Market Week in Review

S&P 500 1,798.18 +1.56%*




The Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 1,798.18 +1.56%

• DJIA 15,961.70 +1.27%

• NASDAQ 3,985.96 +1.70%

• Russell 2000 1,116.20 +1.47%

• S&P 500 High Beta 29.23 +1.92%

• Wilshire 5000 18,859.10 +3.04%

• Russell 1000 Growth 836.69 +1.89%

• Russell 1000 Value 905.62 +1.40%

• S&P 500 Consumer Staples 446.03 +1.67%

• Morgan Stanley Cyclical 1,416.70 +2.06%

• Morgan Stanley Technology 866.50 +2.19%

• Transports 7,211.04 +2.76%

• Utilities 506.91 +.89%

• Bloomberg European Bank/Financial Services 104.20 -.95%

• MSCI Emerging Markets 41.74 +.85%

• HFRX Equity Hedge 1,142.58 +.24%

• HFRX Equity Market Neutral 949.95 +.23%

Sentiment/Internals

• NYSE Cumulative A/D Line 195,768 +1.2%

• Bloomberg New Highs-Lows Index 508+400

• Bloomberg Crude Oil % Bulls 39.13 +95.65%

• CFTC Oil Net Speculative Position 305,566 +2.02%
• CFTC Oil Total Open Interest 1,735,933 -.05%

• Total Put/Call .75 -9.64%

• OEX Put/Call .49 -63.43%

• ISE Sentiment 153.0 +50.0%

• NYSE Arms .78 -48.34%

• Volatility(VIX) 12.19 -12.36%

• S&P 500 Implied Correlation 33.41 -18.31%

• G7 Currency Volatility (VXY) 7.79 -4.18%

• Emerging Markets Currency Volatility (EM-VXY) 8.57 -8.93%

• Smart Money Flow Index 12,003.16 +2.73%

• ICI Money Mkt Mutual Fund Assets $2.669 Trillion -.12%

• ICI US Equity Weekly Net New Cash Flows $5.407 Billion +26.78%

• AAII % Bulls 39.2 -13.8%
• AAII % Bears 27.5 +25.9%

Futures Spot Prices

• CRB Index 274.34 +.43%

• Crude Oil 93.84 -.54%

• Reformulated Gasoline 265.77 +4.3%

• Natural Gas 3.66 +3.12%

• Heating Oil 293.89 +2.53%

• Gold 1,287.40 -.12%

• Bloomberg Base Metals Index 186.32 -1.68%

• Copper 317.10 -2.71%

• US No. 1 Heavy Melt Scrap Steel 340.87 USD/Ton +1.55%

• China Iron Ore Spot 136.80 USD/Ton +.66%

• Lumber 363.50 -3.12%

• UBS-Bloomberg Agriculture 1,373.50 -1.23%

Economy

• ECRI Weekly Leading Economic Index Growth Rate 2.20% +40 basis points

• Philly Fed ADS Real-Time Business Conditions Index .0994 -4.5%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 119.40 +.07%

• Citi US Economic Surprise Index 6.90 -12.5 points

• Citi Emerging Markets Economic Surprise Index -12.60 unch.

• Fed Fund Futures imply 36.0% chance of no change, 64.0% chance of 25 basis point cut on 12/18

• US Dollar Index 80.85 -.44%

• Euro/Yen Carry Return Index 141.02 +2.13%

• Yield Curve 241.0 -3 basis points

• 10-Year US Treasury Yield 2.70% -5 basis points

• Federal Reserve's Balance Sheet $3.864 Trillion +1.46%
  

• U.S. Sovereign Debt Credit Default Swap 25.13 -18.48%

• Illinois Municipal Debt Credit Default Swap 197.0 +.22%

• Western Europe Sovereign Debt Credit Default Swap Index 63.36 -4.69%

• Asia Pacific Sovereign Debt Credit Default Swap Index 104.06 -6.22%
  

• Emerging Markets Sovereign Debt CDS Index 225.50 -4.45%
  

• Israel Sovereign Debt Credit Default Swap 108.55 -1.31%

• Egypt Sovereign Debt Credit Default Swap 685.0 +.21%

• China Blended Corporate Spread Index 363.0 -3 basis points

• 10-Year TIPS Spread 2.19% +1 basis point

• TED Spread 17.25 -1.75 basis points

• 2-Year Swap Spread 10.25 -1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.25 basis point

• N. America Investment Grade Credit Default Swap Index 70.50 -3.43%
  

• European Financial Sector Credit Default Swap Index 107.04 +.75%
  

• Emerging Markets Credit Default Swap Index 284.55 -5.14%
  

• CMBS AAA Super Senior 10-Year Treasury Spread  to Swaps 102.0 -7.0 basis points

• M1 Money Supply $2.621 Trillion -1.18%

• Commercial Paper Outstanding 1,066.90 -.30%

• 4-Week Moving Average of Jobless Claims 344,000 -4,300

• Continuing Claims Unemployment Rate 2.2% unch.

• Average 30-Year Mortgage Rate 4.35% +19 basis points

• Weekly Mortgage Applications 461.70 -1.77%

• Bloomberg Consumer Comfort -33.90 +4.0 points

• Weekly Retail Sales +3.30% -10 basis points

• Nationwide Gas $3.20/gallon -.01/gallon

• Baltic Dry Index 1,507 -4.68%

• China (Export) Containerized Freight Index 1,043.77 +2.98%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 35.0 unch.

• Rail Freight Carloads 265,259 +.38%

Best Performing Style

• Mid-Cap Growth +2.4%

Worst Performing Style

• Small-Cap Value +1.0%

Leading Sectors

• Homebuilders +4.6%

• Biotech +3.9%

• HMOs +3.1%

• Computer Services +2.9%

• Retail +2.9%

Lagging Sectors

• Networking +.7% 

• Banks +.5%

• Gold & Silver +.1%

• Steel -1.2%

• Coal -2.2%

Weekly High-Volume Stock Gainers (18)

• FUEL, GOGO, MPAA, PEGA, VPHM, HTLD, HTH, ENT, OME, PBPB, BURL, M, ALSN, SLXP, PAY, DTSI, HMA and PFMT

Weekly High-Volume Stock Losers (11)

• MGAM, CDW, AREX, PLUS, BNNY, BAGL, RAX, AMED, TTS, EPZM and SRPT

Weekly Charts
ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Higher into Final Hour on Central Bank Hopes, Less Emerging Markets Debt Angst, Investor Performance Angst, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.40 +.24%

• Euro/Yen Carry Return Index 141.03 +.48%

• Emerging Markets Currency Volatility(VXY) 8.57 -2.28%

• S&P 500 Implied Correlation 33.0 -3.37%

• ISE Sentiment Index 160.0 +19.4%

• Total Put/Call .75 -9.64%

• NYSE Arms .76 +2.71% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.54 -1.49%

• European Financial Sector CDS Index 107.02 -1.94%

• Western Europe Sovereign Debt CDS Index 63.36 +1.66%

• Emerging Market CDS Index 286.05 -1.30%

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

• TED Spread 16.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.

• Yield Curve 241.0 unch.

• China Import Iron Ore Spot $136.80/Metric Tonne +.15%

• Citi US Economic Surprise Index 6.90 -4.6 points

• Citi Emerging Markets Economic Surprise Index -12.60 -.5 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +179 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/biotech sector longs 

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long

Today's Headlines

Bloomberg: 

• EU Criticizes Spending Plans of Biggest Euro-Area Nations. The European Union confronted the euro area’s biggest economies over their spending plans for next year as austerity demands restrain the bloc’s recovery from the longest recession in its history. The EU said that Germany, Europe’s largest economy, has made “no progress” in following recommendations to spur domestic demand, that Spain’s budget risked missing deficit targets and that Italy’s 2014 plan was in danger of breaching debt-reduction rules. The budget plans of euro-area countries “still do not pay sufficient attention” to fiscal consolidation, EU Economic and Monetary Affairs Commissioner Olli Rehn told reporters today in Brussels.

• Most European Stocks Rise as Stoxx 600 Climbs Sixth Week. Most European stocks advanced, with the Stoxx Europe 600 Index rising for a sixth consecutive week, as investors weighed U.S. industrial data to gauge the strength of the world’s largest economy. Vivendi SA climbed 2.8 percent after posting better-than-estimated third-quarter profit and saying it will spin off its French phone carrier SFR by July 2014. Publicis Groupe SA rose 1.6 percent. Julius Baer Group Ltd. slipped 1.6 percent after reporting that its gross margin narrowed as it absorbed wealth-management units acquired from Bank of America Corp. Safran SA (SAF) lost 3.9 percent as the French state, its largest shareholder, reduced its stake. The Stoxx 600 added 0.2 percent to 323 at the close of trading, with about three stocks rising for every two that fell.

• WTI Set for Longest Run of Weekly Losses Since 1998. West Texas Intermediate crude headed for a sixth weekly decline, the longest stretch of losses in 15 years, as rising U.S. supplies countered speculation that the Federal Reserve will maintain stimulus of the economy. WTI for December delivery advanced 19 cents to $93.95 a barrel at 1:18 p.m. on the New York Mercantile Exchange. The volume of all futures traded was 30 percent below the 100-day average.

Wall Street Journal: 

• EPA Shrinks Ethanol Mandate for First Time. The Environmental Protection Agency on Friday proposed for the first time to ease an annual requirement for ethanol in gasoline, acknowledging that mandated levels specified in a 2007 law are difficult, if not impossible, to meet. The EPA is asking refiners in 2014 to blend 15.2 billion gallons of renewable fuel—most of it ethanol—into U.S. gasoline supplies. That is about 16% less than what Congress specified in a 2007 renewable fuels law. The law gives EPA the ability to lower the requirement. 

• The President's ObamaCare Backpedal. His proposal to allow people to keep their health plans will not provide a political escape hatch for beleaguered congressional Democrats.

Fox News:

• House approves ObamaCare insurance fix. The House on Friday approved a bill to let insurance companies sell health plans that had previously been canceled due to ObamaCare regulations, a day after President Obama moved unilaterally to fix the problem. The bill passed 261-157. Thirty-nine Democrats crossed over to support the GOP-backed legislation.

MarketWatch:

• Fuji to end Toyota Camry production in U.S: report. Fuji Heavy Industries Ltd. (7267.TO) is considering terminating its production of Toyota Motor Corp.'s (7203.TO) Camry sedan at a U.S. plant as requested by Toyota, Kyodo News reported Friday, citing Fuji Heavy officials. Fuji, the maker of Subaru cars, started Camry production in 2007 at the Indiana plant which currently has an annual production capacity of 270,000 units including 100,000 units for the Camry.

• Zulily(ZU) shares jump 82% post IPO.

CNBC:

• CME Group says its ClearPort system was hacked. CME Group, the world's largest futures exchange operator, said Friday one of its clearing systems was hacked in July, and the incident is the subject of a federal criminal investigation.

• Cashin: I'm worried about return to dot-com bubbles. (video)

Zero Hedge: 

• And Another Miss: Industrial Production Contracts 0.1% On Expectations Of A Rise. (graph) 

• Spanish FinMin "Concerned" As Public Debt Surges To New Record. (graph) 

• Holiday Spending Plans Collapse. (graph)

• Bubbles And Central Banks - Is There A Connection?

• The History Of Debt.

• Total Healthcare "Enrollment" As A Result Of Obamacare: -3.9 Million.

Business Insider: 

• The French Increasingly Think Europe Is The Problem, Not The Solution.

• Investors Flee From Emerging Markets. (graph)

Yahoo Finance:

• Yellen Sees No Bubbles; Stockman Sees Them “Everywhere”. (video)

Mediaite:

• Dem Rep. During Obamacare Debate: ‘Haven’t Seen So Much Panic on This Floor Since 9/11′. (video)

Reuters:

• U.S. Justice Dept says looking into metals warehousing. 

• Italy at risk of breaking EU rules, France squeezes through. Italy's draft budget plans for 2014 are at risk of breaking European Union rules, while French draft plans barely make it, the European Commission said on Friday. It is the first time that the European Union's executive arm reviews the main assumptions of draft budgets of euro zone countries before they are submitted to national parliaments so as to assess if they are in line with EU laws.

Telegraph:

• EU uses new budget powers to demand more austerity in Italy and Spain. The European Commission has exercised historic new EU powers allowing it to revise national budgets for the first time.

Bear Radar

Style Underperformer:

• Mid-Cap Value -.14%

Sector Underperformers:

• 1) Hospitals -1.65% 2) Disk Drives -1.76% 3) Gaming -.53%

Stocks Falling on Unusual Volume:

• LMOS, WU, GOGO, EJ, EPZM, WHZ, PNW, CHKR, GWPH, ADES, KMB, WGL, HHC, MMS, JWN, GWW, MIDD, CMGE, GSVC, WX, TYC, STML, PAMT, AMZN and HCA

Stocks With Unusual Put Option Activity:

• 1) CTL 2) IRM 3) YUM 4) SPF 5) DE
  

Stocks With Most Negative News Mentions:

• 1) EBAY 2) CSCO 3) PRU 4) HCA 5) BK
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Small-Cap Growth +.44%

Sector Outperformers:

• 1) Networking +1.05% 2) Biotech +.94% 3) Homebuilders +.74%
  

Stocks Rising on Unusual Volume:

• FRGI, VNDA, ONVO, A, FENG, YOKU, IRM, MJN, IOC, AWAY, EQIX, XON, LGND, MDRX, INFI, P, BMRN, IRM, RPTP and LNKD

Stocks With Unusual Call Option Activity:

• 1) NIHD 2) ONVO 3) IRM 4) WU 5) SPLS

Stocks With Most Positive News Mentions:

• 1) BA 2) XOM 3) T 4) WMT 5) AAPL
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume