Weekly Scoreboard*

S&P 500 2,734.62 +.25%

The Weekly Wrap by Briefing.com.

 
Indices

• DJIA 24,635.20 -.71%

• NASDAQ 7,554.33 +1.75%

• Russell 2000 1,647.98 +1.21%

• S&P 500 High Beta 44.73 +.52%

• Goldman 50 Most Shorted 152.29 +.96%

• Wilshire 5000 28,460.0 +.38%

• Russell 1000 Growth 1,445.71 +.91%

• Russell 1000 Value 1,196.52 -.42%

• S&P 500 Consumer Staples 507.88 -.39%

• Vanda Cyclicals-Defensives 1.6398 -1.52%
  

• NYSE Technology 1,920.39 +2.16%

• Transports 10,893.90 +.38%

• Utilities 684.74 -.13%

• Bloomberg European Bank/Financial Services 89.92 -3.86%

• MSCI Emerging Markets 46.10 -.5%

• HFRX Equity Hedge 1,281.23 -.12%

• HFRX Equity Market Neutral 1,012.30 -.06%

Sentiment/Internals

• NYSE Cumulative A/D Line 320,320 -.04%

• Bloomberg New Highs-Lows Index 56 -10

• Bloomberg Crude Oil % Bulls 32.26 -8.59%

• CFTC Oil Net Speculative Position 633,386 -1.72%

• CFTC Oil Total Open Interest 2,643,354 -2.33%

• Total Put/Call .85 -5.56%

• OEX Put/Call 1.04 +70.49%

• ISE Sentiment 82.0 -36.43%

• NYSE Arms 1.11 -11.91%

• Volatility(VIX) 13.46 +7.42%

• S&P 500 Implied Correlation 40.16 +16.37%

• G7 Currency Volatility (VXY) 7.27 +.28% 

• Emerging Markets Currency Volatility (EM-VXY) 9.27 +1.88%

• Smart Money Flow Index 15,790.41 -.95%

• ICI Money Mkt Mutual Fund Assets $2.840 Trillion +.53%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows +$3.365 Billion

• AAII % Bulls 35.0 -9.2%

• AAII % Bears 26.4 +4.7%

Futures Spot Prices

• CRB Index 201.71 -1.73%

• Crude Oil 65.57 -6.07%

• Reformulated Gasoline 213.84 -4.06%

• Natural Gas 2.97 +.38%

• Heating Oil 217.37 -4.11%

• Gold 1,297.80 -.22%

• Bloomberg Base Metals Index 209.05 -.32%

• Copper 308.90 -.36%

• US No. 1 Heavy Melt Scrap Steel 340.33 USD/Metric Tonne unch.

• China Iron Ore Spot 64.90 USD/Metric Tonne +1.34%

• Lumber 594.10 +1.14%

• UBS-Bloomberg Agriculture 1,045.33 -.72%

Economy

• Atlanta Fed GDPNow Forecast +4.7% +70.0 basis points

• ECRI Weekly Leading Economic Index Growth Rate 3.0% -50.0 basis points
  

• Philly Fed ADS Real-Time Business Conditions Index .1827 -7.21% 

• US Economic Policy Uncertainty Index 109.96 +42.8%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 166.20 +.17%

• Citi US Economic Surprise Index 14.50 +2.5 points

• Citi Eurozone Economic Surprise Index -91.10 +5.5 points

• Citi Emerging Markets Economic Surprise Index -6.60 +.4 point

• Fed Fund Futures imply 0.0% chance of no change, 100.0% chance of 25 basis point hike on 6/13

• US Dollar Index 94.20 +.38%

• MSCI Emerging Markets Currency Index 1,671.54 -.2%

• Bitcoin/USD 7,411.87 -.23%

• Euro/Yen Carry Return Index 132.83 +.19%

• Yield Curve 42.0 -3.5 basis points
  

• 10-Year US Treasury Yield 2.88% -5.0 basis points

• Federal Reserve's Balance Sheet $4.287 Trillion -.25%

• U.S. Sovereign Debt Credit Default Swap 20.8 +4.8%

• Illinois Municipal Debt Credit Default Swap 212.84 -4.8%

• Italian/German 10Y Yld Spread 230.25 +24.75 basis points

• Asia Pacific Sovereign Debt Credit Default Swap Index 12.25 unch.
  

• Emerging Markets Sovereign Debt CDS Index 63.28 +3.76%
  

• Israel Sovereign Debt Credit Default Swap 69.79 +4.75%

• South Korea Sovereign Debt Credit Default Swap 43.44 -4.34%

• Russia Sovereign Debt Credit Default Swap 134.74 +5.51%

• iBoxx Offshore RMB China Corporate High Yield Index 149.94 +.10%

• 10-Year TIPS Spread 2.11% unch.

• TED Spread 41.25 -2.0 basis points

• 2-Year Swap Spread 25.5 +2.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -13.0 +2.75 basis points

• N. America Investment Grade Credit Default Swap Index 65.71 +6.13%

• America Energy Sector High-Yield Credit Default Swap Index 378.0 +2.67%

• European Financial Sector Credit Default Swap Index 80.90 +7.37%
  

• Emerging Markets Credit Default Swap Index 171.20 +6.64%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 180.0 +1.0 basis point
  

• M1 Money Supply $3.660 Trillion +.23%

• Commercial Paper Outstanding 1,107.80 +1.5%

• 4-Week Moving Average of Jobless Claims 222,250 +2,500

• Continuing Claims Unemployment Rate 1.2% unch.
  

• Average 30-Year Mortgage Rate 4.56% -10.0 basis points

• Weekly Mortgage Applications 356.10 -2.89%

• Bloomberg Consumer Comfort 55.20 unch.

• Weekly Retail Sales +4.10% +10.0 basis points

• Nationwide Gas $2.96/gallon -.01/gallon

• Baltic Dry Index 1,090.0 -1.71%

• China (Export) Containerized Freight Index 788.78 -.12%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.

• Rail Freight Carloads 292,276 +2.5%

Best Performing Style

• Small-Cap Growth +1.5%

Worst Performing Style

• Large-Cap Value -.5%

Leading Sectors

• Internet +2.7%

• Biotech +2.1%

• Shipping +2.0%

• Semis +1.8%

• Software +1.6%

Lagging Sectors

• Banks -1.8% 

• Telecom -1.9%

• Paper -2.3%

• Steel -3.0%

• Oil Service -3.7%

Weekly High-Volume Stock Gainers (22)

• ZUO, YEXT, NGL, LXRX, SE, IRDM, DK, CVRR, IVC, PTCT, APPN, AERI, TTD, ICPT, VKTX, CUTR, NEO, TRIP, EDR, GTLS, SPTN and MDGL

Weekly High-Volume Stock Losers (16)

• SMG, SOI, TITN, FANG, PE, XEC, PUMP, TLRD, CDEV, BAS, CXO, ANF, CPE, MTDR, VNOM and JAG

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, Diminishing Geopolitical Concerns, Less European Debt Angst, Tech/Transport Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 13.55 -12.25%

• Euro/Yen Carry Return Index 132.95 +.19%

• Emerging Markets Currency Volatility(VXY) 9.27 +.43%

• S&P 500 Implied Correlation 36.76 -7.52%

• ISE Sentiment Index 99.0 +22.2%
  

• Total Put/Call .81 -28.32%

• NYSE Arms 1.06 -29.09%

Credit Investor Angst:

• North American Investment Grade CDS Index 65.71 -1.17%
  

• America Energy Sector High-Yield CDS Index 378.0 -.49%

• European Financial Sector CDS Index 79.80 -8.1%

• Italian/German 10Y Yld Spread 230.0 -15.0 basis points
  

• Asia Pacific Sovereign Debt CDS Index 12.27 +.29%

• Emerging Market CDS Index 171.62 +.81%
  

• iBoxx Offshore RMB China Corporate High Yield Index 149.94 +.10%

• 2-Year Swap Spread 25.50 -.5 basis point

• TED Spread 41.25 +2.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 -1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 70.89 -.21%
• 3-Month T-Bill Yield 1.90% -1.0 basis point
  

• Yield Curve 42.5 +.75 basis point

• China Iron Ore Spot 64.90 USD/Metric Tonne +.64%

• Citi US Economic Surprise Index 14.50 +3.4 points

• Citi Eurozone Economic Surprise Index -91.10 +.3 point

• Citi Emerging Markets Economic Surprise Index -6.60 -.5 point

• 10-Year TIPS Spread 2.11 +2.0 basis points
  
• 100.0% chance of Fed rate hike at August 1 meeting, 100.0% chance at September 26 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +202  open in Japan 
• China A50 Futures: Indicating +41 open in China

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

•   Mid-Cap Value +.7%

Sector Underperformers:

• 1) Utilities -1.7% 2) Alt Energy -.6% 3) Gaming unch.

Stocks Falling on Unusual Volume: 

• GMLP, PBR, BIG, ANF, SOI, JAG, CPE, JKS, FCAU, CXO, VNOM, I, MTDR, DQ and CDEV

Stocks With Unusual Put Option Activity:

• 1) BIG 2) QEP 3) WDAY 4) ULTA 5) COST

Stocks With Most Negative News Mentions:

• 1) PBR 2) SHLD 3) KFRC 4) PERY 5) SCG

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +1.3%

Sector Outperformers:

• 1) Steel +2.5% 2) Road & Rail +2.4% 3) Computer Hardware +2.3%

Stocks Rising on Unusual Volume:

• IRDM, AMBC, LULU, ZYME, SC, USAP, GLNG, FEX, YEXT, BAND, KBWB, NGVC, AGLE, MDGL, ULTA, AIMC, IVC, VCEL, IGV, SKY, MOMO, KEYS, TRIP, CVRR, UHAL, ZUO, NGL, CVI, VMW, SE, LXRX, DVMT, DOVA, PSTG, NEO and GOOGL

Stocks With Unusual Call Option Activity:

• 1) RUN 2) XLNX 3) AKS 4) GM 5) AMD

Stocks With Most Positive News Mentions:

• 1) VMW 2) LULU 3) TWTR 4) AMD 5) NAVI

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +4.5% Above 100-Day Average
• 10 Sectors Rising, 1 Sector Declining
• 68.9% of Issues Advancing, 26.9% Declining
• 77 New 52-Week Highs, 24 New Lows
• 46.7% of Issues Above 200-day Moving Average
• Average 14-Day RSI 48.8%
• Vix 13.7 -11.4%
• Total Put/Call .70 -38.1%
• TRIN/Arms 1.28 -14.7%

Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 77.0 +.25 basis point. 
• Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 71.02 -.02%.
• FTSE 100 futures +.20%.
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.12%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (ANF)/-.77
• (BIG)/1.18

After the Close:

• None of note

Economic Releases
8:30 am EST

• The Change in Non-Farm Payrolls for May is estimated at 190K versus 164K in April.
• The Unemployment Rate for May is estimated at 3.9% versus 3.9% in April.
• Average Hourly Earnings MoM for May is estimated to rise +.2% versus a +.1% gain in April.

10:00 am EST

• Construction Spending MoM for April is estimated to rise +.8% versus a -1.7% decline in March. 
• ISM Manufacturing for May is estimated to rise to 58.2 versus 57.3 in April.
• ISM Prices Paid for May is estimated to fall to 78.0 versus 79.3 in April.

Afternoon:

• Wards Total Vehicle Sales for May is estimated to fall to 16.7M versus 17.07M in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone PMI/GDP reports, China Manufacturing PMI report, ASCO 2018, (F) May sales conference call and the (MXIM) business update could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.