Market Week in Review

• S&P 500 2,071.26 -1.58%*

The Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 2,071.26 -1.58%

• DJIA 17,856.78 -1.52%

• NASDAQ 4,927.37 -.73%

• Russell 2000 1,217.52 -1.29%

• S&P 500 High Beta 34.49 -1.57% 

• Goldman 50 Most Shorted 136.72 -.83% 

• Wilshire 5000 21,643.89 -1.48%

• Russell 1000 Growth 994.21 -1.30%

• Russell 1000 Value 1,012.85 -1.74%

• S&P 500 Consumer Staples 500.41 -2.61%

• Solactive US Cyclical 139.76 -2.01%

• Morgan Stanley Technology 1,036.06 -1.70%

• Transports 8,907.41 -1.30%

• Utilities 570.03 -4.06%

• Bloomberg European Bank/Financial Services 113.74 +.91%

• MSCI Emerging Markets 39.80 -2.22%

• HFRX Equity Hedge 1,200.61 +.08%
• HFRX Equity Market Neutral 991.73 +.16%

Sentiment/Internals

• NYSE Cumulative A/D Line 237,538 -.11%

• Bloomberg New Highs-Lows Index -16 -205

• Bloomberg Crude Oil % Bulls 26.47 unch.

• CFTC Oil Net Speculative Position 262,289 -2.80%
• CFTC Oil Total Open Interest 1,687,908 -.44%

• Total Put/Call 1.28 +29.29%

• OEX Put/Call 1.82 +37.88%

• ISE Sentiment 41.0 -64.04%

• NYSE Arms .80 -35.25%

• Volatility(VIX) 15.22 +15.44%

• S&P 500 Implied Correlation 60.76 +.21%

• G7 Currency Volatility (VXY) 9.69 +6.48%

• Emerging Markets Currency Volatility (EM-VXY) 10.38 +4.74%

• Smart Money Flow Index 17,900.62 +.28%

• ICI Money Mkt Mutual Fund Assets $2.672 Trillion -.69%
• ICI US Equity Weekly Net New Cash Flow +$.072 Billion

• AAII % Bulls 39.8 -12.3%
• AAII % Bears 23.4 +15.1%

Futures Spot Prices

• CRB Index 220.14 -1.76%

• Crude Oil 49.71 +.28%

• Reformulated Gasoline 188.02 -4.85%

• Natural Gas 2.85 +4.83%

• Heating Oil 186.84 -14.42%

• Gold 1,165.50 -3.97%

• Bloomberg Base Metals Index 169.69 -.49%

• Copper 260.95 -3.69%

• US No. 1 Heavy Melt Scrap Steel 226.67 USD/Ton unch.
• China Iron Ore Spot 59.49 USD/Ton -4.91%

• Lumber 281.80 -4.93%

• UBS-Bloomberg Agriculture 1,135.88 -3.20%

Economy

• ECRI Weekly Leading Economic Index Growth Rate -4.6% -10 basis points

• Philly Fed ADS Real-Time Business Conditions Index -.1379 -5.75%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 122.21 +.11%

• Citi US Economic Surprise Index -47.5 -.8 point

• Citi Eurozone Economic Surprise Index 49.30 -1.7 points

• Citi Emerging Markets Economic Surprise Index -5.90 +1.4 points

• Fed Fund Futures imply 48.0% chance of no change, 52.0% chance of 25 basis point cut on 3/18

• US Dollar Index 97.70 +2.53%

• Euro/Yen Carry Return Index 136.77 -2.18%

• Yield Curve 152.0 +15.0 basis points

• 10-Year US Treasury Yield 2.24% +25.0 basis points

• Federal Reserve's Balance Sheet $4.449 Trillion +.03%

• U.S. Sovereign Debt Credit Default Swap 16.54 +.24%

• Illinois Municipal Debt Credit Default Swap 179.0 +.23%

• Western Europe Sovereign Debt Credit Default Swap Index 21.50 -4.51%

• Asia Pacific Sovereign Debt Credit Default Swap Index 61.99 +3.87%
  

• Emerging Markets Sovereign Debt CDS Index 350.10 -.09%
  

• Israel Sovereign Debt Credit Default Swap 72.50 +.35%

• Iraq Sovereign Debt Credit Default Swap 336.56 +.29%

• Russia Sovereign Debt Credit Default Swap 453.84 -5.35%

• iBoxx Offshore RMB China Corporates High Yield Index 114.17 -.22%

• 10-Year TIPS Spread 1.83% unch.

• TED Spread 25.75 +.5 basis point

• 2-Year Swap Spread 25.75 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -24.25 -1.5 basis points

• N. America Investment Grade Credit Default Swap Index 61.50 unch.

• America Energy Sector High-Yield Credit Default Swap Index 691.0 +6.0%

• European Financial Sector Credit Default Swap Index 54.45 +.28%
  

• Emerging Markets Credit Default Swap Index 390.28 +3.96%
  

• CMBS AAA Super Senior 10-Year Treasury Spread  to Swaps 85.0 unch.

• M1 Money Supply $2.990 Trillion +.13%

• Commercial Paper Outstanding 998.60 -2.70%

• 4-Week Moving Average of Jobless Claims 304,750 +10,250

• Continuing Claims Unemployment Rate 1.8% unch.

• Average 30-Year Mortgage Rate 3.75% -5 basis points
• Weekly Mortgage Applications 420.70 +.10%

• Bloomberg Consumer Comfort 43.5 +.8 point

• Weekly Retail Sales +2.70% unch.

• Nationwide Gas $2.46/gallon +.09/gallon

• Baltic Dry Index 561.0 +3.90%

• China (Export) Containerized Freight Index 1,064.23 -1.11%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 27.50 -8.33%
• Rail Freight Carloads 241,598 +13.1%

Best Performing Style

• Small-Cap Growth -.7%

Worst Performing Style

• Small-Cap Value -1.9%

Leading Sectors

• Hospitals +2.7%

• Alt Energy +1.6%

• Biotech +1.5%

• Banks +1.0%

• I-Banks +.8%

Lagging Sectors

• Computer Hardware -4.5% 

• Energy -4.5%

• Steel -7.4%

• Coal -10.9%

• Gold & Silver -12.1%

Weekly High-Volume Stock Gainers (37)

• EYES, OHRP, VSLR, PEIX, LEAF, OMER, DVAX, HRTX, DGI, CLDN, W, PCYC, AIRM, DTSI, KYTH, BIO, FIX, MVNR, MNST, INSM, AEO, FSL, AMBA, PMC, FCB, TNDM, NTRI, HZNP, MEI, IBP, ARUN, HPTX, XENT, HRTG, TSE, WMC and SWHC

Weekly High-Volume Stock Losers (37)

• INSY, NRF, CALD, TRK, SCMP, HTGC, PRAA, SPLK, GSIG, SQBK, SMTC, AMED, EVDY, TNET, IM, JOY, CECE, GEF, AAC, WMAR, PEGA, TPC, NSR, PCRX, BOBE, ANF, CENX, CORE, PRIM, CALA, VEEV, CDI, EGL, TUBE, OPWR, LL and ENOC

Weekly Charts
ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Falling Substantially into Final Hour on Fed Rate Hike Fears, Emerging Markets/US High-Yield Debt Angst, Earnings Worries, Homebuilding/Utility Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.59 +11.04%

• Euro/Yen Carry Return Index 136.91 -1.07%

• Emerging Markets Currency Volatility(VXY) 10.38 +2.57%

• S&P 500 Implied Correlation 61.37 +6.41%

• ISE Sentiment Index 59.0 +63.9%

• Total Put/Call 1.22 +28.42%

• NYSE Arms .72 -41.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.77 +2.75%
• America Energy Sector High-Yield CDS Index 690.0 +.65%

• European Financial Sector CDS Index 54.44 +3.27%

• Western Europe Sovereign Debt CDS Index 20.39 -5.14%
• Asia Pacific Sovereign Debt CDS Index 63.01 +1.65%

• Emerging Market CDS Index 389.84 +1.06%

• iBoxx Offshore RMB China Corporates High Yield Index 114.17 +.12%
• 2-Year Swap Spread 25.75 unch.

• TED Spread 25.75 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -24.25 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 152.0 +5.0 basis points

• China Import Iron Ore Spot $59.49/Metric Tonne -.40%

• Citi US Economic Surprise Index -47.50 +7.5 points
• Citi Eurozone Economic Surprise Index 49.3 -.2 point

• Citi Emerging Markets Economic Surprise Index -5.90 unch.

