S&P 500 1,123.53 -4.69%*
The Weekly Wrap by Briefing.com.
*5-Day Change
Friday, April 29, 2011
Weekly Scoreboard*
Indices
- S&P 500 1,363.61 +1.96%
- DJIA 12,810.50 +2.43%
- NASDAQ 2,873.54 +1.89%
- Russell 2000 865.29 +2.32%
- Wilshire 5000 14,308.35 +1.99%
- Russell 1000 Growth 627.13 +1.61%
- Russell 1000 Value 693.76 +2.32%
- Morgan Stanley Consumer 784.93 +1.39%
- Morgan Stanley Cyclical 1,131.45 +2.17%
- Morgan Stanley Technology 702.67 +1.25%
- Transports 5,514.87 +4.24%
- Utilities 429.06 +2.55%
- MSCI Emerging Markets 49.91 +.05%
- Lyxor L/S Equity Long Bias Index 1,060.74 +1.78%
- Lyxor L/S Equity Variable Bias Index 898.98 +1.23%
- Lyxor L/S Equity Short Bias Index 595.87 -3.11%
- NYSE Cumulative A/D Line 127,442 +2.86%
- Bloomberg New Highs-Lows Index 618 +384
- Bloomberg Crude Oil % Bulls 60.0 +57.89%
- CFTC Oil Net Speculative Position 258,068 +1.59%
- CFTC Oil Total Open Interest 1,553,704 +.90%
- Total Put/Call .92 unch.
- OEX Put/Call 2.24 +19.15%
- ISE Sentiment 74.0 -22.03%
- NYSE Arms 1.27 +18.69%
- Volatility(VIX) 14.75 +.41%
- G7 Currency Volatility (VXY) 11.02 -.63%
- Smart Money Flow Index 10,536.07 +2.35%
- Money Mkt Mutual Fund Assets $2.727 Trillion +.60%
- AAII % Bulls 37.90 +17.85%
- AAII % Bears 30.65 -1.10%
- CRB Index 370.56 +.85%
- Crude Oil 113.93 +1.41%
- Reformulated Gasoline 339.84 +3.67%
- Natural Gas 4.70 +5.08%
- Heating Oil 327.58 +1.80%
- Gold 1,556.40 +3.43%
- Bloomberg Base Metals 266.33 -1.56%
- Copper 417.90 -5.11%
- US No. 1 Heavy Melt Scrap Steel 416.0 USD/Ton -.16%
- China Hot Rolled Domestic Steel Sheet 4,911 Yuan/Ton +.76%
- UBS-Bloomberg Agriculture 1,652.69 -2.89%
- ECRI Weekly Leading Economic Index Growth Rate 7.5% -20 basis points
- S&P 500 EPS Estimates 1 Year Mean 94.26 -.08%
- Citi US Economic Surprise Index 1.0 -10.6 points
- Fed Fund Futures imply 52.0% chance of no change, 48.0% chance of 25 basis point cut on 6/22
- US Dollar Index 73.03 -1.45%
- Yield Curve 268.0 -5 basis points
- 10-Year US Treasury Yield 3.29% -11 basis points
- Federal Reserve's Balance Sheet $2.675 Trillion +.19%
- U.S. Sovereign Debt Credit Default Swap 43.92 -2.40%
- California Municipal Debt Credit Default Swap 203.54 -8.23%
- Western Europe Sovereign Debt Credit Default Swap Index 187.25 -1.14%
- Emerging Markets Sovereign Debt CDS Index 168.87 +6.27%
- Saudi Sovereign Debt Credit Default Swap 111.25 -3.26%
- Iraqi 2028 Government Bonds 91.71 +.17%
- 10-Year TIPS Spread 2.57% -3 basis points
- TED Spread 24.0 +2 basis points
- N. America Investment Grade Credit Default Swap Index 88.55 -4.84%
- Euro Financial Sector Credit Default Swap Index 85.01 -5.23%
- Emerging Markets Credit Default Swap Index 199.43 -1.87%
- CMBS Super Senior AAA 10-Year Treasury Spread 153.0 -26 basis points
- M1 Money Supply $1.889 Trillion +.25%
- Business Loans 632.60 -.14%
- 4-Week Moving Average of Jobless Claims 408,500 +2.30%
- Continuing Claims Unemployment Rate 2.9% unch.
- Average 30-Year Mortgage Rate 4.78% -2 basis points
- Weekly Mortgage Applications 441.20 -5.63%
- Bloomberg Consumer Comfort -45.10 -2.5 points
- Weekly Retail Sales +5.0% +10 basis points
- Nationwide Gas $3.91/gallon +.07/gallon
- U.S. Heating Demand Next 7 Days 8.0% above normal
- Baltic Dry Index 1,269 -.16%
- Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 37.50 unch.
- Rail Freight Carloads 225,668 -2.08%
- Small-Cap Value +2.39%
- Mid-Cap Growth +1.47%
- Road & Rail +7.33%
- Airlines +5.93%
- HMOs +4.61%
- Drugs +3.13%
- REITs +3.02%
- Oil Service -.28%
- Oil Tankers -.38%
- Disk Drives -.87%
- Gold & Silver -1.58%
- Computer Hardware -1.90%
- RLOC, VTAL, LOOP, REGN, SRDX, VOCS, IIVI, AEGR, WTI, AVEO, LAD, HWAY, CRR, SFLY, PLCM, UCTT, VCI, GPRO, KND, CSL, MLI, GTI, SPPI, CEG, NTRI, HOMB, UTEK, CEDC, AOSL, CSGP, HWKN, IBKR, IXYS, WBSN, TROX, SPB and CPSI
- HSII, KEYW, DBD, ROK, ININ, LII, SCSS, BXS, ABFS, PFCB, LWSN, UIS, SFSF, AKAM, LXK, AVID, BRCM, OMX and SFN
ETFs
Stocks
*5-Day Change
Stocks Slightly Higher into Final Hour on Earnings Optimism, Buyout Speculation, Technical Buying, Lower Long-Term Rates
Broad Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Performing In Line
- VIX 14.82 +1.37%
- ISE Sentiment Index 76.0 -33.2%
- Total Put/Call .88 +7.32%
- NYSE Arms 1.20 +21.0%
- North American Investment Grade CDS Index 88.55 -2.15%
- European Financial Sector CDS Index 86.55 +1.61%
- Western Europe Sovereign Debt CDS Index 187.25 -1.06%
- Emerging Market CDS Index 199.33 -2.20%
- 2-Year Swap Spread 17.0 +1 bp
- TED Spread 24.0 unch.
- 3-Month T-Bill Yield .04% unch.
- Yield Curve 268.0 -1 bp
- China Import Iron Ore Spot $181.50/Metric Tonne n/a
- Citi US Economic Surprise Index 1.0 -2.5 points
- 10-Year TIPS Spread 2.57% +1 bp
- Nikkei Futures: Indicating +85 open in Japan
- DAX Futures: Indicating +28 open in Germany
- Higher: On gains in my Medical and Tech sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
Today's Headlines
Bloomberg:
- Consumer Spending Climbs With Food, Fuel Costs. Americans increased their spending in March as they paid more for gasoline and groceries, suggesting income gains may need to pick up to prevent a bigger squeeze on household finances. Purchases rose 0.6 percent after a revised 0.9 percent gain the prior month that was higher than previously estimated, the Commerce Department said today in Washington. After adjusting for changes in prices, the spending that accounts for 70 percent of the economy rose 0.2 percent in March.
- Gold Rises to Record; Silver Heads for Biggest Monthly Advance Since 1983. Gold futures rose to a record for the third straight day on bets that the dollar will extend a slump, enhancing the allure of the metal as an alternative asset. Silver headed for the biggest monthly gain in 28 years. The greenback headed for the fifth consecutive monthly decline against a basket of six major currencies. The Federal Reserve signaled this week that borrowing costs will remain at a record low for an extended period. Gold headed for the biggest monthly gain since November 2009. “The dollar will continue to lose ground for the foreseeable future, so it only makes sense to be invested in precious metals,” said Matthew Zeman, a strategist at Kingsview Financial in Chicago. Gold futures for June delivery rose $12.80, or 0.8 percent, to $1,544 an ounce at 10:41 a.m. on the Comex in New York. Earlier, the price reached a record $1,545.90. The metal has gained more than 7 percent this month. Gold for immediate delivery climbed as much as 0.6 percent to an all-time high of $1,544.90. Assets in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, have expanded 1.5 percent this month, heading for the biggest gain since August.
- Caterpillar(CAT) Boosts Forecast as Profit Beats Estimates. Caterpillar Inc. (CAT), the world’s largest maker of construction equipment, posted first-quarter profit that topped analysts’ estimates and raised its full-year earnings forecast as sales surged in developing countries. Net income rose more than fivefold to $1.23 billion, or $1.84 a share, from $233 million, or 36 cents, a year earlier, the Peoria, Illinois-based company said in a statement today. The average estimate of 21 analysts in a Bloomberg survey was $1.31 a share. Sales rose 57 percent to $12.9 billion from $8.24 billion. “We expect that the pace of world economic growth will support continued recovery in the key industries we serve,” Chief Executive Officer Doug Oberhelman said in the statement. “We are positive about the short-term U.S. economic outlook but believe bipartisan actions are needed in Washington to improve the long-run fiscal position of the U.S. government.”
- Spanish Unemployment Rate Rises to More Than 21% as Inflation Accelerates. Spanish unemployment, the highest in Europe, rose more than expected as inflation accelerated and retail sales plunged, undermining the nation’s recovery from its worst recession in six decades. Joblessness rose to 21.3 percent in the first quarter, the National Statistics Institute said today in Madrid, compared with 20.3 percent in the previous three months and a median forecast of 20.7 percent in a Bloomberg News survey. Consumer prices gained 3.5 percent in April from a year earlier, based on a European Union measure, after increasing 3.3 percent in March. Retail sales fell 8.6 percent in March from a year earlier, the steepest decline in two years, INE said.
- GM Vehicles Probed by U.S. Agency for Possible Faulty Fuel-Tank Readings. General Motors Co. (GM) trucks are being investigated by U.S. auto-safety regulators because faulty fuel- tank readings may lead drivers to think there’s more gasoline in the vehicles than there really is.
- Goldman(GS), JPMorgan(JPM) Among 16 Banks Targeted by EU in Swaps Probe. Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and 14 other investment banks face the first-ever European Union antitrust probes into the swaps market, following investigations by U.S. regulators. The EU is examining whether 16 banks, including Citigroup Inc. (C) and Deutsche Bank AG (DBK), colluded by giving market information to Markit Group Ltd., a data provider majority-owned by Wall Street’s largest banks. It will also check if nine of the firms struck unfair deals with Intercontinental Exchange Inc.’s European derivatives clearinghouse, shutting out rivals.
- Afghan War Progress at Risk From Corruption, Training Lags. Security progress in Afghanistan risks being undermined by the Afghan government’s failure to develop rapidly enough and tackle corruption and by shortfalls in the number of coalition trainers, the Pentagon said.
- Libyan Fighting for Key Border Crossing Spills Into Tunisia. A battle between Libyan government forces and rebels for a key border crossing spilled into Tunisia, part of violence spreading throughout the country as rebels struggle to sustain an uprising against Muammar Qaddafi.
- Syrian Protests Escalate Nationwide After Government Warns Demonstrators. Syrians took to the streets across the country today, defying warnings by the Interior Ministry not to hold demonstrations as the popular challenge to President Bashar al-Assad’s rule escalates.
- Oil is Poised to Climb for Record Eighth Straight Month on Demand Outlook, Falling Dollar, Mideast Tensions. Oil was poised to rise for an unprecedented eighth straight month as better-than-expected consumer spending signaled fuel demand may increase. Futures traded near a 31-month high after purchases climbed in March as Americans spent more on food and fuel, according to a Commerce Department report. Equities advanced and the dollar weakened against other major currencies, boosting the appeal of commodities as an alternative investment. Crude for June delivery rose 50 cents, or 0.4 percent, to $113.36 a barrel at 12:03 p.m. on the New York Mercantile Exchange. Futures are up 6.2 percent in April and have advanced every month since August, the longest streak of gains since the contract began trading in 1983. Prices have climbed 1 percent this week and have jumped 33 percent in the past year. Brent for June settlement increased 67 cents, or 0.5 percent, to $125.69 a barrel on London’s ICE Futures Europe exchange.
Wall Street Journal:
Boston Herald:
Electronista:
- Banks Rush to Improve Foreclosure Practices. The clock is ticking for the biggest U.S. banks to revamp their foreclosure practices. Under orders from U.S. regulators, 14 financial institutions have until mid-June to lay out plans to clean up their mortgage-servicing operations—and another 60 days to make the changes. It will be a daunting, expensive chore despite the work done since the foreclosure mess erupted last fall. J.P. Morgan Chase & Co. said it would take a $1.1 billion charge related to the consent order and other servicing-cost increases. Citigroup Inc., which services $602 billion of mortgage loans, predicted the changes will boost expenses by as much as $35 million a year.
- Scrap-Metal Recycling Turns to Gold. As commodities prices rise, scrap-metal recyclers are gleaning treasure from trash. Robinson likes Schnitzer Steel Industries(SCHN) which ships up to 80 percent of its metal overseas. His other pick is Metalico(MEA), which recycles iron and steel, along with more valuable metals like copper and nickel. A smaller metal recycler, Industrial Services of America(IDSA) could be a possible takeover candidate, adds Robinson.
- Americans Favor GOP On Budget: Poll.
- Mid-Level M&A Deals Surge: Bullish Sign for Stocks? Stock market investors are getting another buy signal from a vibrant mergers-and-acquisitions climate, particularly from the smaller companies that make up the backbone of the US economy.
- ConAgra(CAG) Made Offer to Buy Ralcorp(RAH); No Talks Right Now.
- Trump Bombshell: The REAL Reason He Avoided Vietnam.
- "Goldman Sachs(GS) Is Out-Of-Control Genius".
- Egypt Says It Will Open The Gaza Strip Border Despite Israel's Blockade.
- New Benefits Data Shows Why People Hate Public Sector Unions.
- Democrats Are Caving Left And Right On The Debt Ceiling.
- One Brutal Chart That Confirms The Failure of QE2.
- Polls: Romney Leading Obama, Both Burdened On Health Care Front. A WMUR Granite State Poll by the University of New Hampshire Survey Center shows Romney with a 50-43 edge in a hypothetical matchup against President Barack Obama. The phone poll of 504 randomly selected New Hampshire adults was taken from April 15-26 and has a 4.4 percent margin of error. Fifty-two percent disapproved of Obama’s job performance while 44 percent said he’s doing a good job. Pollsters said Obama’s job performance rating was the lowest since his election, with his popularity knocked down by his handling of the economy – 40 percent approved and 57 percent disapproved - and health care policy – 40 percent approved and 56 percent disapproved.
- Apple's(AAPL) White iPhone 4 Sold Out in China. “The white iPhone 4 goes on sale Thursday. Apple’s new white iPhone 4 has sold out in some Asian markets, analysts and sites reported today,” Gregg Keizer reports for Computerworld. “The long-delayed white iPhone 4, which went on sale in 28 countries earlier Thursday, sold out in Beijing, said Brian White, an analyst with Ticonderoga Securities,” Keizer reports. “‘Our checks today indicate that the ‘white’ iPhone 4 was sold out on launch day in Beijing,’ said White in an email. Keizer reports, “Other sources seconded the sell-out. According to the blog ElegentTech, Hong Kong stocks of the white iPhone 4 sold out in the first hour of availability.” Read more in the full article here.
Electronista:
- Asian iPad 2 Launches Greeted With Long Lines. Asian launches of the iPad 2 were met with long lines on Thursday, reports say. The most significant of these may be in Japan, which was first slated to get the tablet on March 25th, but had the introduction delayed because of the massive earthquake and tsunami that hit the north on March 11th. By the time Apple Japan's flagship Ginza store opened at 9AM on Thursday, the iPad2 lineup was reportedly three blocks long. AFP notes that in Hong Kong, around 400 people waited in the rain outside one store. Mall staff are said to have have handed out raincoats to people who had forgot an umbrella. Some of the buyers may have been gray marketeers, however, as several groups are said to have piled as many as a dozen iPads into shopping trolleys. AFP adds that Apple's online store for Hong Kong was out of stock by midday. Other Asia-Pacific launches are occurring in Macau, Malaysia, the Philippines, Singapore and South Korea. One Singapore reseller is noted to have had only 100 iPads in stock. In South Korea, 100 people lined up at the central Seoul outlet of carrier KT. Elsewhere in the world India, Israel, South Africa, Turkey and the United Arab Emirates are getting the device.
- China will hold a campaign against "illegal" books, software, television series, moves and online music and games May 1 to Aug. 31 to market the 90th anniversary of the founding of the Communist Party of China on July 1, citing the Ministry of Culture. The government will conduct "strict" reviews of the content and licenses of performance and entertainment venues, and punish Internet cafes that allow minors to use their facilities.
- Tibetan Human Rights Watch Group Expresses Deep Alarm at Chinese Military Crackdown on Monastery. The Tibetan Centre for Human Rights and Democracy (TCHRD) is deeply concerned at the massive security crackdown in Ngaba County, Sichuan, and other Tibetan areas in present day China. The crackdown has been severe in the past 43 days in Ngaba County and Kirti Monastery has been targetted particularly. Since the self-immolation of 20-year-old monk Phuntsok on 16 March 2011 in protest against Chinese rule in Tibet, scores of Tibetans have protested at the inhumane treatment given to him by the police while extinguishing flame. The extreme response by the Chinese security forces has led to around 37 detentions as well as four deaths (self-immolation by Phuntsok and three beaten to death) in the security crackdown. The Kirti Monastery has been under lockdown for over a month now. Armed security personals with police attack dogs patrol compound of the monastery. Work teams from the local religious bureau and government has been conducting rigorous "patriotic re-education" inside the monastery since 20 March. On 21 April, 300 monks have been transported in ten military trucks to an extralegal black jail. When the local Tibetans, mostly elderlies, sitting vigil at the monastery gate tried to stop the monks from being taken away, the police used extreme violence in controlling the crowd which led to death of two elderly Tibetans (65-year-old woman named Sherkyi and 60-year-old man Dongko). Another Tibetan, Chukpel, 24, died of injuries after being severely beaten by the police on 7 April when he along with two youths staged protest in front of a police station in Dzamthang Township, Ngaba Prefecture. The TCHRD is extremely concerned at fate of the monks led away by the security troops.
Bear Radar
Style Underperformer:
- Mid-Cap Value (-.09%)
- 1) Software -.95% 2) Hospitals -.79% 3) REITs -.67%
- IM, CLMT, REGN, DRIV, VFC, ENDP, MSFT, SUNH, TRMB, NATI, RIMM, ENDP, CROX, CTCT, DECK, WWE, CHH, KND, OHI, OSK, NWL, CVH, RHB, JBL, RMD, PBI, ENDP, GDOT, RLOC and MWW
- 1) SPWRB 2) GT 3) MMI 4) SPPI 5) OXY
- 1) GPRO 2) OSK 3) WM 4) CRR 5) REGN
Bull Radar
Style Outperformer:
- Small-Cap Growth (+.56%)
- 1) Coal +2.47% 2) Airlines +2.41% 3) Energy +1.39%
- ALLT, ARBA, OXY, TWX, BA, TWC, EPAY, QSII, SLXP, EQIX, PTNR, SPWRB, ACOM, NTGR, ZOLL, SONC, CSTR, SIMO, CERN, GNET, ASGN, TRLG, MPWR, QLIK, COLM, TNAV, GPRO, SWKS, QDEL, DXPE, LVB, DEP, GT, LEG, NTGR, KEG, N, RADS, CALX, MMI, DMD, WFR, TSRA, CODE, DLLR, OXY, EQT, EMN, ROC, PPO, B, IACI, VQ, FNF, DHI and AMCC
- 1) XLI 2) LYB 3) GT 4) DOW 5) CSTR
- 1) K 2) CERN 3) PTEN 4) ZMH 5) CAT
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