Weekly Scoreboard*

Indices

• S&P 500 2,121.89 +1.48%

• DJIA 18,149.30 +1.23%

• NASDAQ 4,956.37 +2.36%

• Russell 2000 1,176.16 +2.11%

• S&P 500 High Beta 29.63 +.92%

• Goldman 50 Most Shorted 107.83 +2.93% 

• Wilshire 5000 21,960.40 +1.57%

• Russell 1000 Growth 1,026.77 +2.18%

• Russell 1000 Value 1,020.30 +.87%

• S&P 500 Consumer Staples 570.61 +1.0%

• Solactive US Cyclical 134.46 +2.06%

• Morgan Stanley Technology 1,082.06 +2.28%

• Transports 7,695.19 +2.84%

• Utilities 715.98 -.13%

• Bloomberg European Bank/Financial Services 66.54 -2.13%

• MSCI Emerging Markets 34.07 -.33%

• HFRX Equity Hedge 1,107.06 +.09%

• HFRX Equity Market Neutral 991.78 +.40%

Sentiment/Internals

• NYSE Cumulative A/D Line 259,265 +.20%

• Bloomberg New Highs-Lows Index 8 -315

• Bloomberg Crude Oil % Bulls 22.22 -52.14%

• CFTC Oil Net Speculative Position 304,239 -4.51%

• CFTC Oil Total Open Interest 1,720.740 -.33%

• Total Put/Call .82 -13.0%

• OEX Put/Call 1.16 +53.09%

• ISE Sentiment 91.0 -26.79%

• NYSE Arms .48 -54.29%

• Volatility(VIX) 13.37 -13.62%

• S&P 500 Implied Correlation 49.33 -10.10%

• G7 Currency Volatility (VXY) 10.93 +.28%

• Emerging Markets Currency Volatility (EM-VXY) 10.11 unch.

• Smart Money Flow Index 19,435.69 -.02%

• ICI Money Mkt Mutual Fund Assets $2.701 Trillion -.64%

• ICI US Equity Weekly Net New Cash Flow -$1.927 Billion

• AAII % Bulls 31.1 +7.4%

• AAII % Bears 26.7 -20.3%

Futures Spot Prices

• CRB Index 187.07 -2.78%

• Crude Oil 45.32 -5.91%

• Reformulated Gasoline 137.73 -7.83%

• Natural Gas 2.80 -4.5%

• Heating Oil 141.46 -3.19%

• Gold 1,360.60 +2.69%

• Bloomberg Base Metals Index 147.97 -.44%

• Copper 212.25 -3.59%

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

• China Iron Ore Spot 55.17 USD/Ton +1.555%

• Lumber 319.20 +4.71%

• UBS-Bloomberg Agriculture 1,171.91 -3.79%

Economy

• Atlanta Fed GDPNow Forecast +2.4% -20.0
• ECRI Weekly Leading Economic Index Growth Rate +6.8% -40.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index .1304 +5.16%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.87 +.58%

• Citi US Economic Surprise Index 5.30 +19.0 points

• Citi Eurozone Economic Surprise Index 7.40 -1.8 points

• Citi Emerging Markets Economic Surprise Index -14.60 -1.4 points

• Fed Fund Futures imply 96.0% chance of no change, 4.0% chance of 25 basis point hike on 7/27

• US Dollar Index 96.39 +.77%
• MSCI Emerging Markets Currency Index 1,509.33 -.68%

• Euro/Yen Carry Return Index 116.01 -2.72%

• Yield Curve 76.0 -11.0 basis points

• 10-Year US Treasury Yield 1.36% -10.0 basis points

• Federal Reserve's Balance Sheet $4.430 Trillion +.11%

• U.S. Sovereign Debt Credit Default Swap 19.98 +1.91%

• Illinois Municipal Debt Credit Default Swap 357.0 -.08%

• Western Europe Sovereign Debt Credit Default Swap Index 31.95 +4.38%

• Asia Pacific Sovereign Debt Credit Default Swap Index 52.91 -.12%
  

• Emerging Markets Sovereign Debt CDS Index 123.92 -1.17%
  

• Israel Sovereign Debt Credit Default Swap 77.0 +1.32%

• Iraq Sovereign Debt Credit Default Swap 878.29 -.03% 

• Russia Sovereign Debt Credit Default Swap 228.27 -.10%

• iBoxx Offshore RMB China Corporate High Yield Index 130.24 -.01%

• 10-Year TIPS Spread 1.47% unch.

• TED Spread 38.25 +.5 basis point

• 2-Year Swap Spread 15.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -43.25 -5.0 basis points

• N. America Investment Grade Credit Default Swap Index 72.72 -3.44%

• America Energy Sector High-Yield Credit Default Swap Index 766.0 -.69%

• European Financial Sector Credit Default Swap Index 108.14 +1.05%
  

• Emerging Markets Credit Default Swap Index 259.28 -2.95%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 147.50 unch.
  

• M1 Money Supply $3.241 Trillion -.80%

• Commercial Paper Outstanding 1,039.80 -1.1%

• 4-Week Moving Average of Jobless Claims 264,750 -2,000

• Continuing Claims Unemployment Rate 1.6% +10.0 basis points

• Average 30-Year Mortgage Rate 3.41% -7.0 basis points

• Weekly Mortgage Applications 580.80 +14.2%

• Bloomberg Consumer Comfort 43.5 -.4 point

• Weekly Retail Sales +.7% unch.

• Nationwide Gas $2.25/gallon -.03/gallon

• Baltic Dry Index 699.0 +3.25%

• China (Export) Containerized Freight Index 645.80 -.9%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 25.0 -9.09%

• Rail Freight Carloads 265,176 -1.13%

Best Performing Style

• Small-Cap Growth +2.7%

Worst Performing Style

• Large-Cap Value +.7%

Leading Sectors

• Gold & Silver +9.0%

• Homebuilders +6.1%

• Biotech +5.1%

• Steel +4.3%

• Retail +3.4%

Lagging Sectors

• HMOs -.7% 

• Energy -1.1%

• Oil Tankers -2.1%

• 3D Printing -2.7%

• Disk Drives -3.8%

Weekly High-Volume Stock Gainers (7)

• NTK, WWAV, INSY, NSA, BSET, HOG and DHR

Weekly High-Volume Stock Losers (4)

• LGF, FSLR, HUM and XBIT

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Surging into Final Hour on Diminished Global Growth Fears, Less European/Emerging Markets/US High-Yield Debt Angst, Short-Covering, Metals & Mining/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 13.33 -9.69%

• Euro/Yen Carry Return Index 116.03 -.37%

• Emerging Markets Currency Volatility(VXY) 10.11 -.30%

• S&P 500 Implied Correlation 49.33 -4.58%

• ISE Sentiment Index 91.0 +7.06%
  

• Total Put/Call .82 -2.38%

• NYSE Arms .38 -68.89% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.72 -4.15%
  

• America Energy Sector High-Yield CDS Index 766.0 -2.88%

• European Financial Sector CDS Index 108.14 -7.27%

• Western Europe Sovereign Debt CDS Index 31.95 -1.14%

• Asia Pacific Sovereign Debt CDS Index 52.91 -.12%

• Emerging Market CDS Index 258.97 -4.56%
  

• iBoxx Offshore RMB China Corporate High Yield Index 130.23 +.01%

• 2-Year Swap Spread 15.75 -1.25 basis points
  

• TED Spread 38.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -43.25 -.5 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.35 +.66%
• 3-Month T-Bill Yield .28% unch.

• Yield Curve 76.0 -4.0 basis points
  

• China Import Iron Ore Spot $55.17/Metric Tonne +.18%

• Citi US Economic Surprise Index 5.3 +8.2 points

• Citi Eurozone Economic Surprise Index 7.4 -2.7 points

• Citi Emerging Markets Economic Surprise Index -14.60 +.3 point

• 10-Year TIPS Spread 1.46% unch.
• 11.7% chance of Fed rate hike at Sept. 21 meeting, 11.4% chance at Nov. 2 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +329 open in Japan 
• China A50 Futures: Indicating +5 open in China

• DAX Futures: Indicating -16 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth +1.2%

Sector Underperformers:

• 1) Utilities -.1% 2) Restaurants +.2% 3) Papers +.3%

Stocks Falling on Unusual Volume:

• JUNO, DSLV, KITE, PSMT, CLLS, INGN, BIDU, DEO, BTI, HELE, CBRL, UFS, TSRO and WING

Stocks With Unusual Put Option Activity:

• 1) CTSH 2) DDD 3) NOV 4) DOW 5) EWJ

Stocks With Most Negative News Mentions:

• 1) JUNO 2) UFS 3) TSLA 4) WB 5) LC

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +2.2%

Sector Outperformers:

• 1) Networking +3.3% 2) Steel +2.8% 3) Road & Rail +2.8%

Stocks Rising on Unusual Volume:

• PLCM, CUDA, TASR, JLL, FLEX, CBG, CATY, GPS and RGR

Stocks With Unusual Call Option Activity:

• 1) WETF 2) TASR 3) TRGP 4) JUNO 5) TERP

Stocks With Most Positive News Mentions:

• 1) HOG 2) GLPW 3) SEAS 4) VIA/B 5) AMD

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -2.2% Below 100-Day Average
• 10 Sectors Rising, 0 Sectors Declining
• 85.5% of Issues Advancing, 12.4% Declining
• 184 New 52-Week Highs, 8 New Lows
• 51.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 41.0%
• Vix 13.9 -5.3%
• Total Put/Call .81 -3.6%
• TRIN/Arms .93 -23.7%