Style Outperformer:
Sector Outperformers:
- 1) Computer Hardware +.59% 2) Software +.48% 3) Networking +.39%
Stocks Rising on Unusual Volume:
- YOKU, IDIX, HES, OPK, GGC, DOLE and ARUN
Stocks With Unusual Call Option Activity:
- 1) WM 2) RPRX 3) KERX 4) EVEP 5) STSI
Stocks With Most Positive News Mentions:
- 1) PG 2) XRX 3) PG 4) HES 5) BIIB
Charts:
Weekend Headlines
Bloomberg:
- Euro Crisis Seen Reaping Social Toll With Record Jobless. Euro-area jobless data this week
will expose the social cost of last year’s debt crisis and
recession on southern European economies as unemployment across
the region probably rose to a record in December. Unemployment in the
17-nation bloc climbed for a fifth month to 11.9 percent, according to
the median of 34 economists in a Bloomberg News survey. That result due
on Feb. 1 would show the highest jobless rate since records began in
1995.
- Merkel Rebuffs Rajoy’s Call to Do More to Boost Euro Stimulus. German
Chancellor Angela Merkel rebuffed calls by Spanish Prime Minister
Mariano Rajoy that euro nations in better financial health should help
the bloc out of its economic slump by spurring growth. Merkel, in the
Chilean capital Santiago today for a meeting
of European and Latin American leaders, said euro member states
need to focus on both fiscal consolidation and growth. Rajoy
said yesterday countries that have the funds should use them. “There is no either/or,” Merkel said today after meeting
with Chilean President Sebastian Pinera. “Confidence can only
increase if you have solid finances on the one hand, and on the
other hand have the structures of reform in such a way that the
economy can grow. We are trying to make a contribution.”
- U.K. Profit Warnings Rise to the Highest Since 2008, E&Y Says. UK company profit warnings in the fourth quarter rose 26% to 86, taking the 2012 total to 287, Ernst & Young LLP said in an e-mail report today.
- Tripling in Debt to $1.7 Trillion Drags on Economy: China Credit. Chinese companies are spending
more than ever to service debt after their borrowing almost tripled over
five years, prompting strategists to warn of rising default risk and a
threat to economic growth. Total short- and long-term borrowing by 3,895 publicly traded
non-financial companies rose to almost $1.7 trillion in their latest
filings, from $604 billion at the end of 2007, data compiled by
Bloomberg show. Financing costs, including interest, on all forms of
debt climbed to the highest level as a percentage of gross domestic
product last year, according to Sanford C. Bernstein & Co. Bernstein says that means less cash for investment to fuel the
world’s second-largest economy, while Royal Bank of Scotland Group Plc
says the threat of defaults will hold back interest- rate
liberalization. The average 10-year yield for top-rated company bonds is
near a 13-month high at 5.27 percent, compared with the 2.6 percent
yield in a Bank of America Merrill Lynch global corporate index. “There’s just a lot more debt in China today than there was really
ever in the past, relative to nominal GDP,” said Mike Werner, a Hong
Kong-based analyst at Bernstein. “More and more of the country’s
resources have to be put to just financing outstanding debt, and that
itself is a headwind for economic growth.” While the nation exited a seven-quarter slowdown in
October-December as the government eased monetary policy, incoming
Premier Li Keqiang may need to confront the fading effects of government
support, a likely pickup in inflation and rising risks from shadow
banking. Price growth accelerated to a seven-month high in December,
driving up benchmark bond yields.
- Markets may be very volatile this year, Lou Jiwei, chairman of China Investment Corp., China's sovereign wealth fund, said at a forum in Beijing today. China should reduce short-term stimulus and improve labor-market flexibility, he said.
- China's Yi Warns on Currency Wars. China’s foreign-exchange regulator urged Group of 20 nations
to improve collaboration to avoid any so-called currency wars while
signaling he’s comfortable with the value of the yuan. On a
global level, there needs to be “better communication and coordination”
on foreign exchange among the G-20, Yi Gang, who is also a deputy
governor of China’s central bank, said in an interview at the World
Economic Forum’s annual meeting in Davos, Switzerland on Jan. 26. “Right
now, it is pretty much close to the equilibrium level,” he said,
referring to the Chinese currency’s exchange rate.
- PBOC's Pan: China Banks' Profit Growth Outlook 'Grim' for 2013.
The outlook is still "grim" after banks' income growth slumped in 2012,
Pan Gongsheng, a deputy governor at the People's Bank of China, said at a
forum in Beijing today.
- IMF's Lagarde Says Growth Outlook Is Fragile, Timid. IMF Managing
Director Christine Lagarde said in Davos, Switzerland, at the World
Economic Forum that the IMF would like Japan to have a mid-term debt
plan.
- Mursi Under Fire From Islamists, Opposition After Dozens Killed.
Small groups of protesters clashed
with security forces in Cairo early today, raising the prospect
of further bloodshed after 32 people were killed in fighting in
Port Said and authorities warned that a state of emergency may
be declared in the country. The unrest in the Egyptian capital built on
two days of
violence surrounding the second anniversary of the start of the
uprising that ousted Hosni Mubarak from power, and highlighted
increasing tensions in the nation since Mohamed Mursi’s election as
president in June. Mursi, who was fielded for office by the Muslim
Brotherhood after the vote, faces mounting criticism from secularists
and youth activists who contend he has put the Islamist group’s
interests ahead of the country’s and failed to fulfill any of his
pledges or revive an economy that, since the revolution, has grown at
the slowest pace for two decades.
- Egypt’s Mursi Declares State of Emergency Amid Mounting Unrest. Egyptian President Mohamed Mursi
declared a state of emergency and curfew in three provinces
wracked by days of unrest that have left almost 50 dead, and
said he was ready to take additional steps to protect the
nation.
In a late-night televised address yesterday, Mursi said
attacks on civilians and state installations won’t be tolerated
and that he had ordered security forces to deal with
transgressors with “all firmness and strength” to halt further
violence. The Islamist leader also said he was calling on
leaders of political parties to gather for a national dialogue
today -- an offer his opposition has so far largely shunned.
- Israel Deploys Missiles as Netanyahu Sees Syria Collapse. Prime
Minister Benjamin Netanyahu said that Israel must prepare for the
threat of a chemical attack from Syria as the army deployed its new Iron
Dome anti- missile system near the border with its northern neighbor.
Netanyahu told members of the Cabinet during the weekly meeting in
Jerusalem today that Israel faces dangers from throughout the Middle
East. Top security officials held a special meeting last week to
discuss what may happen to Syrian stocks of chemical weapons amid the
civil unrest there, Vice Prime Minister Silvan Shalom told Army Radio.
“We must look around us, at what is happening in Iran and its proxies
and at what is happening in other areas, with the
deadly weapons in Syria, which is increasingly coming apart,”
Netanyahu told his Cabinet, according to an e-mailed statement.
- Obama Picks Rejected as Court Casts Doubt on Recess Power. President Barack Obama violated the
Constitution by making appointments to the federal labor board
without Senate approval, a U.S. appeals court said in a ruling
that calls hundreds of board decisions into question and may
extend to the head of the new consumer finance agency. The U.S. Court of Appeals in Washington sided with
Republican lawmakers in a unanimous opinion.
- Ryan Says Balanced Budget Needs Spending Cuts, Not More Revenue. Reduced spending for entitlement
programs such as Medicare is needed to eliminate deficits within
10 years, said U.S. House Budget Committee Chairman Paul Ryan. “Our goal is to get cuts in reforms that put us on a path to balancing our budget within a decade,” Ryan, a Wisconsin
Republican, said today on NBC’s “Meet the Press” program.
“Spending is the problem, revenues aren’t the problem.”
- Kim Vows North Korean Retaliation Against U.S. for Sanctions. North Korean leader Kim Jong Un vowed “high-profile” retaliation
against the U.S. and its allies for increasing United Nations sanctions
against his regime, building on last week’s pledge to test a nuclear
device. Kim convened a meeting of foreign affairs and security
officials on Jan. 26 to discuss the “grave situation” caused by “hostile
forces,” the official Korean Central News Agency said yesterday. “The
U.S. has reached its height in its anti- DPRK strategy,” KCNA said,
referring to the country’s official name, Democratic People’s Republic
of Korea.
- Norway Data Shows Earth’s Global Warming Less Severe Than Feared. New estimates from a Norwegian
research project show meeting targets for minimizing global
warming may be more achievable than previously thought. After the planet’s average surface temperature rose through
the 1990s, the increase has almost leveled off at the level of
2000, while ocean water temperature has also stabilized, the
Research Council of Norway said in a statement on its website. After
applying data from the past decade, the results showed temperatures may
rise 1.9 degrees Celsius if Co2 levels double by 2050, below the 3
degrees predicted by the Intergovernmental Panel on Climate Change. “The
Earth’s mean temperature rose sharply during the 1990s,” said Terje
Berntsen, a professor at the University of Oslo who worked on the study.
“This may have caused us to
overestimate climate sensitivity.”
- Hedge Funds Boost Bullish Bets by Most Since July. Hedge funds increased bullish
commodity bets by the most in six months as accelerating growth
from China to the U.S. boosted prices for a seventh week. Speculators raised net-long positions across 18 U.S.
futures and options by 11 percent to 758,048 contracts in the
week ended Jan. 22, the biggest gain since July 3, U.S.
Commodity Futures Trading Commission data show. Bullish crude-
oil bets reached a four-month high, while those for soybeans
climbed by the most since March. Investors are the most bullish
on cotton since February 2011.
- Twitter Is Said to Be Worth $9 Billion as BlackRock(BLK) Buys Shares.
Twitter Inc. was valued at about $9 billion after early employees sold
$80 million in shares to a fund managed by BlackRock Inc. (BLK), three
people with knowledge of the matter said. The sales were overseen by Twitter Chief Operating Officer Ali Rowghani, said one of the people yesterday, who asked not to
be identified because the transactions were private.
Wall Street Journal:
- European Companies Brace for Write-Downs. Europe's blue chip companies are set to wipe billions of dollars from
their balance sheets this year, writing down the value of assets
acquired over recent years as the economic slowdown makes cash-flow
forecasts look increasingly optimistic.
The write-downs will serve as a report
card on executives' records in making shrewd acquisitions and are
important because they will reduce company earnings by a corresponding
amount and potentially diminish shareholder returns.
The charges will also indicate how
pessimistic executives are about the current business outlook in Europe
and influence how investors value companies.
- Algeria Probes Possible Role of Local Workers in Attacks. Algerian authorities are investigating whether any local employees from the
In Amenas gas plant aided terrorists who attacked the remote Saharan facility
this month, amid survivors' accounts that the gunmen arrived with basic
knowledge of the plant.
- Device Makers Add Fees to Cover Obamacare Tax. Some medical-device companies faced with a new tax meant to help
finance the health law are hoping someone else will pick up the tab:
their hospital customers. Companies including feeding-tube
supplier Applied Medical Technology Inc. and respiratory-valve maker
Hans Rudolph Inc. quietly added new surcharges or warned hospitals of
price increases to cover the new 2.3% tax on device sales that went into
effect Jan. 1, according to letters and invoices from nine
manufacturers sent to hospitals that were reviewed by The Wall Street
Journal.
- Treasury Gets a Citibanker. From Wall Street failure to the pinnacle of finance in four short years. There was a time when you had to be successful on
Wall
Street to become secretary of the Treasury. Now along comes presidential
nominee Jack Lew, whose only business credential is a stint at the most
troubled too-big-to-fail bank. During the darkest days of the
financial crisis Mr. Lew served as the chief operating officer of
Citigroup's Alternative Investments unit (CAI). When Mr. Lew took this
job in January 2008, the unit was already infamous for overseeing
"structured
investment vehicles" that hid mortgage risks outside Citi's balance
sheet. It also housed internal hedge funds that were in the process of
imploding. CAI no longer exists. At the end of Mr. Lew's first
quarter on the job, the unit reported a $358 million loss. Things got
much worse after that but Citi stopped breaking out CAI results in its
earnings releases. The unit was eventually shuttered and many of its
assets were sold.
CNBC:
- Europe's Crisis Not Over Say Bankers, Policymakers. International bankers and finance ministers warned on Saturday that
Europe's crisis was not over even though the euro currency is now
stabilized, it will take years to overcome economic malaise and mass
unemployment in Europe. After a private meeting of leading
commercial bankers, government officials, central bankers and trade
union officials, Swedish Finance Minister Anders Borg told Reuters:
"There is a clear divide between the financial markets, who think a lot
of this is fixed, and the people in the real economy and particularly
from our side as the governments."
- US Facing Fresh Financial Shock to Economy. The $1.2 trillion in automatic spending cuts that Barack Obama once
promised to avert are looking increasingly likely to occur because of
entrenched politics in Washington, threatening a shock to confidence in
the US economy.
Zero Hedge:
Business Insider:
IBD:
Washington Post:
- The wrong man to be defense secretary by Senator Jim Inhofe. Our military and national security interests are at a critical
juncture. As a former colleague of Chuck Hagel’s, I know that he is a
good man with a record of service and sacrifice that deserves respect.
While his service is commendable, the lens through which his nomination as defense secretary must
be considered needs to be both broader and more refined. Whether he is
the right person to lead the Defense Department should be determined by
his judgment, his fundamental view of America’s role in the world and
his assessment of the military required to support this role. After
carefully reviewing his record from this perspective, I am unable to
support his nomination.
Reuters:
- Bank of America(BAC) begins moving $50 billion of derivatives to UK: FT. Bank
of America has begun moving $50 billion of derivatives out of its
Irish-based operations into its British subsidiary, The Financial Times
reported on its website on Sunday. The move will allow the world's
number 10 bank by assets to benefit from tax breaks stemming from
accumulated losses in its UK business, the FT said. According to the Financial Times, bankers said Irish officials were uncomfortable with the scale of
the business which posed a theoretical risk to Irish taxpayers.
Financial Times:
- US regulators warn banks on living wills. US
regulators have warned banks not to assume that countries will work
together to avoid the catastrophic failure of a financial group. The alert to the world’s biggest international financial institutions
followed growing concerns about the progress of global regulatory
reform efforts.
Telegraph:
- David Cameron has one great ally: the people of Europe. Cherry-picking. Europe a la carte. And from Madrid, a finger-waving admonition
that "David Cameron must understand he cannot pretend to renegotiate
the treaties, and undo what we have done, or slow the speed of the EU
cruiser."
WirtschaftsWoche:
- Bundesbank
board member Andreas Dombret says the so-called Basel III capital rules
will go into effect in the EU in early 2014 at the latest. Dombret has
"no doubt" the U.S. will introduce the Basel III rules as well.
- Owners
of German medium-sized companies would face tax rates on profits of
more than 60% under plans by the opposition Social Democratic Party that
would go into effect after an election victory, citing calculations by
the DIHK industry and trade chamber umbrella organization. The top
income tax rate of the typical owner of a company with 200 employees,
with sales of EU40m per year and a profit of EU2m, would rise to more
than 60% from 47.5% at present, citing DIHK managing director Martin
Wansleben.
Welt am Sonntag:
- Greece has carried out some reforms, though not much has improved in the past 12 months, citing Bill Gross, co-chief investment
officer of PIMCO. Gross also said the euro crisis isn't over and warned
not to draw the wrong conclusions from calmer capital markets. Gross said countries are rushing to devalue their currencies and the situation reminds him of the 1930s.
- German Foreign Minister Guido Westerwelle says efforts shouldn't be made to keep the U.K. in the European Union by reducing the EU's legal rights, citing a commentary by Westerwelle.
Le Progres:
- French Unemployment Seen Rising to 11% by OFCE. France will have
about 250,000 additional unemployed by the end of this year, citing
economist Mathieu Plane at Sciences Po's research center OFCE. Economic
growth of 1.2% is required to reverse the unemployment trend; OFCE
predicts growth will be around 0%.
Kathimerini:
- European Central Bank Board member Joerg Asmussen said a default of Cyprus would risk a contagion of Greek banks, citing an interview. "We are still not in normal times, and therefore I think that disorderly developments in Cyprus could harm the progress we made in Europe in 2012. There are two kinds of effects that a bad development in Cyprus can produce. One is possible contagion of Greece via banking channels, since a number of Cypriot banks are active in Greece. Secondly, it can send the wrong signal to the rest of the euro area. We are in a phase where countries like Portugal and Ireland are preparing to re-enter capital markets:" Asmussen said. Asmussen also said that the central bank needs to "return to a situation in which the ECB can rely on its standard monetary policy instruments. We can take non-standard measures, but the extraordinary crisis policies should not become permanent."
Japan Times:
- Krugman’s worn-out ideas for Japan don’t fly. Abe’s big idea, the one that has investors feeling the most bullish
on Japan since 2009, is fiscal pump-priming and getting the Bank of
Japan to do more to stimulate growth. About 21 percent of respondents to
a Bloomberg poll now see Japan as offering the best opportunities over
the next year. The same poll showed 54 percent are more optimistic than
pessimistic about what some are calling Abenomics. Those numbers are hard to ignore on two scores. First, I only hope
that those in charge of managing my retirement accounts aren’t among the
Japan-bulls-come-lately. The second is how short memories can be. Abe,
remember, failed miserably in his first term as prime minister in
2006-2007.
Nikkei:
- Advantest(ATE) to Miss FY Op Profit Forecast. Advantest is getting few orders from Apple(AAPL) suppliers. Weak PC demand is cutting orders for DRAM test equipment. Chipmaker capital investment has reached a peak.
Financial News:
- China should adopt differentiated policies, such as when levying
property taxes, to control home price inflation in the largest cities,
according to a front-page commentary by reporter Xu Shaofeng. Rising
home prices in large cities may fuel inflation expectations. Bad loan
rates may increase if property prices fall following the bursting of a
real estate bubble, the commentary said.
Weekend Recommendations
Barron's:
- Bullish commentary on (AAPL), (UNP), (CPN), (TOL), (LH), (RHP) and (NUE).
- Bearish commentary on (ISRG), (LMT), (NOC), (RTN) and (GD).
Night Trading
- Asian indices are -.50% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 105.5 -3.5 basis points.
- Asia Pacific Sovereign CDS Index 84.25 -.75 basis point.
- NASDAQ 100 futures +.14%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
8:30 am EST
- Durable Goods Orders for December are estimated to rise +2.0% versus a +.7% gain in November.
- Durables Ex Transports for December are estimated to rise +.8% versus a +1.6% gain in November.
- Cap Goods Orders Nondef Ex Air for December are estimated to fall -1.0% versus a +2.7% gain in November.
10:00 am EST
- Pending Home Sales for December are estimated to rise +.1% versus a +1.7% gain in November.
10:30 am EST
- Dallas Fed Manufacturing Activity for January is estimated to fall to 3.0 versus 6.8 in December.
Upcoming Splits
Other Potential Market Movers
- The Italian bond auction and the Australia Leading Indicators data could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and real estate shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the week.
U.S. Week Ahead by MarketWatch (video).
Wall St. Week Ahead by Reuters.
Stocks to Watch Monday by MarketWatch.
Weekly Economic Calendar by Briefing.com.
BOTTOM LINE: I expect US stocks to finish the week modestly lower on US debt ceiling concerns, global growth fears, China-Japan/Mideast tensions, Eurozone debt angst, profit-taking, earnings disappointments, technical selling and more shorting. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 50% net long heading into the week.
S&P 500 1,502.96 +1.49%*
The Weekly Wrap by Briefing.com.
*5-Day Change
Indices
- Russell 2000 905.24 +1.67%
- Value Line Geometric(broad market) 392.84 +1.92%
- Russell 1000 Growth 688.76 +1.08%
- Russell 1000 Value 763.98 +2.05%
- Morgan Stanley Consumer 889.97 +1.85%
- Morgan Stanley Cyclical 1,126.08 +1.44%
- Morgan Stanley Technology 732.74 +1.62%
- Transports 5,870.05 +3.32%
- Bloomberg European Bank/Financial Services 97.94 +.41%
- MSCI Emerging Markets 44.11 -.58%
- Lyxor L/S Equity Long Bias 1,106.64 +.34%
- Lyxor L/S Equity Variable Bias 824.18 +.74%
Sentiment/Internals
- NYSE Cumulative A/D Line 170,606 +1.38%
- Bloomberg New Highs-Lows Index 1,073 +114
- Bloomberg Crude Oil % Bulls 50.0 +28.6%
- CFTC Oil Net Speculative Position 246,103 +8.5%
- CFTC Oil Total Open Interest 1,491,867 -.22%
- Total Put/Call .87 +17.57%
- ISE Sentiment 123.0 -22.6%
- Volatility(VIX) 12.89 -5.01%
- S&P 500 Implied Correlation 61.41 -1.95%
- G7 Currency Volatility (VXY) 8.81 -3.7%
- Smart Money Flow Index 11,317.63 +.89%
- Money Mkt Mutual Fund Assets $2.696 Trillion -.20%
Futures Spot Prices
- Reformulated Gasoline 287.54 +3.94%
- Heating Oil 306.30 +1.18%
- Bloomberg Base Metals Index 216.27 +.43%
- US No. 1 Heavy Melt Scrap Steel 349.33 USD/Ton unch.
- China Iron Ore Spot 148.60 USD/Ton +2.41%
- UBS-Bloomberg Agriculture 1,571.68 -.56%
Economy
- ECRI Weekly Leading Economic Index Growth Rate 7.2% +110 basis points
- Philly Fed ADS Real-Time Business Conditions Index .3537 -5.2%
- S&P 500 Blended Forward 12 Months Mean EPS Estimate 112.52 -.29%
- Citi US Economic Surprise Index -2.0 -4.2 points
- Fed Fund Futures imply 56.0% chance of no change, 44.0% chance of 25 basis point cut on 1/30
- US Dollar Index 79.73 +.06%
- Yield Curve 167.0 +8 basis points
- 10-Year US Treasury Yield 1.95% +11 basis points
- Federal Reserve's Balance Sheet $2.994 Trillion +1.61%
- U.S. Sovereign Debt Credit Default Swap 43.59 -.93%
- Illinois Municipal Debt Credit Default Swap 162.0 -4.18%
- Western Europe Sovereign Debt Credit Default Swap Index 98.67 +1.02%
- Emerging Markets Sovereign Debt CDS Index 157.84 -3.38%
- Israel Sovereign Debt Credit Default Swap 120.31 -2.85%
- Iraq Sovereign Debt Credit Default Swap 470.59 +7.86%
- China Blended Corporate Spread Index 379.0 +11 basis points
- 10-Year TIPS Spread 2.52% -1 basis point
- 2-Year Swap Spread 16.25 +2.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -12.75 +4.75 basis points
- N. America Investment Grade Credit Default Swap Index 85.0 -3.86%
- European Financial Sector Credit Default Swap Index 136.11 +.07%
- Emerging Markets Credit Default Swap Index 213.03 -1.06%
- CMBS Super Senior AAA 10-Year Treasury Spread 90.0 unch.
- M1 Money Supply $2.456 Trillion +1.46%
- Commercial Paper Outstanding 1,125.50 -.60%
- 4-Week Moving Average of Jobless Claims 351,800 -7,500
- Continuing Claims Unemployment Rate 2.5% unch.
- Average 30-Year Mortgage Rate 3.42% +4 basis points
- Weekly Mortgage Applications 894.80 +6.97%
- Bloomberg Consumer Comfort -36.4 -.9 point
- Weekly Retail Sales +1.9% -10 basis points
- Nationwide Gas $3.33/gallon +.04/gallon
- Baltic Dry Index 808.0 -3.47%
- China (Export) Containerized Freight Index 1,125.21 unch.
- Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0-20.0%
- Rail Freight Carloads 249,397 -1.38%
Best Performing Style
Worst Performing Style
Leading Sectors
- Disk Drives +6.65%
- Oil Tankers +4.84%
- Internet +4.71%
- Computer Services +4.49%
- Road & Rail +4.22%
Lagging Sectors
- Defense +.72%
- Semis +.70%
- Gaming +.36%
- Steel -1.63%
- Gold & Silver -6.63%
Weekly High-Volume Stock Gainers (22)
- MAPP, NFLX, SWFT, CREE, SMCI, TZOO, INVN, BOX, OMG, ATNI, ISRG, GY, KBH, OSTK, LIFE, MTRX, CSH, TPX, SRC, RKT, WST and KNX
Weekly High-Volume Stock Losers (9)
- MKC, COF, DBD, VLTR, TCBI, IIVI, CYBX, OSIS and COH
Weekly Charts
ETFs
Stocks
*5-Day Change
Today's Market Take:
Broad Market Tone:
- Advance/Decline Line: About Even
- Sector Performance: Most Sectors Rising
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- ISE Sentiment Index 130.0 +9.2%
- Total Put/Call .88 +1.15%
Credit Investor Angst:
- North American Investment Grade CDS Index 85.11 -1.65%
- European Financial Sector CDS Index 136.17 -.75%
- Western Europe Sovereign Debt CDS Index 98.67 -1.55%
- Emerging Market CDS Index 212.52 -.41%
- 2-Year Swap Spread 16.25 +1.0 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -12.75 +1.5 bps
Economic Gauges:
- 3-Month T-Bill Yield .07% -1 bp
- China Import Iron Ore Spot $148.60/Metric Tonne unch.
- Citi US Economic Surprise Index -2.0 -1.4 points
- 10-Year TIPS Spread 2.52 -3 bps
Overseas Futures:
- Nikkei Futures: Indicating +89 open in Japan
- DAX Futures: Indicating +11 open in Germany
Portfolio:
- Slightly Higher: On gains in my medical/biotech/retail/tech sector longs and emerging markets shorts
- Market Exposure: 50% Net Long