Market Week in Review

• S&P 500 1,878.48 -.14%*

 The Weekly Wrap by Briefing.com.
*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 1,878.48 -.14%

• DJIA 16,583.34 +.43%

• NASDAQ 4,071.87 -1.26%

• Russell 2000 1,107.22 -1.91%

• S&P 500 High Beta 30.87 -1.09%

• Wilshire 5000 19,621.0 -.39%

• Russell 1000 Growth 868.29 -.19%

• Russell 1000 Value 953.58 -.28%

• S&P 500 Consumer Staples 456.84 +.82%

• Morgan Stanley Cyclical 1,517.42 -.39%

• Morgan Stanley Technology 894.19 -1.03%

• Transports 7,719.30 +.27%

• Utilities 539.55 -.78%

• Bloomberg European Bank/Financial Services 108.96 -.95%

• MSCI Emerging Markets 41.68 +.58%

• HFRX Equity Hedge 1,157.18 -.51%

• HFRX Equity Market Neutral 969.61 -.76%

Sentiment/Internals

• NYSE Cumulative A/D Line 217,322 -.15%

• Bloomberg New Highs-Lows Index 105 -69

• Bloomberg Crude Oil % Bulls 45.95 +19.47%

• CFTC Oil Net Speculative Position 383,093 -4.78%

• CFTC Oil Total Open Interest 1,638,412 -.79%

• Total Put/Call .94 -2.08%

• OEX Put/Call 1.73 +143.66%

• ISE Sentiment 96.0 -15.04%

• NYSE Arms 1.42 +65.12%

• Volatility(VIX) 12.92 +.08%

• S&P 500 Implied Correlation 56.53 -1.05%

• G7 Currency Volatility (VXY) 6.11 -.49%

• Emerging Markets Currency Volatility (EM-VXY) 7.33 -5.54%

• Smart Money Flow Index 11,022.69 +.23%

• ICI Money Mkt Mutual Fund Assets $2.591 Trillion +.64%

• ICI US Equity Weekly Net New Cash Flow -$3.963 Billion

• AAII % Bulls 28.3 -4.8%
• AAII % Bears 28.7 -2.7%

Futures Spot Prices

• CRB Index 304.57 -.84%

• Crude Oil 99.99 unch.

• Reformulated Gasoline 289.60 -1.78%

• Natural Gas 4.53 -3.29%

• Heating Oil 290.68 -.66%

• Gold 1,287.60 -.98%

• Bloomberg Base Metals Index 191.52 +1.53%

• Copper 308.30 +.59%

• US No. 1 Heavy Melt Scrap Steel 375.0 USD/Ton unch.

• China Iron Ore Spot 102.70 USD/Ton -3.11%

• Lumber 343.0 +.70%

• UBS-Bloomberg Agriculture 1,544.84 -.08%

Economy

• ECRI Weekly Leading Economic Index Growth Rate 4.5% +30 basis points

• Philly Fed ADS Real-Time Business Conditions Index .2925 -.92%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 123.14 +.28%

• Citi US Economic Surprise Index -9.10 +9.8 point

• Citi Emerging Markets Economic Surprise Index -25.40 +1.2 points

• Fed Fund Futures imply 38.0% chance of no change, 62.0% chance of 25 basis point cut on 6/18

• US Dollar Index 79.87 +.45%

• Euro/Yen Carry Return Index 146.21 -1.16%

• Yield Curve 224.0 +8 basis points

• 10-Year US Treasury Yield 2.62% +4 basis points

• Federal Reserve's Balance Sheet $4.260 Trillion +.17%

• U.S. Sovereign Debt Credit Default Swap 16.75 -3.36%

• Illinois Municipal Debt Credit Default Swap 143.0 +3.37%

• Western Europe Sovereign Debt Credit Default Swap Index 32.41 -4.97%

• Asia Pacific Sovereign Debt Credit Default Swap Index 84.55 -3.35%
  

• Emerging Markets Sovereign Debt CDS Index 230.78 -8.13%
  

• Israel Sovereign Debt Credit Default Swap 88.50 +2.38%

• Russia Sovereign Debt Credit Default Swap 265.83 -2.66%

• China Blended Corporate Spread Index 359.77 +1.82%

• 10-Year TIPS Spread 2.18% -1.0 basis point

• TED Spread 20.25 -.5 basis point

• 2-Year Swap Spread 13.75 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 -.75 basis point

• N. America Investment Grade Credit Default Swap Index 64.25 +.36%
  

• European Financial Sector Credit Default Swap Index 74.65 -4.50%
  

• Emerging Markets Credit Default Swap Index 269.32 -4.17%
  

• CMBS AAA Super Senior 10-Year Treasury Spread  to Swaps 84.0 unch.

