Weekly Scoreboard*

Indices

• S&P 500 2,049.44 +.09%

• DJIA 17,493.10 -.29%

• NASDAQ 4,767.43 +.98%

• Russell 2000 1,109.15 +.43%

• S&P 500 High Beta 29.48 +2.95%

• Goldman 50 Most Shorted 98.34 +1.37% 

• Wilshire 5000 21,114.60 +.23%

• Russell 1000 Growth 986.88 -.16%

• Russell 1000 Value 983.74 +.44%

• S&P 500 Consumer Staples 533.53 -2.16%

• Solactive US Cyclical 129.57 +.69%

• Morgan Stanley Technology 1,050.33 +2.36%

• Transports 7,671.80 +2.11%

• Utilities 650.13 -2.66%

• Bloomberg European Bank/Financial Services 78.86 +3.32%

• MSCI Emerging Markets 32.25 -1.11%

• HFRX Equity Hedge 1,110.44 -.27%

• HFRX Equity Market Neutral 1,001.34 -.44%

Sentiment/Internals

• NYSE Cumulative A/D Line 246,157 -1.02%

• Bloomberg New Highs-Lows Index -245 -160

• Bloomberg Crude Oil % Bulls 13.3 -55.0%

• CFTC Oil Net Speculative Position 291,960 -8.35%

• CFTC Oil Total Open Interest 1,724,987 -1.35%

• Total Put/Call 1.02 -9.73%

• OEX Put/Call .77 +26.0%

• ISE Sentiment 84.0 -6.82%

• NYSE Arms 1.56 -20.1%

• Volatility(VIX) 15.61 +4.38%

• S&P 500 Implied Correlation 57.57 +7.16%

• G7 Currency Volatility (VXY) 10.77 -4.61%

• Emerging Markets Currency Volatility (EM-VXY) 10.80 -.37%

• Smart Money Flow Index 19,140.32 -.40%

• ICI Money Mkt Mutual Fund Assets $2.719 Trillion +.16%

• ICI US Equity Weekly Net New Cash Flow -$4.877 Billion

• AAII % Bulls 19.3 -5.2%

• AAII % Bears 34.1 +9.0%

Futures Spot Prices

• CRB Index 184.21 +.91%

• Crude Oil 47.75 +2.98%

• Reformulated Gasoline 163.39 +2.96%

• Natural Gas 2.06 -1.58%

• Heating Oil 148.95 +6.07%

• Gold 1,253.20 -1.71%

• Bloomberg Base Metals Index 140.41 -.04%

• Copper 205.20 -1.18%

• US No. 1 Heavy Melt Scrap Steel 246.67 USD/Ton +13.0%

• China Iron Ore Spot 54.89 USD/Ton +.64%

• Lumber 307.30 -3.94%

• UBS-Bloomberg Agriculture 1,157.48 +.38%

Economy

• Atlanta Fed GDPNow Forecast +2.5% -30.0 basis points
• ECRI Weekly Leading Economic Index Growth Rate +5.3% -40.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index -.0204 +37.6%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 124.17 +.32%

• Citi US Economic Surprise Index -30.80 +2.2 points

• Citi Eurozone Economic Surprise Index .8 +8.2 points

• Citi Emerging Markets Economic Surprise Index -1.8 -1.9 points

• Fed Fund Futures imply 72.0% chance of no change, 28.0% chance of 25 basis point hike on 6/15

• US Dollar Index 94.35 +.82%
• MSCI Emerging Markets Currency Index 1,479.09 -1.26%

• Euro/Yen Carry Return Index 129.12 +.59%

• Yield Curve 96.0 unch.

• 10-Year US Treasury Yield 1.84% +13.0 basis points

• Federal Reserve's Balance Sheet $4.434 Trillion -.1%

• U.S. Sovereign Debt Credit Default Swap 21.09 -.52%

• Illinois Municipal Debt Credit Default Swap 410.0 +19.9%

• Western Europe Sovereign Debt Credit Default Swap Index 26.11 +.42%

• Asia Pacific Sovereign Debt Credit Default Swap Index 53.60 -.30%
  

• Emerging Markets Sovereign Debt CDS Index 140.79 +4.62%
  

• Israel Sovereign Debt Credit Default Swap 75.34 +5.18%

• Iraq Sovereign Debt Credit Default Swap 983.17 -.01% 

• Russia Sovereign Debt Credit Default Swap 267.63 +4.12%

• iBoxx Offshore RMB China Corporate High Yield Index 128.04 +.12%

• 10-Year TIPS Spread 1.60% -1.0 basis point

• TED Spread 34.0 -2.25 basis points

• 2-Year Swap Spread 13.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -26.25 -2.25 basis points

• N. America Investment Grade Credit Default Swap Index 84.11 +3.61%

• America Energy Sector High-Yield Credit Default Swap Index 983.0 +5.1%

• European Financial Sector Credit Default Swap Index 97.68 +.13%
  

• Emerging Markets Credit Default Swap Index 303.7 +4.39%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 142.50 -2.5 basis points
  

• M1 Money Supply $3.244 Trillion +.5%

• Commercial Paper Outstanding 1,099.0 -1.5%

• 4-Week Moving Average of Jobless Claims 275,750 +7,500

• Continuing Claims Unemployment Rate 1.6% unch.

• Average 30-Year Mortgage Rate 3.58% unch.

