Weekly Scoreboard*

The Weekly Wrap by Briefing.com.
 
Indices

• S&P 500 2,459.53 +1.39%

• DJIA 21,648.22 +1.05%

• NASDAQ 6,316.28 +2.61%

• Russell 2000 1,430.95 +1.05%

• S&P 500 High Beta 37.23 +.70%

• Goldman 50 Most Shorted 136.10 +3.04%

• Wilshire 5000 25,505.1 +1.42%

• Russell 1000 Growth 1,219.33 +2.04%

• Russell 1000 Value 1,146.75 +.77%

• S&P 500 Consumer Staples 562.19 +.34%

• Vanda Cyclicals-Defensives 1.3568 +2.08%
  

• Morgan Stanley Technology 1,515.79 +3.35%

• Transports 9,744.85 +.54%

• Utilities 707.85 +.84%

• Bloomberg European Bank/Financial Services 102.66 +.8%

• MSCI Emerging Markets 43.07 +4.57%

• HFRX Equity Hedge 1,206.27 +.48%

• HFRX Equity Market Neutral 999.03 +.29%

Sentiment/Internals

• NYSE Cumulative A/D Line 295,717 +1.03%

• Bloomberg New Highs-Lows Index 356 +311

• Bloomberg Crude Oil % Bulls 44.19 -11.62%

• CFTC Oil Net Speculative Position 341,047 +4.24%

• CFTC Oil Total Open Interest 2,172,632 +1.38%

• Total Put/Call .81 -16.13%

• OEX Put/Call .61 -39.60%

• ISE Sentiment 89.0 +33.3%

• NYSE Arms 1.15 -20.95%

• Volatility(VIX) 9.66 -12.78%

• S&P 500 Implied Correlation 31.0 -15.92%

• G7 Currency Volatility (VXY) 7.42 -3.13%

• Emerging Markets Currency Volatility (EM-VXY) 7.59 -4.05%

• Smart Money Flow Index 19,565.25 +.15%

• ICI Money Mkt Mutual Fund Assets $2.627 Trillion -.01%

• ICI US Equity Weekly Net New Cash Flow -$8.321 Billion

• AAII % Bulls 28.2 -4.5%

• AAII % Bears 29.6 -.8%

Futures Spot Prices

• CRB Index 176.18 +2.0%

• Crude Oil 46.37 +4.72%

• Reformulated Gasoline 155.80 +3.55%

• Natural Gas 2.98 +4.62%

• Heating Oil 151.36 +4.09%

• Gold 1,227.90 +1.30%

• Bloomberg Base Metals Index 177.94 +.36%

• Copper 269.10 +1.57%

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

• China Iron Ore Spot 65.74 USD/Ton +4.68%

• Lumber 377.40 +7.34%

• UBS-Bloomberg Agriculture 1,087.95  -1.37%

Economy

• Atlanta Fed GDPNow Forecast +2.6 -10.0 basis points

• ECRI Weekly Leading Economic Index Growth Rate +2.4% -30.0 basis points
  

• Philly Fed ADS Real-Time Business Conditions Index .1279 -3.18% 

• US Economic Policy Uncertainty Index 145.12 +24.4%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 138.70 +.04%

• Citi US Economic Surprise Index -68.10 -9.6 points

• Citi Eurozone Economic Surprise Index 36.3 -3.8 points

• Citi Emerging Markets Economic Surprise Index 11.40 -6.9 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 95.17 -.87%

• MSCI Emerging Markets Currency Index 1,603.47 +.95%

• Euro/Yen Carry Return Index 134.60 -.64%

• Yield Curve 97.0 -2.0 basis points

• 10-Year US Treasury Yield 2.32% -7.0 basis points

• Federal Reserve's Balance Sheet $4.427 Trillion -.01%

• U.S. Sovereign Debt Credit Default Swap 21.73 -.73%

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

• Western Europe Sovereign Debt Credit Default Swap Index 6.24 +3.57%

• Asia Pacific Sovereign Debt Credit Default Swap Index 21.78 -5.08%
  

• Emerging Markets Sovereign Debt CDS Index 55.38 -7.95%
  

• Israel Sovereign Debt Credit Default Swap 65.72 -2.72%

• South Korea Sovereign Debt Credit Default Swap 58.08 -6.47%

• Russia Sovereign Debt Credit Default Swap 164.81 -7.1%

• iBoxx Offshore RMB China Corporate High Yield Index 140.13 +.17%

• 10-Year TIPS Spread 1.77% +1.0 basis point

• TED Spread 27.25 -.75 basis point

• 2-Year Swap Spread 24.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -26.75 -.5 basis point

• N. America Investment Grade Credit Default Swap Index 58.83 -6.11%

• America Energy Sector High-Yield Credit Default Swap Index 458.0 -1.8%

• European Financial Sector Credit Default Swap Index 51.75 -5.53%
  

• Emerging Markets Credit Default Swap Index 196.63 -3.98%
  

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

• M1 Money Supply $3.560 Trillion +1.25%

• Commercial Paper Outstanding 960.60 +1.5%

• 4-Week Moving Average of Jobless Claims 245,750 +2,750

• Continuing Claims Unemployment Rate 1.4% unch.
  

• Average 30-Year Mortgage Rate 4.03% +7.0 basis points

• Weekly Mortgage Applications 391.90 -7.42%

• Bloomberg Consumer Comfort 48.50 -1.5 points

• Weekly Retail Sales +2.4% -10.0 basis points

• Nationwide Gas $2.26/gallon unch.

• Baltic Dry Index 888.0 +8.03%

• China (Export) Containerized Freight Index 859.88 +.97%

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

• Rail Freight Carloads 223,579 -19.0%

Best Performing Style

•  Large-Cap Growth +1.7%

Worst Performing Style

•  Small-Cap Value +.4%

Leading Sectors

• Coal +7.5%

• Social Media +5.7%

• Computer Hardware +5.0%

• Steel +4.8%

• Oil Service +4.8%

Lagging Sectors

• Gaming +.1% 

• Insurance -.3%

• Restaurants -.4%

• Education -1.0%

• Banks -1.2%

Weekly High-Volume Stock Gainers (11)

• ARNA, NRG, MYCC, CTRL, FOLD, HCOM, RCII, HCSG, RMBS, HRTX and AIR

Weekly High-Volume Stock Losers (6)

• WBMD, GTY, MLP, CBB, DMRC and MSM

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 Lower Long-Term Rates, Earnings Optimism, Oil Gain, Tech/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 9.66 -2.42%

• Euro/Yen Carry Return Index 134.67 -.04%

• Emerging Markets Currency Volatility(VXY) 7.59 -.78%

• S&P 500 Implied Correlation 30.97 -7.5%

• ISE Sentiment Index 91.0 +7.06%
  

• Total Put/Call .83 -3.49%

• NYSE Arms 1.13 +73.52%

Credit Investor Angst:

• North American Investment Grade CDS Index 57.97 -2.0%
  

• America Energy Sector High-Yield CDS Index 458.0 -1.80%

• European Financial Sector CDS Index 51.80 +1.76%

• Western Europe Sovereign Debt CDS Index 6.24 +1.96%

• Asia Pacific Sovereign Debt CDS Index 21.72 -.16%

• Emerging Market CDS Index 195.60 -.72%
  

• iBoxx Offshore RMB China Corporate High Yield Index 140.13 +.06%

• 2-Year Swap Spread 24.0 -1.0 basis point

• TED Spread 27.25 +1.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -26.75 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 73.44 +.58%
• 3-Month T-Bill Yield 1.03% unch.
  

• Yield Curve 97.0 -1.0 basis point

• China Import Iron Ore Spot $65.74/Metric Tonne -.26%

• Citi US Economic Surprise Index -68.10 -13.4 points

• Citi Eurozone Economic Surprise Index 36.30 -.9 point

• Citi Emerging Markets Economic Surprise Index 11.40 -2.2 points

• 10-Year TIPS Spread 1.77 -1.0 basis point
  
• 20.8% chance of Fed rate hike at Sept. 20 meeting, 24.1% chance at Nov. 1 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -58 open in Japan 
• China A50 Futures: Indicating +22 open in China

• DAX Futures: Indicating +15 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Value +.1%

Sector Underperformers:

• 1) Gaming -1.6% 2) Banks -.8% 3) I-Banks -.4%

Stocks Falling on Unusual Volume: 

• CYBR, ACIA, KTOS and RH

Stocks With Unusual Put Option Activity:

• 1) CPN 2) GME 3) HPQ 4) IBM 5) VOYA

Stocks With Most Negative News Mentions:

• 1) CYBR 2) KTOS 3) ATEN 4) HOME 5) AVT

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +.5%

Sector Outperformers:

• 1) Disk Drives +2.2% 2) Gold & Silver +2.2% 3) Computer Hardware +1.4%

Stocks Rising on Unusual Volume:

• NEFF, MLP, DDC, NTNX, CLLS, NTAP, CARA, MBUU, BRSS, YY, SRG, CSOD, FWRD, NRG, HEES, NEWR, YRD, NOAH, BETR, HPP, NSH, AXON, ULTA, AAOI, COHR, SRG and Z

Stocks With Unusual Call Option Activity:

• 1) NTAP 2) LOW 3) WDC 4) UA 5) AAOI

Stocks With Most Positive News Mentions:

• 1) AAOI 2) ULTA 3) AMD 4) CSOD 5) WMT

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -12.5% Below 100-Day Average
• 9 Sectors Rising, 1 Sector Declining
• 68.1% of Issues Advancing, 27.7% Declining
• 92 New 52-Week Highs, 3 New Lows
• 46.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 37.2%
• Vix 9.9 +.3%
• Total Put/Call .75 -12.8%
• TRIN/Arms 1.17 +78.5%

Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.25 -1.0 basis point. 

• Asia Pacific Sovereign CDS Index 21.75 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 73.02 +.01%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (C)/1.21

• (FHN)/.26

• (INFY)/14.90

• (JPM)/1.59

• (PNC)/2.02

• (WFC)/1.01

Economic Releases 
8:30 am EST

• The CPI MoM for June is estimated to rise +.1% versus a -.1% decline in May. 

• The CPI Ex Food and Energy MoM for June is estimated to rise +.2% versus a +.1% gain in May.

• Real Avg. Weekly/Hourly Earnings YoY for June.

• Retail Sales Advance MoM for June is estimated to rise +.1% versus a -.3% decline in May.

• Retail Sales Ex Autos for June is estimated to rise +.2% versus a -.3% decline in May.

• Retail Sales Ex Autos and Gas for June is estimated to rise +.4% versus unch. in May.
  

9:15 am EST

• Industrial Production MoM for June is estimated to rise +.3% versus unch. in May.

• Capacity Utilization for June is estimated to rise to 76.8% versus 76.6% in May. 

• Manufacturing Production for June is estimated to rise +.2% versus a -.4% decline in May.

10:00 am EST

• Preliminary Univ. of Mich. Consumer Sentiment for July is estimated to fall to 95.0 versus 95.1 in June. 

• Business Inventories for May is estimated to rise +.3% versus a -.2% decline in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking, President Trump's visit to France and the Japan Industrial Production report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.