Indices
- Russell 2000 1,252.22 +.67%
- S&P 500 High Beta 35.39 +.09%
- Goldman 50 Most Shorted 143.65 +2.52%
- Wilshire 5000 22,230.20 +.25%
- Russell 1000 Growth 1,021.48 +.23%
- Russell 1000 Value 1,039.93 +.16%
- S&P 500 Consumer Staples 504.66 -1.15%
- Solactive US Cyclical 140.21 -.72%
- Morgan Stanley Technology 1,054.23 +.36%
- Transports 8,482.31 -2.29%
- Bloomberg European Bank/Financial Services 121.65 +2.01%
- MSCI Emerging Markets 42.65 -.43%
- HFRX Equity Hedge 1,226.54 +.58%
- HFRX Equity Market Neutral 989.16 -.16%
Sentiment/Internals
- NYSE Cumulative A/D Line 241,065 -.22%
- Bloomberg New Highs-Lows Index 53 -115
- Bloomberg Crude Oil % Bulls 40.0 +73.31%
- CFTC Oil Net Speculative Position 320,212 -1.69%
- CFTC Oil Total Open Interest 1,731,678 -1.05%
- Total Put/Call .87 +4.82%
- OEX Put/Call 5.82 +500.0%
- ISE Sentiment 134.0 +48.89%
- Volatility(VIX) 12.13 -2.02%
- S&P 500 Implied Correlation 59.46 -6.87%
- G7 Currency Volatility (VXY) 9.79 +7.94%
- Emerging Markets Currency Volatility (EM-VXY) 9.05 -3.83%
- Smart Money Flow Index 17,716.74 +.50%
- ICI Money Mkt Mutual Fund Assets $2.610 Trillion +.80%
- ICI US Equity Weekly Net New Cash Flow -$5.062 Billion
- AAII % Bulls 25.2 -5.7%
- AAII % Bears 25.0 -5.2%
Futures Spot Prices
- Reformulated Gasoline 205.39 -.03%
- Heating Oil 195.25 -2.71%
- Bloomberg Base Metals Index 172.78 -3.43%
- US No. 1 Heavy Melt Scrap Steel 231.67 USD/Ton +.58%
- China Iron Ore Spot 59.96 USD/Ton -2.2%
- UBS-Bloomberg Agriculture 1,077.58 -2.42%
Economy
- ECRI Weekly Leading Economic Index Growth Rate 1.5% +30.0 basis points
- Philly Fed ADS Real-Time Business Conditions Index -.2684 +6.83%
- S&P 500 Blended Forward 12 Months Mean EPS Estimate 124.47 +.24%
- Citi US Economic Surprise Index -62.10 +9.5 points
- Citi Eurozone Economic Surprise Index -11.10 -13.0 points
- Citi Emerging Markets Economic Surprise Index -15.20 -1.2 points
- Fed Fund Futures imply 58.0% chance of no change, 42.0% chance of 25 basis point cut on 6/17
- US Dollar Index 96.10 +2.99%
- Euro/Yen Carry Return Index 139.83 -1.95%
- Yield Curve 159.0 -1.0 basis point
- 10-Year US Treasury Yield 2.21% +8.0 basis points
- Federal Reserve's Balance Sheet $4.442 Trillion -.45%
- U.S. Sovereign Debt Credit Default Swap 16.39 +1.31%
- Illinois Municipal Debt Credit Default Swap 227.0 -1.47%
- Western Europe Sovereign Debt Credit Default Swap Index 21.69 -.39%
- Asia Pacific Sovereign Debt Credit Default Swap Index 58.31 -1.83%
- Emerging Markets Sovereign Debt CDS Index 304.85 -.56%
- Israel Sovereign Debt Credit Default Swap 65.50 +.77%
- Iraq Sovereign Debt Credit Default Swap 342.28 -1.45%
- Russia Sovereign Debt Credit Default Swap 289.92 -3.84%
- iBoxx Offshore RMB China Corporates High Yield Index 119.53 +.52%
- 10-Year TIPS Spread 1.90% +4.0 basis points
- TED Spread 27.25 +.75 basis point
- 2-Year Swap Spread 26.25 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -20.75 -2.0 basis points
- N. America Investment Grade Credit Default Swap Index 63.79 +.77%
- America Energy Sector High-Yield Credit Default Swap Index 1,090.0 +3.22%
- European Financial Sector Credit Default Swap Index 73.70 +.79%
- Emerging Markets Credit Default Swap Index 286.16 -1.31%
- CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 87.50 unch.