• Weekly Mortgage Applications 482.60 -1.61%

• Bloomberg Consumer Comfort 42.6 +.9 point

• Weekly Retail Sales +.8% -30.0 basis points

• Nationwide Gas $2.27/gallon +.06/gallon

• Baltic Dry Index 634.0 +5.67%

• China (Export) Containerized Freight Index 660.64 +1.20%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 37.50 -6.25%

• Rail Freight Carloads 260,026 +.06%

Best Performing Style

• Small-Cap Growth +.9%

Worst Performing Style

• Large-Cap Growth -.2%

Leading Sectors

• Semis +4.7%

• Banks +4.0%

• Computer Hardware +2.9%

• I-Banks +2.8%

• Oil Service +1.9%

Lagging Sectors

• Utilities -2.7% 

• Restaurants -2.7%

• REITs -2.8%

• Steel -3.6%

• Coal -7.9%

Weekly High-Volume Stock Gainers (11)

• ANAC, SAAS, ONCE, ANDE, NVDA, CHRS, BRC, MRD, OSTK, CRM and SJI

Weekly High-Volume Stock Losers (15)

• PFGC, DDS, VRTU, WSM, SRG, TGT, MNRO, NVEE, TLRD, COKE, ACXM, JWN, ATI, RRGB and FRAN

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Rising into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Yen Weakness, Short-Covering, Tech/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 15.5 -4.8%

• Euro/Yen Carry Return Index 129.20 +.38%

• Emerging Markets Currency Volatility(VXY) 10.80 -1.46%

• S&P 500 Implied Correlation 56.77 +.71%

• ISE Sentiment Index 87.0 +35.9%

• Total Put/Call 1.03 -24.3%

• NYSE Arms 1.67 +132.2% 

Credit Investor Angst:

• North American Investment Grade CDS Index 84.44 -.79%
  

• America Energy Sector High-Yield CDS Index 982.0 +.12%

• European Financial Sector CDS Index 96.87 -3.86%

• Western Europe Sovereign Debt CDS Index 26.11 +.60%

• Asia Pacific Sovereign Debt CDS Index 53.6 -3.44%

• Emerging Market CDS Index 304.03 -.16%
  

• iBoxx Offshore RMB China Corporate High Yield Index 128.04 -.04%

• 2-Year Swap Spread 13.50 unch.
  

• TED Spread 34.0 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -26.25 +.5 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 70.79 +.21%
• 3-Month T-Bill Yield .31% +1.0 basis point

• Yield Curve 96.0 unch.
  

• China Import Iron Ore Spot $54.89/Metric Tonne +2.66%

• Citi US Economic Surprise Index -30.80 -.2 point

• Citi Eurozone Economic Surprise Index .8 +2.2 points

• Citi Emerging Markets Economic Surprise Index -1.8 +.1 point

• 10-Year TIPS Spread 1.60% -1.0 basis point
  
• 48.2% chance of Fed rate hike at July 27 meeting, 59.6% chance at September 21 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +3 open in Japan 
• China A50 Futures: Indicating +1 open in China

• DAX Futures: Indicating -27 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value +.7%

Sector Underperformers:

• 1) Steel -1.0% 2) Restaurants -.8% 3) Gold & Silver -.6%

Stocks Falling on Unusual Volume:

• RDCM, ATHN, FL, ROST, CPB, DE, SCVL, YHOO, QSII, ADSK, CVS, TTWO, PHI, SONC, CHD, AGCO, MCD, NKE, OCUL, CXRX, K and AVY

Stocks With Unusual Put Option Activity:

• 1) EWC 2) ASHR 3) MU 4) AMAT 5) LRCX

Stocks With Most Negative News Mentions:

• 1) VALE 2) ANR 3) DE 4) TNK 5) WFT

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer: 

• Small-Cap Growth +1.5%

Sector Outperformers:

• 1) Semis +3.0% 2) Oil Service +2.3% 3) Biotech +2.1% 

Stocks Rising on Unusual Volume: 

• IOC, BETR, AMAT, KEYS, HIBB, EGHT, CTLT, MENT, SQM, FLTX, HDP, LCI and ONCE

Stocks With Unusual Call Option Activity: 

• 1) ADM 2) HBI 3) KKR 4) TJX 5) EOG

Stocks With Most Positive News Mentions: 

• 1) AMAT 2) JLL 3) DKS 4) LB 5) SRPT

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running -7.7% Below 100-Day Average
• 7 Sectors Rising, 3 Sectors Declining
• 74.6% of Issues Advancing, 22.6% Declining
• 26 New 52-Week Highs, 16 New Lows
• 48.0% of Issues Above 200-day Moving Average
• Average 14-Day RSI 37.0%
• Vix 15.7 -3.9%
• Total Put/Call 1.2 -11.8%
• TRIN/Arms 1.28 +79.2%

Friday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 145.5 +.75 basis point. 
• Asia Pacific Sovereign CDS Index 55.5 +1.25 basis points.
• Bloomberg Emerging Markets Currency Index 70.67 +.05%. 
• S&P 500 futures +.25%. 
• NASDAQ 100 futures +.34%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BKE)/.57
• (CPB)/.64
• (DE)/1.48
• (FL)/1.39
• (HIBB)/1.20

Economic Releases 
10:00 am EST

• Existing Home Sales for April are estimated to rise to 5.4M versus 5.22M in March. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Tarullo speaking, Canadian inflation report, (CHK) annual meeting and the (JCP) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by consumer and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.