Weekly Scoreboard*

S&P 500 3,691.64 +.96%

The Weekly Wrap by Briefing.com. 

Indices

• DJIA 30,074.37 +.2%

• NASDAQ 12,690.0 +2.86%

• Russell 2000 1,979.58 +4.01%

• S&P 500 High Beta 56.16 -1.31%

• Goldman 50 Most Shorted 241.54 +6.1%

• Wilshire 5000 38,681.23 +1.5%

• Russell 1000 Growth 2,393.43 +2.52%

• Russell 1000 Value 1,330.71 +.11%

• S&P 500 Consumer Staples 691.71 +.28%

• MSCI Cyclicals-Defensives Spread 1,366.41 +1.64%
  

• NYSE Technology 3,700.28 +4.34%

• Transports 12,504.24 -1.04%

• Utilities 861.36 +1.08%

• Bloomberg European Bank/Financial Services 59.11 +.37%

• MSCI Emerging Markets 50.68 -.07%

• HFRX Equity Hedge 1,312.82 +.95%

• HFRX Equity Market Neutral 916.56 +.16%

Sentiment/Internals

• NYSE Cumulative A/D Line 442,263 +.48%

• Bloomberg New Highs-Lows Index 1,563 +984

• Crude Oil Commercial Bullish % Net Position -45.87 +1.15%

• CFTC Oil Net Speculative Position 514,629 -.49%

• CFTC Oil Total Open Interest 2,131,943 +.44%

• Total Put/Call .71 -29.2%

• OEX Put/Call 1.74 -2.4%

• ISE Sentiment 112.0 +4.0 points

• NYSE Arms 1.55 -12.1% 
• Bloomberg Global Risk-On/Risk-Off Index 1,358.0 +158.0 points
  

• Volatility(VIX) 23.0 -2.6%

• S&P 500 Implied Correlation 48.60 +1.08%

• G7 Currency Volatility (VXY) 7.4 -2.11%
  

• Emerging Markets Currency Volatility (EM-VXY) 10.25 -.77%

• Smart Money Flow Index 13,101.60 +.71%

• ICI Money Mkt Mutual Fund Assets $4.289 Trillion -1.25%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$6.186 Million

• AAII % Bulls 43.43 -9.6%

• AAII % Bears 26.3 -2.1%

Futures Spot Prices

• CRB Index 166.44 +3.0%

• Crude Oil 49.11 +5.09%

• Reformulated Gasoline 139.52 +6.46%

• Natural Gas 2.70 +3.28%

• Heating Oil 151.33 +5.42%

• Gold 1,886.70 +2.46%

• Bloomberg Base Metals Index 216.89 +2.16%

• Copper 363.40 +2.74%

• US No. 1 Heavy Melt Scrap Steel 420.0 USD/Metric Tonne +3.7%

• China Iron Ore Spot 162.10 USD/Metric Tonne +7.1%

• Lumber 847.30 +7.1%

• UBS-Bloomberg Agriculture 993.08 +2.06%

Economy

• Atlanta Fed GDPNow Forecast +11.13% -.02 percentage point
  

• ECRI Weekly Leading Economic Index Growth Rate +13.1% +1.0 percentage points
  
• Bloomberg US Recession Probability Next 12 Months 20.0% unch.
  

• NY Fed Real-Time Weekly Economic Index -2.7 -9.3%

• US Economic Policy Uncertainty Index 426.59 +77.1%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 167.50 +.59%