• M1 Money Supply $2.777 Trillion -.38%

• Commercial Paper Outstanding 1,042.30 +1.0%

• 4-Week Moving Average of Jobless Claims 324,750 +4,750

• Continuing Claims Unemployment Rate 2.0% -10 basis points

• Average 30-Year Mortgage Rate 4.21% -8 basis points

• Weekly Mortgage Applications 350.90 +5.31%

• Bloomberg Consumer Comfort 37.1 -.8 point

• Weekly Retail Sales +3.60% +20 basis points

• Nationwide Gas $3.66/gallon -.02/gallon

• Baltic Dry Index 1008.0 +1.51%

• China (Export) Containerized Freight Index 1,086.19 +1.87%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 25.0 -9.09%

• Rail Freight Carloads 264,228 +1.19%

Best Performing Style

• Large-Cap Growth -.2%

Worst Performing Style

• Small-Cap Growth -2.7%

Leading Sectors

• HMOs +5.3%

• Telecom +1.8%

• Medical Equipment +1.4%

• REITs +1.1%

• Foods +1.0%

Lagging Sectors

• Computer Hardware -3.5% 

• Social Media -3.7%

• Disk Drives -6.1%

• Alt Energy -7.0%

• Gaming -7.7%

Weekly High-Volume Stock Gainers (10)

• NLS, SXI, STRA, EA, BEAV, CKEC, CLDT, NCMI, PEGI and RDN

Weekly High-Volume Stock Losers (44)

• SABA, PSEC, RMAX, BYI, DST, BCOR, HMHC, RWT, VSI, ROCK, SP, TRMB, CIE, MSG, SALE, KODK, KOP, HGR, MWIV, LAYN, RLGY, MTW, TDC, AVD, TREX, AHS, GNC, KEYW, BSFT, AOL, GEOS, VCRA, SFM, TWTR, GPOR, AEIS, WFM, ININ, ZU, SSNI, AEGR, LQDT, SQI and NGVC

Weekly Charts
ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, European/Emerging Markets Debt Angst, Utilities/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.32 -.82%

• Euro/Yen Carry Return Index 146.03 -.54%

• Emerging Markets Currency Volatility(VXY) 7.36 -.27%

• S&P 500 Implied Correlation 56.73 -.27%

• ISE Sentiment Index 100.0 -13.04%

• Total Put/Call .93 unch.

• NYSE Arms 1.45 +41.28% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.0 -.15%

• European Financial Sector CDS Index 74.65 +3.61%

• Western Europe Sovereign Debt CDS Index 32.21 +.61%
• Asia Pacific Sovereign Debt CDS Index 84.85 +1.43%

• Emerging Market CDS Index 269.38 +2.27%

• China Blended Corporate Spread Index 359.77 +.36%
• 2-Year Swap Spread 13.75 +.25 basis point

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 224.0 +2.0 basis points

• China Import Iron Ore Spot $102.70/Metric Tonne -.96%

• Citi US Economic Surprise Index -9.10 +.6 point

• Citi Emerging Markets Economic Surprise Index -25.40 -.2 point

• 10-Year TIPS Spread 2.18 unch.

Overseas Futures:

• Nikkei Futures: Indicating -40 open in Japan

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long

Today's Headlines

Bloomberg:

• Putin Visits Crimea as 20 Die in Eastern Ukraine Clashes. Russian President Vladimir Putin visited the Crimea region he annexed in March amid growing tensions as Ukraine said about 20 pro-Russian separatists died in clashes in the eastern port city of Mariupol. Putin’s trip to Sevastopol, the home of Russia’s Black Sea Fleet, was his first since the Crimean peninsula seceded from Ukraine. Ukrainian Interior Minister Arsen Avakov said on his Facebook account at least one serviceman was killed and five wounded in the fighting in Mariupol after about 60 rebels attacked a police building. The city is less than 60 kilometers (37 miles) from the Russian border.

