Weekly Scoreboard*

Indices

• S&P 500 2,103.26 +3.21%

• DJIA 17,972.40 +3.29%

• NASDAQ 4,865.80 +3.36%

• Russell 2000 1,154.02 +2.29%

• S&P 500 High Beta 29.49 +2.05%

• Goldman 50 Most Shorted 105.28 +5.50% 

• Wilshire 5000 21,672.30 +3.19%

• Russell 1000 Growth 1,009.50 +3.25%

• Russell 1000 Value 1,011.58 +3.11%

• S&P 500 Consumer Staples 564.76 +3.76%

• Solactive US Cyclical 131.60 +2.12%

• Morgan Stanley Technology 1,061.58 +2.03%

• Transports 7,545.10 +3.16%

• Utilities 714.39 +4.22%

• Bloomberg European Bank/Financial Services 68.07 -2.41%

• MSCI Emerging Markets 34.37 +4.07%

• HFRX Equity Hedge 1,106.05 -.49%

• HFRX Equity Market Neutral 987.85 -.55%

Sentiment/Internals

• NYSE Cumulative A/D Line 258,738 +.77%

• Bloomberg New Highs-Lows Index 321 +137

• Bloomberg Crude Oil % Bulls 46.43 +1.04%

• CFTC Oil Net Speculative Position 318,595 +1.92%

• CFTC Oil Total Open Interest 1,726,381 -2.7%

• Total Put/Call 1.03 -15.2%

• OEX Put/Call .91 -31.45%

• ISE Sentiment 111.0 +101.85%

• NYSE Arms 1.05 -55.26%

• Volatility(VIX) 14.81 -42.04%

• S&P 500 Implied Correlation 53.63 -18.71%

• G7 Currency Volatility (VXY) 10.90 -12.45%

• Emerging Markets Currency Volatility (EM-VXY) 10.16 -7.59%

• Smart Money Flow Index 19,439.71 +.94%

• ICI Money Mkt Mutual Fund Assets $2.718 Trillion +.55%

• ICI US Equity Weekly Net New Cash Flow -$3.902 Billion

• AAII % Bulls 28.9 +31.6%

• AAII % Bears 33.4 -5.1%

Futures Spot Prices

• CRB Index 193.38 +2.37%

• Crude Oil 48.33 +1.72%

• Reformulated Gasoline 148.19 -3.39%

• Natural Gas 2.97 +10.75%

• Heating Oil 149.35 +1.90%

• Gold 1,339.20 +1.58%

• Bloomberg Base Metals Index 148.62 +3.59%

• Copper 221.95 +5.23%

• US No. 1 Heavy Melt Scrap Steel 218.0 USD/Ton unch.

• China Iron Ore Spot 54.33 USD/Ton +7.35%

• Lumber 315.80 +6.56%

• UBS-Bloomberg Agriculture 1,214.46 +2.07%

Economy

• Atlanta Fed GDPNow Forecast +2.6% unch.
• ECRI Weekly Leading Economic Index Growth Rate +7.2% +10.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index -.2823 +4.98%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.14 -.26%

• Citi US Economic Surprise Index -14.30 +9.5 points

• Citi Eurozone Economic Surprise Index 9.20 +5.4 points

• Citi Emerging Markets Economic Surprise Index -13.20 -7.3 points

• Fed Fund Futures imply 98.0% chance of no change, 2.0% chance of 25 basis point hike on 7/27

• US Dollar Index 95.60 +.07%
• MSCI Emerging Markets Currency Index 1,518.11 +1.19%

• Euro/Yen Carry Return Index 119.36 +.61%

• Yield Curve 87.0 -7.0 basis points

• 10-Year US Treasury Yield 1.46% -11.0 basis points

• Federal Reserve's Balance Sheet $4.426 Trillion -.37%

• U.S. Sovereign Debt Credit Default Swap 20.01 -13.4%

• Illinois Municipal Debt Credit Default Swap 357.0 +2.7%

• Western Europe Sovereign Debt Credit Default Swap Index 31.01 -15.49%

• Asia Pacific Sovereign Debt Credit Default Swap Index 52.12 -5.22%
  

• Emerging Markets Sovereign Debt CDS Index 125.40 -6.0%
  

• Israel Sovereign Debt Credit Default Swap 77.09 -9.33%

• Iraq Sovereign Debt Credit Default Swap 878.51 -3.42% 

• Russia Sovereign Debt Credit Default Swap 228.12 -11.20%

• iBoxx Offshore RMB China Corporate High Yield Index 130.24 +.26%

• 10-Year TIPS Spread 1.47% +2.0 basis points

• TED Spread 37.75 -2.5 basis points

• 2-Year Swap Spread 16.25 +2.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -38.25 +5.0 basis points

• N. America Investment Grade Credit Default Swap Index 75.32 -4.68%

• America Energy Sector High-Yield Credit Default Swap Index 774.0 +6.06%

• European Financial Sector Credit Default Swap Index 105.27 -10.6%
  

• Emerging Markets Credit Default Swap Index 267.32 -11.48%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 147.50 +5.0 basis points
  

• M1 Money Supply $3.267 Trillion +.59%

• Commercial Paper Outstanding 1,050.90 +1.1%

• 4-Week Moving Average of Jobless Claims 266,750 -250

• Continuing Claims Unemployment Rate 1.5% -10.0 basis points

• Average 30-Year Mortgage Rate 3.48% -8.0 basis points

• Weekly Mortgage Applications 508.40 -2.64%

• Bloomberg Consumer Comfort 43.9 -.3 point

• Weekly Retail Sales +.7% unch.