• 10-Year TIPS Spread 1.84 unch.

Overseas Futures:

• Nikkei Futures: Indicating -130 open in Japan

• DAX Futures: Indicating -35 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/biotech/medical/retail sector longs

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

• Market Exposure: Moved to 25% Net Long

Today's Headlines

Bloomberg:

• Greece Gears Up for Euro-Area Talks as Cash Crunch Looms. Greece’s creditors are assessing proposals including hiring non-professional inspectors to clamp down on tax evasion as the government attempts to unlock bailout funds necessary to keep the country afloat. Prime Minister Alexis Tsipras’s administration sent a set of commitments Friday to Dutch Finance Minister Jeroen Dijsselbloem, who chairs meetings of his euro-area counterparts, in the hope that the policy proposals will pave the way for the disbursement of aid.
• Greek Loan Payout Hinges on Review of Reforms, EU Says. The institutions overseeing the Greek bailout program will need to scrutinize the probable impact of the government’s latest reform proposals before the country can receive another loan payout, a senior EU official said. The European Commission, the European Central Bank and the International Monetary Fund -- together formerly known as the troika -- must assess the overall balance of the measures proposed by the government in Athens and this will not happen before euro-area finance ministers meet in Brussels on March 9.  
• Putin Cuts His Salary 10% as Russian Living Standards Decline. Russian President Vladimir Putin cut his salary, and that of his prime minister and other government employees, by 10 percent as the economy slides into the first recession in five years, eroding citizens’ living standards. Putin, 62, ordered the wage reductions from May 1 to the end of the year, according to decrees posted Friday on the government website. Putin increased his and Prime Minister Dmitry Medvedev’s salaries by 165 percent in April last year. The president declared income of 3.7 million rubles ($60,000) in 2013, and Medvedev 4.3 million rubles. 
• Putin Takes a Pay Cut as Approval Rating Rises to 85%. (video)
• China Said to Slash Senior Executive Pay at Top Banks, SOEs. China cut pay for top executives at its biggest banks and some other state-owned companies as part of efforts to combat inequality, said people with knowledge of the matter. Senior managers at the nation’s five largest lenders -- all of which are government-controlled -- had their total compensation for this year cut to no more than about 600,000 yuan ($95,800), said the people, who asked not to be named discussing private information. Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing earned about 2 million yuan in 2013.
• Dollar Climbs Most Since 2011 as Job Gains Fuel Fed Speculation. The dollar rallied the most in more than three years after a report showing strength in the U.S. labor market bolstered the case for the Federal Reserve to raise interest rates as global peers embrace monetary stimulus. The greenback rose against most major counterparts as U.S. employers added more jobs than forecast and the unemployment rate fell to the lowest since 2008. Traders boosted wagers on a rate rise by September. While the Fed has said it will be “patient” on increasing borrowing costs, Chair Janet Yellen said last week timing will depend on economic data. 
• Emerging Currencies Weaken, Stocks Decline on U.S. Rate Concern. Emerging-market currencies weakened for a seventh day and stocks slid as a bigger-than-forecast increase in U.S. payrolls stoked speculation the Federal Reserve will raise interest rates sooner, damping demand for riskier assets. A gauge tracking 20 developing-country currencies slid 0.7 percent to a record low as Brazil’s real dropped 1.8 percent to the lowest level since 2004 and peers in South Africa and Mexico lost at least 1.6 percent. Emerging-market stocks headed for a three-week low.
• European Stocks Little Changed as Investors Weigh U.S. Jobs Data. European stocks were little changed at a seven-year high as investors considered whether a strengthening U.S. economy will bring forward a rate-increase decision. The Stoxx Europe 600 Index rose 0.1 percent to 394.18 at the close of trading. The benchmark gauge jumped as much as 0.7 percent after data showed U.S. payrolls rose more than estimated in February, before paring gains.
• Oil Rigs Get Slammed for the 13th Week. (video) The number of U.S. oil rigs out drilling new wells fell for the 13th straight week as the U.S. sinks deeper in a glut of excess oil. Drillers idled 64 oil rigs (excluding gas rigs), dropping the number to 922, Baker Hughes reported on Friday. The rig count is down 43 percent since October, an unprecedented retreat. The median forecast from a Bloomberg survey of 20 #RigCountGuesses on Twitter was for a decline of 20 rigs.