• Putin's Export Machine Rolls Right Over Sanctions, Outcry. Vladimir Putin’s incursion into Ukraine and the international condemnation that followed haven’t put a dent in Russia’s exports of gas and raw materials. The world’s largest energy producer shipped 2 percent more gas to Europe in the first three months of 2014 than it did in the same period last year, government data show. Diesel output for export increased, while cargoes of grains, palladium and nickel either climbed or were about the same. Russia’s crude oil exports fell 0.2 percent from last year.

• Putin Going After Chinese Money to Sustain Sagging Russian Economy. Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials. 

• IMF May Cut China 2014 Growth Forecast, Fund Official Says. The International Monetary Fund may cut its forecast for China’s economic growth this year, according to Changyong Rhee, director of the fund’s Asia and Pacific Department. 

• China’s Stocks Fall for Fourth Weekly Drop as Great Wall Plunges. China’s stocks fell, sending the benchmark index to a fourth week of losses, after Great Wall Motor Co. delayed sales of a vehicle and small-company shares slumped amid concern new equity sales will divert funds. Great Wall Motor Co., China’s biggest maker of sport utility vehicles, plunged 10 percent in Shanghai and 17 percent in Hong Kong after it pushed back sales of its new flagship Haval H8 SUV. Goertek Inc., an Apple Inc. supplier, led declines for technology companies. Data today showed the consumer-price index rose 1.8 percent in April, compared with the median estimate of a 2.1 percent gain. The producer-price index slid 2 percent, the 26th straight decline. The Shanghai Composite Index (SHCOMP) slipped 0.2 percent to 2,011.14 at the close, extending this week’s loss to 0.8 percent.

• European Stocks Decline From Six-Year High Amid Earnings. European stocks fell from their highest level in more than six years as companies from Telefonica SA to Petroleum Geo-Services ASA (PGS) posted earnings that missed analysts’ estimates. Telefonica dropped 2.6 percent after saying first-quarter operating income slid 14 percent. PGS fell the most in almost three months after also reporting lower profit margin. Petrofac Ltd. tumbled the most since November after predicting net income will decrease in 2014. Vestas (VWS) Wind Systems A/S rose 7.6 percent after posting an unexpected profit in the first quarter. The Stoxx Europe 600 Index slipped 0.3 percent to 338.54 at the close of trading, paring its fourth weekly gain to 0.2 percent.

• Iron Ore Slumps to Lowest Since 2012 as Surplus Deepens. Iron ore retreated to the lowest level since 2012, capping a fourth weekly loss and nearing $100 a ton, as increased seaborne supplies of the steel-making raw material boosted a global glut. Ore with 62 percent content delivered to the Chinese port of Tianjin fell 1 percent to $102.70 a dry ton, the lowest level since September 2012, according to data from The Steel Index Ltd. The commodity dropped 23 percent this year, after falling 7.4 percent last year. 

• Ralph Lauren(RL) Falls After Sales Forecast Trails Estimates. Ralph Lauren Corp. fell the most in nine months in New York trading after forecasting first-quarter sales that would be less than analysts’ estimated. The shares slid 5.1 percent to $144.25 at 9:48 a.m. and earlier dropped as much as 6.6 percent for the biggest intraday decline since Aug. 7. New York-based Ralph Lauren fell 14 percent this year through yesterday, compared with a 1.5 percent gain for the Standard & Poor’s 500 Index. Sales in the quarter through June will rise as much as 5 percent, the company said today in a statement, implying revenue of about $1.74 billion. Analysts estimated $1.81 billion, on average.

Wall Street Journal: 

• Ukraine Says Some 20 Separatists Killed in East. Clash Comes as Rebels Push Ahead With Referendum on Autonomy. Police and security forces killed about 20 separatists Friday, Ukraine's interior minister said, in severe fighting between the government and pro-Russian separatists in the country's eastern provinces. Arsen Avakov said a firefight broke out in the southeastern city of Mariupol after gunmen took control of a police station. Ukrainian armed forces then stormed the building, bringing on "a full-scale military...  

• Crisis in Ukraine: Streaming Coverage. 

• Boko Haram and the Kidnapped Schoolgirls. The Nigerian terror group reflects the general Islamist hatred of women's rights. When will the West wake up?

MarketWatch:

• Small-caps’ slide reflects a market in trouble. Opinion: Stock bulls find danger under the Street’s surface.

• This chart helps explain why macro hedge funds are performing so poorly.

• Fed bond buying should end in October: Fisher.

CNBC:

• Art Cashin: Watch this 'canary in the coal mine'. (video) Art Cashin said he's carefully watching the Nasdaq Composite, the stock market's current "canary in the coal mine." The bulls are happy it successfully defended support around 4015, but remain cautious.

ZeroHedge: 

• A Red-Flashing JOLT: Manufacturing Job Openings Signal Recession Dead Ahead. (graph)

• Bubble Babble - Why The Fed Is Clueless. (graph)

• Ukraine, Europe Throw Hissy Fits Over Putin's Visit To "Annexed" Crimea.

• The Decline Of Small Business And The Middle Class. (graph)

• Highlights From The Ukraine Civil War: Mariupol Soldier Firing RPG Caught On Tape. (video)

• US Postal Service Loses $1.9 Billion; Needs $10 Billion Bailout Or Pensions Get It.

• March Wholesale Inventories Surge In Boon To Negative Q1 GDP, Bust To Q2 GDP Forecasts. (graph)

ValueWalk:

• Goldman Sachs(GS) Included in HFT Investigation.

• Jim Grant On Why Bond Yields Are Falling.

Business Insider: 

• Ominous Photos Of Russia's Most Militaristic Victory Day Parade In Years.

• Putin's Coin Marking The Annexation Of Crimea Is Ominous.

Reuters:

• Stratasys(SSYS) sticks to forecast, disappointed investors sell. 3D printer maker Stratasys Ltd reported an adjusted quarterly profit that matched the average market estimate and stuck to its full-year forecast on Friday, disappointing investors who had expected better on both counts. Stratasys shares fell as much as 9.6 percent in early trading as investors also overlooked a better-than-expected rise in adjusted revenue, helped in part by the acquisition of consumer 3D printer maker MakerBot last year.

Telegraph:

• Household debt is Britain’s hidden timebomb. The return of high consumer spending means we’re once again walking a financial tightrope.

• China deflation fears as price rises slow sharply. Economists warn "risk of deflation is looming" as consumer price rises slow to 18-month low. 

• ECB: capital flight from Russia has hit $220bn. Outflows from Russia since the Ukraine crisis erupted may be four times higher than admitted by Kremlin.

Interfax:

• Putin Says Other Countries Must Respect Russia. Russia asking other countries to treat with respect its right for historical justice, self-determination, citing Russian President Vladimir Putin.

Bear Radar

Style Underperformer:

• Mid-Cap Value -.30%

Sector Underperformers:

• 1) Utilities -1.0% 2) Gold & Silver -.91% 3) Steel -.87%

Stocks Falling on Unusual Volume:

• ARP, FUEL, PUK, PRO, AIRM, FF, TUMI, WPPGY, UBNT, SGY, POST, CODI, AAOI, MAIN, ACET, DRQ, AZN, CRTO, ERF, RL, HPT, ABCO, TTI, EBS, MASI, AMCX, PMT, AREX, JAZZ, SSYS, TUMI, SSTK, DRQ, BCEI, XON, POST, TTI, DEPO and UVE

Stocks With Unusual Put Option Activity:

• 1) VRNG 2) KSS 3) RL 4) JNPR 5) SSYS
  

Stocks With Most Negative News Mentions:

• 1) GS 2) MS 3) FUEL 4) ANDE 5) F
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Small-Cap Value +.25%

Sector Outperformers:

• 1) Computer Services +.69% 2) Gaming +.54% 3) Retail +.45%
  

Stocks Rising on Unusual Volume:

• IBN, MDVN, PPO, CSC, OLED and AKRX

Stocks With Unusual Call Option Activity:

• 1) EPI 2) CLNE 3) IPG 4) THC 5) SPLS

Stocks With Most Positive News Mentions:

• 1) MAR 2) AAPL 3) YELP 4) TWTR 5) NVDA
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume