Weekly Scoreboard*

Indices

• S&P 500 2,425.12 +.21%

• DJIA 21,407.60 +.60%

• NASDAQ 6,153.28 +.15%

• Russell 2000 1,412.03 -.32%

• S&P 500 High Beta 37.23 +.70%

• Goldman 50 Most Shorted 131.72 -2.03%

• Wilshire 5000 25,118.50 +.14%

• Russell 1000 Growth 1,194.91 +.42%

• Russell 1000 Value 1,137.47 -.10%

• S&P 500 Consumer Staples 562.19 -.60%

• Vanda Cyclicals-Defensives 1.3255 +1.37%
  

• Morgan Stanley Technology 1,467.25 +.01%

• Transports 9,689.91 +2.16%

• Utilities 701.74 -.74%

• Bloomberg European Bank/Financial Services 101.88 +2.89%

• MSCI Emerging Markets 41.18 -.60%

• HFRX Equity Hedge 1,202.09 +.29%

• HFRX Equity Market Neutral 994.63 +.04%

Sentiment/Internals

• NYSE Cumulative A/D Line 292,699 -.19%

• Bloomberg New Highs-Lows Index 45 -97

• Bloomberg Crude Oil % Bulls 50.0 -17.3%

• CFTC Oil Net Speculative Position 327,188 -.48%

• CFTC Oil Total Open Interest 2,143,111 +1.18%

• Total Put/Call .88 -18.92%

• OEX Put/Call 1.42 +204.17%

• ISE Sentiment 78.0 -17.86%

• NYSE Arms 1.87 +195.0%

• Volatility(VIX) 11.33 +.52%

• S&P 500 Implied Correlation 35.69 +2.42%

• G7 Currency Volatility (VXY) 7.66 +.39%

• Emerging Markets Currency Volatility (EM-VXY) 7.88 +1.29%

• Smart Money Flow Index 19,536.25 -.33%

• ICI Money Mkt Mutual Fund Assets $2.627 Trillion +.18%

• ICI US Equity Weekly Net New Cash Flow -$1.581 Billion

• AAII % Bulls 29.6 -.4%

• AAII % Bears 29.9 +11.2%

Futures Spot Prices

• CRB Index 172.47 +.29%

• Crude Oil 44.24 -1.49%

• Reformulated Gasoline 149.64 +1.21%

• Natural Gas 2.86 -5.63%

• Heating Oil 144.57 unch.

• Gold 1,210.70 -2.87%

• Bloomberg Base Metals Index 177.31 -.74%

• Copper 265.0 -1.25%

• US No. 1 Heavy Melt Scrap Steel 261.67 USD/Ton unch.

• China Iron Ore Spot 62.80 USD/Ton -3.31%

• Lumber 352.80 -3.52%

• UBS-Bloomberg Agriculture 1,103.15  +6.33%

Economy

• Atlanta Fed GDPNow Forecast +2.7 +50.0 basis points

• ECRI Weekly Leading Economic Index Growth Rate +2.7% -30.0 basis points
  

• Philly Fed ADS Real-Time Business Conditions Index .0784 -5.77% 

• US Economic Policy Uncertainty Index 381.42 +118.93%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 138.64 +.30%

• Citi US Economic Surprise Index -58.50 +14.1 points

• Citi Eurozone Economic Surprise Index 40.1 +9.8 points

• Citi Emerging Markets Economic Surprise Index 18.30 +5.8 points

• Fed Fund Futures imply 88.0% chance of no change, 12.0% chance of 25 basis point hike on 7/26

• US Dollar Index 95.98 +.37%

• MSCI Emerging Markets Currency Index 1,586.78 -.6%

• Euro/Yen Carry Return Index 135.67 +1.23%

• Yield Curve 99.0 +8.0 basis points

• 10-Year US Treasury Yield 2.39% +10.0 basis points

• Federal Reserve's Balance Sheet $4.428 Trillion +.10%

• U.S. Sovereign Debt Credit Default Swap 21.90 +.30%

• Illinois Municipal Debt Credit Default Swap 370.0 -.05%

• Western Europe Sovereign Debt Credit Default Swap Index 6.02 -11.2%

• Asia Pacific Sovereign Debt Credit Default Swap Index 23.01 +7.07%
  

• Emerging Markets Sovereign Debt CDS Index 60.16 +9.28%
  

• Israel Sovereign Debt Credit Default Swap 69.78 +1.20%

• South Korea Sovereign Debt Credit Default Swap 52.46 +19.33%

• Russia Sovereign Debt Credit Default Swap 177.39 +4.53%

• iBoxx Offshore RMB China Corporate High Yield Index 139.89 +.21%

• 10-Year TIPS Spread 1.76% +1.0 basis point

• TED Spread 28.0 -1.0 basis point

• 2-Year Swap Spread 24.50 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -26.25 +1.0 basis point

• N. America Investment Grade Credit Default Swap Index 62.66 +3.25%

• America Energy Sector High-Yield Credit Default Swap Index 476.0 +3.87%

• European Financial Sector Credit Default Swap Index 54.71 +3.34%
  

• Emerging Markets Credit Default Swap Index 205.08 +1.96%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 146.50 unch.
  

• M1 Money Supply $3.516 Trillion +1.38%

• Commercial Paper Outstanding 946.80 -2.8%

• 4-Week Moving Average of Jobless Claims 243,000 +750

• Continuing Claims Unemployment Rate 1.4% unch.
  

• Average 30-Year Mortgage Rate 3.96% +8.0 basis points

• Weekly Mortgage Applications 423.30 +1.41%

• Bloomberg Consumer Comfort 48.50 -.1 point

• Weekly Retail Sales +2.5% +10.0 basis points

• Nationwide Gas $2.26/gallon -.02/gallon

• Baltic Dry Index 829.0 -7.99%

• China (Export) Containerized Freight Index 851.59 unch.

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

• Rail Freight Carloads 276,008 -1.84%

Best Performing Style

•  Mid-Cap Growth +.5%

Worst Performing Style

•  Small-Cap Value -.6%

Leading Sectors

• Airlines +4.5%

• Homebuilding +3.6%

• Defense +3.0%

• Banks +1.7%

• Semis +1.6%

Lagging Sectors

• Gaming -3.3% 

• Gold & Silver -3.3%

• Coal -3.6%

• Oil Service -3.7%

• Hospitals -3.7%

Weekly High-Volume Stock Gainers (6)

• WMAR, HSNI, MORE, PKY, RATE and CISN

Weekly High-Volume Stock Losers (6)

• CRZO, SCSS, AOBC, ORLY, DBD and CARA

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 Economic Optimism, Yen Weakness, Technical Buying, Tech/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 11.33 -9.7%

• Euro/Yen Carry Return Index 135.69 +.54%

• Emerging Markets Currency Volatility(VXY) 7.88 -.88%

• S&P 500 Implied Correlation 35.70 -5.82%

• ISE Sentiment Index 78.0 -9.3%
  

• Total Put/Call .88 -20.72%

• NYSE Arms 1.78 +19.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 62.0 +1.77%
  

• America Energy Sector High-Yield CDS Index 477.0 +1.61%

• European Financial Sector CDS Index 55.23 +3.32%

• Western Europe Sovereign Debt CDS Index 6.02 -2.82%

• Asia Pacific Sovereign Debt CDS Index 22.99 +1.95%

• Emerging Market CDS Index 205.96 -1.82%
  

• iBoxx Offshore RMB China Corporate High Yield Index 139.89 +.07%

• 2-Year Swap Spread 24.5 -.25 basis point

• TED Spread 27.75 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -26.25 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.43 +.10%
• 3-Month T-Bill Yield 1.03% unch.
  

• Yield Curve 99.0 +2.0 basis points

• China Import Iron Ore Spot $62.80/Metric Tonne -3.31%

• Citi US Economic Surprise Index -58.50 +4.8 points

• Citi Eurozone Economic Surprise Index 40.10 +3.8 points

• Citi Emerging Markets Economic Surprise Index 18.30 +2.7 points

• 10-Year TIPS Spread 1.75 -2.0 basis points
  
• 27.8% chance of Fed rate hike at Sept. 20 meeting, 29.3% chance at Nov. 1 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +141 open in Japan 
• China A50 Futures: Indicating -52 open in China

• DAX Futures: Indicating -27 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 100% Net Long

Bear Radar

Style Underperformer:

• Latrge-Cap Value +.5%

Sector Underperformers:

• 1) Gold & Silver -1.8% 2) Oil Service -1.5% 3) Steel -.8%

Stocks Falling on Unusual Volume: 

• SIMO, OSK, SLCA, RH and SCSS

Stocks With Unusual Put Option Activity:

• 1) CHK 2) Z 3) LB 4) GPRO 5) PEP

Stocks With Most Negative News Mentions:

• 1) CHKE 2) DMRC 3) ORLY 4) NBR 5) OSK

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +1.3%

Sector Outperformers:

• 1) Homebuilders +3.1% 2) Airlines +2.3% 3) Semis 1.8%

Stocks Rising on Unusual Volume:

• SPA, BGNE, AMWD, YUMC, CLB, ARNA, HSNI, SEDG, ABCO, BIB, PSMT, VNTV, DBD, DSLV, LGIH, SRT, DSPG, CBPO, RPM, CYD, MTD, SCWX, GWRE, UVSP and GOL

Stocks With Unusual Call Option Activity:

• 1) DHI 2) EA 3) LB 4) SNCR 5) T

Stocks With Most Positive News Mentions:

• 1) BABA 2) PANW 3) ARNA 4) SPKE 5) DGLY

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -17.3% Below 100-Day Average
• 7 Sectors Rising, 3 Sectors Declining
• 52.6% of Issues Advancing, 42.8% Declining
• 28 New 52-Week Highs, 55 New Lows
• 45.0% of Issues Above 200-day Moving Average
• Average 14-Day RSI 34.4%
• Vix 11.9 -5.3%
• Total Put/Call .91 -18.0%
• TRIN/Arms 1.6 +6.0%