Wall Street Journal:

• Hilsenrath’s Take: Robust Jobs Report Keeps Fed Moving Toward Midyear Rate Increase.

CNBC: 

• Fed should not be too patient on rate hikes, Williams says. Federal Reserve policymakers should not wait too long to raise interest rates, a top U.S. central banker said on Thursday, because doing so could mean "drastically" overshooting on inflation and forcing the Fed to hike rates dramatically. "I think that by mid-year it will be the time to have a serious discussion about starting to raise rates," San Francisco Fed chief John Williams said.

ZeroHedge:

• The One Chart You Need To Predict The Future. (graph)
• Who Knew What When In Gold & Stocks This Morning? (graph)
• Despite Tsipras Complaining That "ECB Has Rope Around Our Neck" Greece Finds Enough Cash To Make IMF Payment.
• Are The Bond Vigilantes Back? Treasury Yields All Higher Year-To-Date For The First Time. (graph)
• Why No Wage Increases: More Than Half Of Jobs Added In February Were Lowest-Quality, Lowest-Paying. (graph)
• Goldman(GS) Payroll Post-Mortem: Fed Will Modify Forward Guidance, Possible June Rate Hike.
• Americans Not In The Labor Force Rise To Record 92.9 Million As Participation Rate Declines Again. (graph)
• US Trade Deficit Worse Than Expected As Auto Exports Tumble. (graph)
• February Payrolls Surge To 295K, Smash Expectations Of 235K, Unemployment Rate Drops To 5.5%. (graph)
• Alan Greenspan Warns Stocks Are "Without Doubt Extremely Overvalued". (video)
• Lumber Is Liquidating. (graph)

Business Insider:

• Here's why Apple(AAPL) joining the Dow is a 'historic moment' for the company.
• ISIS just 'bulldozed' the ancient Assyrian city of Nimrud.
• REPORT: Tesla's giant Nevada battery factory has been delayed.
• Here's how much debt every major economy in the world will borrow this year.
• The Aussie dollar got smoked on the US jobs report.
• What Europe would look like if it were redrawn based on debt.
• EU says it's ready for more Russia sanctions if necessary.

Reuters:

• Oil falls as dollar spikes on US jobs data and rate hike fears. Oil fell on Friday as the dollar surged on bets of a near-term rate hike from strong U.S. jobs growth, offsetting an early run up in crude prices on worries about Libyan and Iraq supplies. A stronger dollar makes oil, quoted and traded in the greenback, costlier for holders of the euro and other currencies. The dollar rocketed to 11-/12 year highs against a basket of currencies after the U.S. government reported the U.S. jobless rate fell to 6-1/2 year lows. Benchmark Brent oil was down 44 cents at $60.04 a barrel by 11:00 a.m. EST (1600 GMT). U.S. light crude fell 71 cents at $50.05.

Bear Radar

Style Underperformer:

• Mid-Cap Value -1.52%

Sector Underperformers:

• 1) Gold & Silver -6.93% 2) Utilities -3.25% 3) REITs -2.91%

Stocks Falling on Unusual Volume:

•  IDCC, WX, NGL, CKP, ELS, ES, DCUC, ASCMA, CRTO, EVHC, UTG, VSLR, LO, LL, DAR, GEF, VLP, CSIQ, LULU, HRTX, MSTR, USLV, DCUB, ITC, ERJ, SKUL, BEE, CHK, RAI, ITC, FOSL, ANDE, DAR and ESL
  

Stocks With Unusual Put Option Activity:

• 1) XLP 2) LEN 3) FXE 4) XLK 5) UTX

Stocks With Most Negative News Mentions:

• 1) LULU 2) GPS 3) XOM 4) BHI 5) HPQ
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Large-Cap Growth -1.10%

Sector Outperformers:

• 1) Banks +.59% 2) Hospitals +.17% 3) Insurance +.09%
  

Stocks Rising on Unusual Volume:

• CALA, CLDN, LTM, YY, FNSR, DMND, RTRX, COO, FL, EXAS, QIHU, HZNP, GTN, TFM, ESPR, JDSU and AMTD

Stocks With Unusual Call Option Activity:

• 1) ETFC 2) FNSR 3) BKD 4) APO 5) TBT
  

Stocks With Most Positive News Mentions:

• 1) MRVL 2) BRO 3) CIEN 4) IPDN 5) FL
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume