Weekly Scoreboard*

Indices

• S&P 500 2,173.86 +.53%

• DJIA 18,562.50 +.25%

• NASDAQ 5,099.85 +1.38%

• Russell 2000 1,213.86 +.70%

• S&P 500 High Beta 31.06 +.43%

• Goldman 50 Most Shorted 110.50 +.56% 

• Wilshire 5000 22,442.80 +.61%

• Russell 1000 Growth 1,048.39 +.91%

• Russell 1000 Value 1,042.58 +.24%

• S&P 500 Consumer Staples 568.12 -.63%

• Solactive US Cyclical 138.97 -.55%

• Morgan Stanley Technology 1,132.62 +2.51%

• Transports 7,968.42 -.30%

• Utilities 720.11 +1.29%

• Bloomberg European Bank/Financial Services 71.88 +1.30%

• MSCI Emerging Markets 35.72 +.33%

• HFRX Equity Hedge 1,128.50 +.62%

• HFRX Equity Market Neutral 993.42 +.05%

Sentiment/Internals

• NYSE Cumulative A/D Line 265,310 +.43%

• Bloomberg New Highs-Lows Index 157 +149

• Bloomberg Crude Oil % Bulls 25.81 +183.9%

• CFTC Oil Net Speculative Position 294,795 -1.63%

• CFTC Oil Total Open Interest 1,728,765 -1.32%

• Total Put/Call .76 -9.52%

• OEX Put/Call 10.53 +1,168.60%

• ISE Sentiment 88.0 -24.14%

• NYSE Arms 1.21 +.81%

• Volatility(VIX) 12.0 -5.37%

• S&P 500 Implied Correlation 49.01 -1.10%

• G7 Currency Volatility (VXY) 10.70 +.75%

• Emerging Markets Currency Volatility (EM-VXY) 9.96 +2.79%

• Smart Money Flow Index 19,591.79 +.13%

• ICI Money Mkt Mutual Fund Assets $2.715 Trillion -.21%

• ICI US Equity Weekly Net New Cash Flow -$7.316 Billion

• AAII % Bulls 35.4 -3.9%

• AAII % Bears 26.7 +9.4%

Futures Spot Prices

• CRB Index 181.95 -3.66%

• Crude Oil 43.94 -5.08%

• Reformulated Gasoline 134.10 -6.1%

• Natural Gas 2.77 +.4%

• Heating Oil 134.51 -4.40%

• Gold 1,320.60 -1.34%

• Bloomberg Base Metals Index 152.60 -1.06%

• Copper 223.15 -.07%

• US No. 1 Heavy Melt Scrap Steel 206.0 USD/Ton -5.5%

• China Iron Ore Spot 55.87 USD/Ton -4.36%

• Lumber 333.40 -1.48%

• UBS-Bloomberg Agriculture 1,138.52 -3.07%

Economy

• Atlanta Fed GDPNow Forecast +2.4% unch.
• ECRI Weekly Leading Economic Index Growth Rate +7.5% +110.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index .2709 -5.18%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.87 +.29%

• Citi US Economic Surprise Index 36.70 +14.8 points

• Citi Eurozone Economic Surprise Index 8.0 +3.5 points

• Citi Emerging Markets Economic Surprise Index -11.0 +1.2 points

• Fed Fund Futures imply 92.0% chance of no change, 8.0% chance of 25 basis point hike on 7/27

• US Dollar Index 97.49 +.81%
• MSCI Emerging Markets Currency Index 1,525.35 -.07%

• Euro/Yen Carry Return Index 121.67 +.90%

• Yield Curve 86.0 -2.0 basis points

• 10-Year US Treasury Yield 1.56% +1.0 basis point

• Federal Reserve's Balance Sheet $4.442 Trillion +.21%

• U.S. Sovereign Debt Credit Default Swap 18.18 -.05%

• Illinois Municipal Debt Credit Default Swap 356.0 -.08%

• Western Europe Sovereign Debt Credit Default Swap Index 25.98 +1.32%

• Asia Pacific Sovereign Debt Credit Default Swap Index 47.60 +1.32%
  

• Emerging Markets Sovereign Debt CDS Index 129.16 +9.14%
  

• Israel Sovereign Debt Credit Default Swap 75.0 unch.

• Iraq Sovereign Debt Credit Default Swap 831.11 unch.

• Russia Sovereign Debt Credit Default Swap 227.96 +1.72%

• iBoxx Offshore RMB China Corporate High Yield Index 131.03 +.21%

• 10-Year TIPS Spread 1.51% +1.0 basis point

• TED Spread 40.5 +1.75 basis points

• 2-Year Swap Spread 25.75 +6.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -49.75 -1.25 basis points

• N. America Investment Grade Credit Default Swap Index 70.98 -.32%

• America Energy Sector High-Yield Credit Default Swap Index 730.0 +1.5%

• European Financial Sector Credit Default Swap Index 92.13 -5.15%
  

• Emerging Markets Credit Default Swap Index 252.76 +1.14%
  

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

• M1 Money Supply $3.286 Trillion +.66%

• Commercial Paper Outstanding 1,053.20 +.50%

• 4-Week Moving Average of Jobless Claims 257,750 -1,250

• Continuing Claims Unemployment Rate 1.5% -10.0 basis points

• Average 30-Year Mortgage Rate 3.45% +3.0 basis points

• Weekly Mortgage Applications 614.30 -1.3%

• Bloomberg Consumer Comfort 42.9 -1.8 points

• Weekly Retail Sales +.6% -20.0 basis points

• Nationwide Gas $2.18/gallon -.04/gallon

• Baltic Dry Index 726.0 -2.55%

• China (Export) Containerized Freight Index 697.25 +1.87%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 25.0 unch.

• Rail Freight Carloads 258,020 +19.73%

Best Performing Style

• Large-Cap Growth +.6%

Worst Performing Style

• Small-Cap Value unch.

Leading Sectors

• HMOs +3.9%

• Biotech +3.1%

• Restaurants +2.6%

• Semis +2.1%

• Internet +2.0%

Lagging Sectors

• 3D Printing -2.2% 

• Airlines -2.6%

• Gold & Silver -4.1%

• Steel -4.4%

• Oil Service -4.6%

Weekly High-Volume Stock Gainers (7)

• RLYP, ARDX, VMW, HLF, DAN, BLBD and MDSO

Weekly High-Volume Stock Losers (7)

• UBA, EXPO, TTS, TYPE, SMCI, RYI and ESND

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Higher into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Diminished Global Growth Fears, Yen Weakness, Transport/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 12.17 -4.47%

• Euro/Yen Carry Return Index 121.49 -.32%

• Emerging Markets Currency Volatility(VXY) 9.96 -1.29%

• S&P 500 Implied Correlation 49.30 -1.71%

• ISE Sentiment Index 96.0 +20.0%
  

• Total Put/Call .79 -16.84%

• NYSE Arms 1.18 +10.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.75 -.88%
  

• America Energy Sector High-Yield CDS Index 725.0 -.33%

• European Financial Sector CDS Index 92.0 +4.1%

• Western Europe Sovereign Debt CDS Index 25.95 +.56%

• Asia Pacific Sovereign Debt CDS Index 47.52 -.79%

• Emerging Market CDS Index 252.43 -1.05%
  

• iBoxx Offshore RMB China Corporate High Yield Index 131.03 +.06%

• 2-Year Swap Spread 26.0 -.75 basis point
  

• TED Spread 39.25 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -49.75 -.5 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.20 -.17%
• 3-Month T-Bill Yield .31% unch.

• Yield Curve 86.0 -2.0 basis points

• China Import Iron Ore Spot $55.87/Metric Tonne -2.27%

• Citi US Economic Surprise Index 36.70 +3.9 points

• Citi Eurozone Economic Surprise Index 8.0 +10.0 points

• Citi Emerging Markets Economic Surprise Index -11.0 -.4 point

• 10-Year TIPS Spread 1.51% +4.0 basis points
• 24.4% chance of Fed rate hike at Sept. 21 meeting, 26.0% chance at Nov. 2 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +48 open in Japan 
• China A50 Futures: Indicating +9 open in China

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth +.1%

Sector Underperformers:

• 1) Oil Tankers -2.2% 2) Hospitals -1.3% 3) Medical Equipment -1.2%

Stocks Falling on Unusual Volume:

• SKX, GEL, ATHN, OLN, SWKS, ABAX, PYPL, ALV, SIMO, SYK, HON, WSO, ADPT, CVT, CLW, BRS, CBI, COF, IM, ASPS, RBA, GE, VFC, WABC and CYOU

Stocks With Unusual Put Option Activity:

• 1) PYPL 2) KBE 3) CMG 4) SBUX 5) SLB

Stocks With Most Negative News Mentions:

• 1) ATHN 2) ABAX 3) SKX 4) CBI 5) CNH

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +.3%

Sector Outperformers:

• 1) Telecom +1.2% 2) Road & Rail +1.1% 3) HMOs +1.1%

Stocks Rising on Unusual Volume:

• KONE, PBYI, PFPT, GNTX, SWFT and SWN

Stocks With Unusual Call Option Activity:

• 1) AMD 2) OLN 3) SKX 4) SIG 5) P

Stocks With Most Positive News Mentions:

• 1) PFPT 2) AMD 3) HUM 4) DPZ 5) T

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -15.1% Below 100-Day Average
• 5 Sectors Rising, 5 Sectors Declining
• 48.9% of Issues Advancing, 47.6% Declining
• 100 New 52-Week Highs, 5 New Lows
• 62.2% of Issues Above 200-day Moving Average
• Average 14-Day RSI 45.4%
• Vix 12.6 -.8%
• Total Put/Call 1.05 +10.5%
• TRIN/Arms 1.48 +38.2%