• Citi US Economic Surprise Index 71.30 -6.9 points

• Citi Eurozone Economic Surprise Index 205.50 +64.3 points

• Citi Emerging Markets Economic Surprise Index 70.6 +3.9 points

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate hike on 1/27

• US Dollar Index 90.04 -1.05%

• MSCI Emerging Markets Currency Index 1,719.08 +.28%

• Bitcoin/USD 22,784.07 +25.8%

• Euro/Yen Carry Return Index 130.82 +.26%

• Yield Curve 80.5 +3.25 basis points
  

• 10-Year US Treasury Yield .94% +5.0 basis points

• Federal Reserve's Balance Sheet $7.322 Trillion +1.7%

• U.S. Sovereign Debt Credit Default Swap 15.5 -1.9%

• Illinois Municipal Debt Credit Default Swap 323.06 -.05%
  

• Italian/German 10Y Yld Spread 114.0 -5.0 basis points
  

• China Sovereign Debt Credit Default Swap 27.77 -5.7%
  

• Brazil Sovereign Debt Credit Default Swap 149.34 -3.41%
  

• Israel Sovereign Debt Credit Default Swap 46.22 +.87%

• South Korea Sovereign Debt Credit Default Swap 21.81 -.40%

• Russia Sovereign Debt Credit Default Swap 84.08 +7.95%

• iBoxx Offshore RMB China Corporate High Yield Index 183.37 +.76%

• 10-Year TIPS Spread 1.96% +9.0 basis points

• TED Spread 15.75 +.25 basis point

• 2-Year Swap Spread 8.5 +1.0 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -24.5 -2.75 basis points

• N. America Investment Grade Credit Default Swap Index 53.43 -.77%
  

• America Energy Sector High-Yield Credit Default Swap Index 411.0 -2.17%

• European Financial Sector Credit Default Swap Index 58.45 -8.81%
  

• Emerging Markets Credit Default Swap Index 156.78 -5.2%
  

• MBS 5/10 Treasury Spread 72.5 +2.25 basis points
• Markit CMBX BBB-6 72.66 +.14%

• M1 Money Supply $6.584 Trillion +.64%

• Commercial Paper Outstanding 997.30 +.70%

• 4-Week Moving Average of Jobless Claims 812,500 +4.4%

• Continuing Claims Unemployment Rate 3.8% -10.0 basis points
  

• Average 30-Year Mortgage Rate 2.67% -4.0 basis points

• Weekly Mortgage Applications 857,300 +1.06%

• Bloomberg Consumer Comfort 48.4 -.6 point

• Weekly Retail Sales +2.3% +20.0 basis points

• Nationwide Gas $2.21/gallon +.05/gallon

• Baltic Dry Index 1,301 +7.4%

• China (Export) Containerized Freight Index 1,488.72 +5.43%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 17.50 unch.
• Truckstop.com Market Demand Index 99.46 -3.86%

• Rail Freight Carloads 308,016 +3.6%

Best Performing Style

• Small-Cap Growth +5.5%

Worst Performing Style

• Large-Cap Value +.1%
  

Leading Sectors

• Homebuilding +6.9%

• Shipping +6.2%
  

• Gold & Silver +6.0%

• Networking +5.1%

• Education +5.1%
  

Lagging Sectors

• Telecom -1.3%
  

• Oil Service -2.6%

• Airlines -2.9%

• Steel -3.4%

• Energy -4.3%

Weekly High-Volume Stock Gainers (26)

• FEYE, MGNI, BEAT, HGEN, TENB, QLYS, TTCF, PRG, BLNK, VRNS, CRWD, FUBO, RPD, USCR, WGO, SLP, INFN, VCRA, COHU, PANW, DMYD, MCFE, ADV, NARI, STRL and LIND
  

Weekly High-Volume Stock Losers (12)

• PSXP, CVM, WW, ADVM, ARCT, CI, GCO, SAFM, MAC, SWI, X and GLSI
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Falling into Afternoon on Virus Shutdown Worries, Diminished Stimulus Hopes, Technical Selling, Commodity/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 22.8 +4.1%
• Bloomberg Global Risk On/Risk Off Index 1,372.0 -69.0 points

• Euro/Yen Carry Return Index 130.83 +.01%

• Emerging Markets Currency Volatility(VXY) 10.34 +.58%

• S&P 500 Implied Correlation 48.4 +1.9%

• ISE Sentiment Index 109.0 -39.0 points
  

• Total Put/Call .69 +1.47%

• NYSE Arms 1.48 +59.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 53.43 +1.61%
  

• US Energy High-Yield OAS 574.05 -1.34%

• European Financial Sector CDS Index 58.46 +4.2%

• Italian/German 10Y Yld Spread 114.0 +3.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 56.66 +.03%
  

• Emerging Market CDS Index 156.76 +1.22%
  

• iBoxx Offshore RMB China Corporate High Yield Index 183.37 +.02%

• 2-Year Swap Spread 8.5 unch.

• TED Spread 15.75 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -24.50 +1.0 basis point
  
• MBS  5/10 Treasury Spread  72.75 -.25 basis point
  
• IHS Markit CMBX BBB- 6 72.75 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 62.86 -.16%
• 3-Month T-Bill Yield .08% unch.
  

• Yield Curve 80.5 -.25 basis point
  

• China Iron Ore Spot 162.10 USD/Metric Tonne 32.1%

• Citi US Economic Surprise Index 71.3 -.7 point

• Citi Eurozone Economic Surprise Index 205.50 +6.8 points
  

• Citi Emerging Markets Economic Surprise Index 70.6 unch.

• 10-Year TIPS Spread 1.96 +1.0 basis point
• 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -60 open in Japan 
• China A50 Futures: Indicating +20 open in China

• DAX Futures: Indicating -23 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/biotech sector longs and index hedges
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 25% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value -.3%

Sector Underperformers:

• 1) Steel -2.5% 2) Oil Service -1.7% 3) Banks -1.2%

Stocks Falling on Unusual Volume: 

• IRTC, BIGC, RKT, PDM, GNL, ALXO, SWI, NKTR, CRS, MAC, ARVN, BIG, ADVM, FDX, GCO, RVP, PI, IHRT, ALVR, LCA, MEDP, SI, AINV, X, CDE, OSTK, SCHL and GLSI
  

Stocks With Unusual Put Option Activity:

• 1) DD 2) DRI 3) ATUS 4) FL 5) MJ
  

Stocks With Most Negative News Mentions:

• 1) CVIAQ 2) SCHL 3) CDE 4) PLTR 5) IHRT
  

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +1.0%

Sector Outperformers:

• 1) Alt Energy +3.9% 2) Education +2.8% 3) Networking +1.8%

Stocks Rising on Unusual Volume:

• MGNI, FEYE, BEAT, TISI, TENB, HGEN, QLYS, TTCF, PRG, VRNS, CRWD, RPD, BLNK, RMG, PFPT, FUBO, MDXG, SLP, DFIN, OCFC, WGO, COHU, LPSN, INFN, VCRA, INFN, LAZR, PANW, AHCO, QS, CMBM, VRM, KPTI, NCNO, IIVI, CDMO, STRL, ADV, GLDD, RYTM and MGNX
  

Stocks With Unusual Call Option Activity:

• 1) ATUS 2) TISI 3) FLEX 4) FEYE 5) BK

Stocks With Most Positive News Mentions:

• 1) ESTE 2) BEAT 3) LEN 4) WGO 5) ENSG
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +6.3% Above 100-Day Average
• 1 Sector Rising, 10 Sectors Declining
• 44.8% of Issues Advancing, 52.1% Declining
• 209 New 52-Week Highs, 1 New Low
• 86.2% of Issues Above 200-day Moving Average
• Average 14-Day RSI 54.6% 
• Bloomberg Global Risk-On/Risk-Off Index 1,359.0 -80.0 points
• Vix 23.0 +4.7%
• Total Put/Call .69 +1.5%
• TRIN/Arms 1.45 +55.9%

Friday Watch

Evening Headlines

Bloomberg:               

• China’s Attacks on Australian Goods Take Many Different Forms.
• Japan Prices Fall at Fastest Pace in a Decade as BOJ Meets.
• U.K. Warns Brexit Talks ‘Blocked’ as Time to Reach Deal Ebbs.
• Muted Start for Stocks Friday Amid Stimulus Talks: Markets Wrap.
• Oil Poised for Seventh Weekly Gain Amid U.S. Stimulus Optimism.
• GOP Georgia Senators Lose Bid to Alter Mail-in Ballot Rules.
• Los Angeles Is Now Worst-Hit U.S. Metro Area for Covid-19 Cases. 
• Tracking the Coronavirus Vaccines That Will End the Pandemic.
• Government Faces Risk of Weekend Shutdown, GOP Senator Says.  
• Coca-Cola to Cut 2,200 Jobs Worldwide Amid Covid Challenges.
• Skillz Soars in Trading Debut as Investors Bet on Mobile Esports.
• Poshmark Files for IPO Saying It Became Profitable in Pandemic.  
• DoorDash Slips After Citron Calls IPO ‘Most Ridiculous’ of 2020.  
• Amazon Has Turned a Middle-Class Warehouse Career Into a McJob.  
• NYC’s Plummeting Real Estate Sales Cost City $1.2 Billion.

Wall Street Journal:

• Hijacking the Fed to Bail Out States.
• Biden’s Court Problem.
• Roku Torments Entertainment Giants in Quest to Dominate Streaming.
• Robinhood Financial to Pay $65 Million to Settle SEC Probe.
• Hack Suggests New Scope, Sophistication for Cyberattacks.
• More States Hit Google Over Alleged Monopoly Conduct.
• Risky Loans Secure Private-Equity Payouts Despite Downturn.

Fox News:   

• Joe Biden addresses Hunter investigation in new interview.
  

CNBC.com:

• Online thrift store Poshmark files to go public after two profitable quarters.
• Congress scrambles to finalize Covid relief, avoid shutdown as deadline draws near.
• FedEx beats quarterly earnings, revenue estimates but cites continued uncertainty of Covid pandemic.
• FDA panel endorses second Covid vaccine in U.S. as Moderna wins key vote in path to emergency use.
• Microsoft was swept up in SolarWinds hack.
• The stock market will face a big test early in 2021 with the Georgia runoffs.
• Largest U.S. cryptocurrency exchange Coinbase files for IPO as bitcoin soars past $23,000.
• Stocks making the biggest moves after hours: FedEx, United States Steel, Scholastic & more.

MarketWatch.com:         

• Mortgage rates slide to fresh record low as Fed holds steady.  
• The U.S. dollar is getting crushed — here’s why you can thank the Fed .
  
• Bitcoin price rally near point of ‘exhaustion,’ warns market-timing expert.

Zero Hedge:

• Former Goldman CFO Calls For Universal Basic Income "To Stave Off Revolution".
• "Who Wants To Be A Guinea Pig?": Health Workers Balk At Vaccine; 40% Of Staff At One Chicago Hospital Refuse To Take.
• The Decimal Point That Blew Up The World.
• This Picture Is Worth A Thousand Words.
• US Nuclear Weapons Agency Breached As Part Of Massive Cyberattack: Report.
• FDA Advisory Panel Confirms Moderna's COVID-19 Vaccine Benefits Outweigh Risks.
• Why Albert Edwards Is Starting To Panic About Soaring Food Prices.
• Dollar Slump Sparks Surge In Small Caps, Lumber, Copper, Crypto, & Gold.

Newsmax:

• Trump Adviser Navarro: 6 Frauds 'More Than Sufficient' to Swing Election Outcome.
• Trump: 'Thousands of Noncitizens Voted in Nevada'.
• Tommy Tuberville Floated as Ally for Rep. Brooks' Electoral College Challenge.
• Sen. Rick Scott to Newsmax TV: We’ll See What Happens With Electors Jan. 6.
  

@kylenabecker:

• “On Thursday, Georgia Secretary of State Brad Raffensperger announced a statewide move to *MATCH SIGNATURES* to their absentee ballots in all 159 counties in the state.” SIGNATURE MATCH. ALL COUNTIES. BIG NEWS IN GA.
• SCOTUS. "I don't give a #@&^ about 'Bush v. Gore'... at that time we didn't have RIOTS!" A staffer "heard *SCREAMING* through the walls as Justice Roberts & other liberal Justices were insisting this case *NOT* be taken up..." Wonder why Texas' case was dropped? Here's why: (video)

TheGatewayPundit.com:

• BREAKING: Gateway Pundit Requests 3:30 AM TCF Center Footage of Detroit’s Biden Ballot Dump.
• Hackers Breached US Nuclear Security Administration which Maintains US Nuclear Stockpile.
• DNI Ratcliffe Refuses to Sign Off on Elections Report Until Intel Officials Include Damning info on China’s Attempts to Influence Election — Deep State Hiding the Facts.
• Newly Released Texts Show Hunter Biden Associate Asked to ‘Get Joe Involved’ in China Deal to Make it Look Like ‘Truly Family Business’.
• OUTRAGEOUS: Supreme Court Is Purposefully Delaying and Slow Walking Sidney Powell Emergency Petitions – State Responses Not Due Till January 14.

The Epoch Times:

• Leaked CCP Member List Shows 70-member Strong Unit at NYU Shanghai.

Geller Report: 

• LOOK Who Owns Dominion Voting Systems: Politically Motivated PRIVATE Equity NY Hedge Fund.

The Atlantic:

• The End of the Filibuster—No, Really. Many activists will not tolerate a Democratic-controlled Senate that allows Republicans to block legislation next year.

Politico:

• AOC Lays Out Progressive Wish List for Biden.

Glenn Beck:

• Elizabeth Warren’s ‘progressive wish list’ will destroy America. (video)

Daily Caller:

• Trump Urges Supporters Not To Boycott Georgia Senate Elections. President Donald Trump urged his supporters not to boycott the upcoming runoff Senate elections in Georgia on Friday, saying a boycott would be “playing right into the hands” of Democrats.
  

NTD News:

• "A lot of people, friends of mine, say, let's not vote... But if you do that, the radical left wins. ... You're angry because so many votes were stolen, it was taken away...If you don't vote, the socialists and the communists win"—Trump rallies for Perdue and Loeffler. (video) 

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 56.75 -.5 basis point.

• China Sovereign CDS 28.0 unch.

• Bloomberg Emerging Markets Currency Index 62.91 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 1,460.0 +19.0 points.
• Volatility Index(VIX) futures 24.0 +.73%
• FTSE 100 futures -.02%.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.16%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (APOG)/.69
• (DRI)/.72
• (WGO)/.98
  

After the Close:

• (NKE)/.62

Economic Releases

8:30 am EST:

• The Current Account Deficit for 3Q is estimated at -$187.0B versus -$170.5B in 2Q.
  

10:00 am EST

• The Leading Index for Nov. is estimated to rise +.5% versus a +.7% gain in Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Brainard speaking, Fed stress test results released, government funding deadline and the (CNC) investor day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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

Stocks Rising into Afternoon on Stimulus Hopes, Vaccine Optimism, Oil Gain, Tech/Homebuilding Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 21.8 -3.2%
• Bloomberg Global Risk On/Risk Off Index 1,450.0 +87.0 points

• Euro/Yen Carry Return Index 130.80 +.18%

• Emerging Markets Currency Volatility(VXY) 10.3 +.1%

• S&P 500 Implied Correlation 47.7 -1.3%

• ISE Sentiment Index 159.0 +40.0 points
  

• Total Put/Call .64 -18.0%

• NYSE Arms .94 -24.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 52.57 -.64%
  

• US Energy High-Yield OAS 576.18 -.70%

• European Financial Sector CDS Index 56.09 -1.69%

• Italian/German 10Y Yld Spread 111.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 56.62 -1.15%
  

• Emerging Market CDS Index 155.41 -2.23%
  

• iBoxx Offshore RMB China Corporate High Yield Index 183.34 +.36%

• 2-Year Swap Spread 8.5 unch.

• TED Spread 15.5 +1.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -25.50 -1.0 basis point
  
• MBS  5/10 Treasury Spread  73.0 -2.25 basis points
  
• IHS Markit CMBX BBB- 6 73.0 +.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 62.94 +.55%
• 3-Month T-Bill Yield .08% unch.
  

• Yield Curve 80.75 +3.75 basis points
  

• China Iron Ore Spot 158.22 USD/Metric Tonne +2.78%

• Citi US Economic Surprise Index 72.0 +.6 point

• Citi Eurozone Economic Surprise Index 198.70 -1.1 points
  

• Citi Emerging Markets Economic Surprise Index 70.6 +.9 point

• 10-Year TIPS Spread 1.95 +2.0 basis points
• 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -26 open in Japan 
• China A50 Futures: Indicating -11 open in China

• DAX Futures: Indicating +19 open in Germany

Portfolio:

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

• Disclosed Trades: None
  

• Market Exposure: 75% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value +.3%

Sector Underperformers:

• 1) Education -1.2% 2) Steel -.7% 3) Energy -.4%

Stocks Falling on Unusual Volume: 

• EDIT, FIII, INSG, RGA, PCVX, AXSM, THCB, KURA, RVP, CSTL, RCKT, HCAC, MGNX, FMTX, GLSI, NVTA, NXTC and MLHR
  

Stocks With Unusual Put Option Activity:

• 1) IYR 2) RDFN 3) LEN 4) FUBO 5) MDB
  

Stocks With Most Negative News Mentions:

• 1) CVIAQ 2) HBAN 3) CCJ 4) GSX 5) ICPT
  

Charts:

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