market Tone:
- Advance/Decline Line: About Even
- Sector Performance: Mixed
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- ISE Sentiment Index 99.0 -29.9%
- Total Put/Call .72 -6.49%
Credit Investor Angst:
- North American Investment Grade CDS Index 87.10 +1.25%
- European Financial Sector CDS Index 127.57 +.14%
- Western Europe Sovereign Debt CDS Index 97.93 -1.91%
- Emerging Market CDS Index 216.03 +1.16%
- 2-Year Swap Spread 13.75 -.25 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -17.0 -.5 bp
Economic Gauges:
- 3-Month T-Bill Yield .06% unch.
- China Import Iron Ore Spot $154.90/Metric Tonne -2.09%
- Citi US Economic Surprise Index 28.70 -17.8 points
- 10-Year TIPS Spread 2.51 -2 bps
Overseas Futures:
- Nikkei Futures: Indicating +129 open in Japan
- DAX Futures: Indicating +1 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/retail sector longs
- Disclosed Trades: Added to my (IWM), (QQQ) hedges, added to my (EEM) short
- Market Exposure: Moved to 25% Net Long