• Nationwide Gas $2.28/gallon -.04/gallon

• Baltic Dry Index 660.0 +8.37%

• China (Export) Containerized Freight Index 651.59 n/a

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 27.50 unch.

• Rail Freight Carloads 268,196 +1.07%

Best Performing Style

• Large-Cap Growth +3.3%

Worst Performing Style

• Small-Cap Value +2.2%

Leading Sectors

• Steel +8.3%

• Gold & Silver +7.9%

• Foods +5.6%

• Drugs +5.3%

• Homebuilders +5.2%

Lagging Sectors

• Gaming +.3% 

• Disk Drives +.2%

• Agriculture unch.

• Hospitals -1.5%

• Oil Tankers -2.8%

Weekly High-Volume Stock Gainers (41)

• TSRO, HTWR, XNCR, CRCM, SCNB, TDOC, XBIT, FINL, TERP, HSY, DRII, NTK, CPK, IQNT, DKS, CASY, MSEX, STOR, FIZZ, PRMW, COTV, EPR, YORW, CONE, PVTB, GIS, EQY, CWT, UBA, LMOS, WOR, BURL, VEC, SUI, CTMX, TYL, PAYX, AHH, CCI, HIW and SWX

Weekly High-Volume Stock Losers (83)

• GNTX, CVLT, PH, IIVI, FSB, FLIC, DNOW, GNC, HZNP, KW, RNST, RAVN, GCI, VRTV, TUP, MTX, ALB, ST, WAL, BUFF, CUB, GATX, UCBI, PKOH, DRI, FLR, LGF, PUB, LBY, SWN, XPO, FOE, PBCT, CBF, PCAR, PVH, ADSK, SPXC, MSGN, NCR, GWR, OPB, HLI, SIVB, AYR, CFG, MET, PJT, NCLH, TGI, PCLN, KMT, CCL, FLEX, EPAM, ACHC, NTRA, EEFT, AMP, CBG, GDEN, ITT, AIMT, LEA, TRMB, LPLA, RCL, COLL, FLOW, SCHW, PAG, ZBRA, VOYA, WBC, MAN, MC, EVR, JLL, BSET, GHL, NNBR, SCOR and BW

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Rising into Afternoon on Central Bank Hopes, Less European/Emerging Markets/US High-Yield Debt Angst, Short-Covering, Metal & Mining/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 14.86 -4.93%

• Euro/Yen Carry Return Index 119.32 +.34%

• Emerging Markets Currency Volatility(VXY) 10.16 -1.84%

• S&P 500 Implied Correlation 54.11 -2.04%

• ISE Sentiment Index 118.0 +66.20%
  

• Total Put/Call 1.02 -16.39%

• NYSE Arms 1.09 +3.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 74.32 -7.34%
  

• America Energy Sector High-Yield CDS Index 774.0 -3.45%

• European Financial Sector CDS Index 105.50 -5.73%

• Western Europe Sovereign Debt CDS Index 31.01 -3.40%

• Asia Pacific Sovereign Debt CDS Index 52.07 -2.38%

• Emerging Market CDS Index 267.35 -.64%
  

• iBoxx Offshore RMB China Corporate High Yield Index 130.24 +.05%

• 2-Year Swap Spread 16.0 +1.0 basis point
  

• TED Spread 38.75 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -38.5 +2.25 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.64 +.12%
• 3-Month T-Bill Yield .25% -1.0 basis point

• Yield Curve 86.0 -4.0 basis points
  

• China Import Iron Ore Spot $54.33/Metric Tonne -2.39%

• Citi US Economic Surprise Index -14.3 +5.3 points

• Citi Eurozone Economic Surprise Index 9.2 +4.2 points

• Citi Emerging Markets Economic Surprise Index -13.20 -6.0 points

• 10-Year TIPS Spread 1.47% +3.0 basis points
• 2.0% chance of Fed rate hike at Sept. 21 meeting, 2.0% chance at Nov. 2 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -47 open in Japan 
• China A50 Futures: Indicating -38 open in China

• DAX Futures: Indicating -35 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value +.1%

Sector Underperformers:

• 1) Disk Drives -2.8% 2) Semis -1.1% 3) Banks -.8%

Stocks Falling on Unusual Volume:

• DSLV, TSRO, HSY, MU, BLL, LGF, AVY, CM, CXW, CBSH, RGEN, DGLD and NTES

Stocks With Unusual Put Option Activity:

• 1) ESRX 2) HBAN 3) MU 4) XLB 5) NFLX

Stocks With Most Negative News Mentions:

• 1) RUN 2) SCTY 3) S 4) LDR 5) AVY

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +.5%

Sector Outperformers:

• 1) Gold & Silver +3.7% 2) Oil Service +2.6% 3) Steel +2.3%

Stocks Rising on Unusual Volume:

• SGY, THO, USLV, NFLX and AG

Stocks With Unusual Call Option Activity:

• 1) WWAV 2) GALE 3) ADM 4) SLV 5) GDX

Stocks With Most Positive News Mentions:

• 1) TK 2) FCAU 3) SQ 4) PBR 5) HON

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -4.9% Below 100-Day Average
• 6 Sectors Rising, 4 Sectors Declining
• 71.2% of Issues Advancing, 26.4% Declining
• 335 New 52-Week Highs, 4 New Lows
• 53.6% of Issues Above 200-day Moving Average
• Average 14-Day RSI 43.4%
• Vix 14.8 -5.0%
• Total Put/Call 1.37 +12.3%
• TRIN/Arms 1.13 +7.7%