- M1 Money Supply $2.978 Trillion -1.72%
- Commercial Paper Outstanding 964.10 -2.90%
- 4-Week Moving Average of Jobless Claims 2766,250 -5,500
- Continuing Claims Unemployment Rate 1.6% -10 basis points
- Average 30-Year Mortgage Rate 3.84% -1.0 basis point
- Weekly Mortgage Applications 406.50 -1.45%
- Bloomberg Consumer Comfort 42.4 -1.1 points
- Weekly Retail Sales +2.0% -10 basis points
- Nationwide Gas $2.74/gallon +.05/gallon
- Baltic Dry Index 592.0 -6.62%
- China (Export) Containerized Freight Index 891.69 +1.88%
- Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 50.0 +25.0%
- Rail Freight Carloads 280,107 +.90%
Best Performing Style
Worst Performing Style
Leading Sectors
Lagging Sectors
Weekly High-Volume Stock Gainers (13)
- SRPT, DY, ANN, GNCA, RRGM, KE, TTWO, HMHC, NSTG, ASNA, UVV, RVNC and AAP
Weekly High-Volume Stock Losers (12)
- DDS, KEYS, RXN, BRKR, BAH, NTAP, SSI, URBN, ETSY, FGEN, LOCO and DRNA
Weekly Charts
ETFs
Stocks
*5-Day Change
Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 11.99 -.99%
- Euro/Yen Carry Return Index 139.77 -.54%
- Emerging Markets Currency Volatility(VXY) 9.06 -1.63%
- S&P 500 Implied Correlation 59.90 -1.27%
- ISE Sentiment Index 140.0 +25.0%
- Total Put/Call .88 -6.38%
Credit Investor Angst:
- North American Investment Grade CDS Index 63.79 +.63%
- America Energy Sector High-Yield CDS Index 1,090.0 -1.48%
- European Financial Sector CDS Index 73.66 +2.86%
- Western Europe Sovereign Debt CDS Index 21.68 -.87%
- Asia Pacific Sovereign Debt CDS Index 58.31 +.02%
- Emerging Market CDS Index 286.13 +1.26%
- iBoxx Offshore RMB China Corporates High Yield Index 119.53 -.03%
- 2-Year Swap Spread 26.25 -.25 basis point
- TED Spread 27.25 +.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -20.75 -1.5 basis points
Economic Gauges:
- 3-Month T-Bill Yield .01% unch.
- Yield Curve 159.0 -2.0 basis points
- China Import Iron Ore Spot $59.96/Metric Tonne +3.54%
- Citi US Economic Surprise Index -62.1 +3.2 points
- Citi Eurozone Economic Surprise Index -11.10 +.6 point
- Citi Emerging Markets Economic Surprise Index -15.2 -1.4 points
- 10-Year TIPS Spread 1.90 +3.0 basis points
Overseas Futures:
- Nikkei 225 Futures: Indicating +135 open in Japan
- China A50 Futures: Indicating +158 open in China
- DAX Futures: Indicating +9 open in Germany
Portfolio:
- Slightly Lower: On losses in my retail sector longs and emerging markets shorts
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
Bloomberg:
- Merkel Stamps Out Optimism on Greece After Tsipras Talks. (video) German Chancellor Angela Merkel said that greater efforts are needed
to unlock bailout funds for Greece after late-night negotiations with
Greek Prime Minister Alexis Tsipras failed to yield any sign of a
breakthrough. With time running out for a deal to free up the remaining 7.2
billion-euro ($8 billion) tranche of aid, Merkel’s discussions in Latvia
with Tsipras and French President Francois Hollande broke up in the
early hours of Friday with an agreement only to keep talking. Tsipras
talked of a resolution “soon,” whereas Merkel said there’s “a whole lot
to do.”
- Greek Banks Face Contingency Plans as Crisis Threatens. The European Commission is preparing contingency plans for the Greek
banking system in the event government leaders fail to agree to a deal
to help the indebted nation, according to two people familiar with the
talks. Officials are looking at how to manage the failure of financial firms
in Greece and other events that may cause widespread investor losses,
said one of the people, who asked not to be identified as the
discussions are private.
- German Business Confidence Declines as Risks Cloud Outlook. German business confidence fell for the first time in seven months
in May, signaling caution over the growth outlook for Europe’s largest
economy. The Ifo institute’s business climate index dropped to 108.5 from
108.6 in April. That still beat the median estimate of 108.3, and an
earlier report showed German capital investment increased at the fastest
pace in a year last quarter.
- Brazil Boosts Taxes on Banks Before Rolling Out Budget Cuts. Brazil is stepping up efforts to shrink a widening budget gap by raising taxes on banks and preparing to freeze spending. Banks, brokerages and credit-card processors among others will pay a
20 percent tax on profit, up from 15 percent, according to a
presidential decree published in the official gazette on Friday. The
measure, which becomes effective Sept. 1, will boost tax collection by
about 750 million reais ($244 million) in 2015 and 3.8 billion reais
next year, according to the tax agency.
- JPMorgan(JPM): Something Has Gone Wrong With the Global Consumer. What to make of a global slowdown in retail sales. "It would be difficult to overstate the recent downside surprise in
global consumer spending," writes JPMorgan Senior Global Economist
Joseph Lupton. Though retail sales
in the U.S. have missed expectations for five consecutive months,
disappointing consumer spending is far from just a made-in-the-USA
story, he observes.
- European Stocks Near Three-Week High as DAX Falls With Euro Up. European stocks were little changed, posting their biggest weekly gain since mid-April.
The Stoxx Europe 600 Index slipped less than 0.1 percent to 407.74 at
the close of trading in London, trimming a decline of as much as 0.4
percent.
- Iron Ore Completes Second Weekly Loss as Producers Expand Supply. Iron ore capped a second weekly decline on concern that rising
output from the world’s largest producers will exceed demand from China
and widen a global surplus. Ore with 62 percent content delivered to Qingdao dropped 2.2 percent
this week to $59.96 a dry metric ton, according to Metal Bulletin Ltd.
While the price jumped 3.5 percent on Friday, it remains 69 percent
below a record $191.70 in 2011.
- Risky Loans Shunned by Banks Are Booming in Wall Street's Shadow. Regulators’
efforts to rein in Wall Street’s biggest banks are in danger of
backfiring. Guidelines aimed at strengthening lending standards are
shifting the market for high-yield credit to less-supervised loan funds,
raising alarm this week from the Financial Stability Oversight Council.
Because the
funds don’t have depositors, some of their money comes from Wall Street
banks, leaving systemically important institutions exposed to risks
regulators hoped to avoid.
- Inflation Closer to Fed’s Goal After Core Prices Advance. The U.S. cost of living excluding what households pay for food and
fuel climbed more than forecast in April, indicating inflation is
gravitating toward the Federal Reserve’s goal. The core consumer-price index rose 0.3 percent, the biggest gain
since January 2013 and reflecting broad-based increases, a Labor
Department report showed Friday. In the last three months, core
inflation advanced an annualized 2.6 percent, the most since August
2011. Including food and fuel, the gauge was up a more moderate 0.1
percent as prices fell at grocery stores and gas stations. Costs may continue to firm as fuel expenses rebound, apartment rents climb and health-care services become more expensive.
Wall Street Journal:
- Huatai Collects More Fuel for China Stock-Market Fire. Huatai Securities’ Hong Kong IPO continues a barrage of brokerage fundraising that’s looking long in the tooth. It’s hard not to look at all the cash raised by brokers, along with the
massive increase in margin lending provided by those brokers, and
conclude there’s a self-reinforcing phenomenon at work. This week, for
the first time, margin lending outstanding breached 2 trillion yuan
($322 billion)—five times the level of a year ago.
Fox News:
- State Department releases 1st batch of Clinton emails. (video) The State Department has released 296 emails from Hillary Clinton's
tenure as secretary of state, in the first batch of emails to be made
public. The emails, just a fraction of what the department has in its
custody, show internal communications before and after the Benghazi
terror attack in 2012. One email to Clinton, regarding one of then-U.N.
Ambassador Susan Rice's TV appearances the Sunday after the attack,
appeared to praise her for reflecting their "view" that the attack was
"spontaneous."
CNBC:
ZeroHedge:
Business Insider:
Reuters:
- Funny times in China stocks, joke unclear: James Saft. Many
things about China stocks are funny, but probably not right now to
investors in Hanergy Thin Film Power Group, Goldin Financial Holdings or
Goldin Properties Holdings. The
three Hong Kong-listed shares, which had all increased in price
several-fold in recent months, tumbled over the past two trading days in
spectacular fashion. Solar company Hanergy's market value melted by $19
billion in scarcely more minutes on Wednesday, tumbling 47 percent on
no news before the stock was suspended. Thursday brought similar tumbles
in the linked Goldin companies, which fell more than 40 percent each,
slashing their value by $23 billion. Goldin Financial is a short-term
commercial lender but has wide-ranging property interests, while Goldin
Properties is a developer.
Telegraph:
Style Underperformer:
Sector Underperformers:
- 1) Construction -1.13% 2) Coal -1.10% 3) Road & Rail -.84%
Stocks Falling on Unusual Volume:
- OTIC, QUNR, JMEI, TFM, FL, MRVL, DL, CCIH, ROST, HABT, REX, FLT, ESPR, GPS, SNPS, CMCM, DLTR, SYT, PTCT, CHTR, BT, ANFI, SDRL, QSR and NTES
Stocks With Unusual Put Option Activity:
- 1) XPO 2) HPQ 3) FDX 4) EWZ 5) XLP
Stocks With Most Negative News Mentions:
- 1) GPS 2) XOM 3) PAA 4) LL 5) GDP
Charts:
Style Outperformer:
Sector Outperformers:
- 1) Hospitals +.39% 2) Computer Hardware +.35% 3) REITs +.28%
Stocks Rising on Unusual Volume:
- RWLK, DGX, CTRP, YOKU, DANG, EXPE, SRPT, HPQ and LGF
Stocks With Unusual Call Option Activity:
- 1) LGF 2) HPQ 3) BRCD 4) ARNA 5) PAA
Stocks With Most Positive News Mentions:
- 1) INTU 2) DE 3) CTRP 4) EXPE 5) CPB
Charts:
