Weekly Scoreboard*

Indices

• S&P 500 2,092.81 -.37%

• DJIA 17,831.60 +.13%

• NASDAQ 4,886.25 -1.12%

• Russell 2000 1,163.84 -.12%

• S&P 500 High Beta 30.51 -1.64%

• Goldman 50 Most Shorted 102.35 -1.30% 

• Wilshire 5000 21,584.30 -.37%

• Russell 1000 Growth 1,007.62 -.6%

• Russell 1000 Value 1,004.24 -.23%

• S&P 500 Consumer Staples 551.29 +.75%

• Solactive US Cyclical 134.11 -.03%

• Morgan Stanley Technology 1,076.19 -.83%

• Transports 7,750.26 +.21%

• Utilities 678.24 +1.0%

• Bloomberg European Bank/Financial Services 75.55 -4.54%

• MSCI Emerging Markets 33.86 +.51%

• HFRX Equity Hedge 1,132.34 +.60%

• HFRX Equity Market Neutral 997.85 -.35%

Sentiment/Internals

• NYSE Cumulative A/D Line 256,449 +1.0%

• Bloomberg New Highs-Lows Index 282 +199

• Bloomberg Crude Oil % Bulls 32.4 +386.2%

• CFTC Oil Net Speculative Position 347,002 -.33%

• CFTC Oil Total Open Interest 1,709,540 +3.14%

• Total Put/Call 1.09 +22.7%

• OEX Put/Call 3.45 +488.71%

• ISE Sentiment 79.0 -3.70%

• NYSE Arms 1.73 +38.46%

• Volatility(VIX) 17.07 +26.28%

• S&P 500 Implied Correlation 57.81 +9.7%

• G7 Currency Volatility (VXY) 11.51 +11.75%

• Emerging Markets Currency Volatility (EM-VXY) 10.53 +4.15%

• Smart Money Flow Index 19,361.08 +.34%

• ICI Money Mkt Mutual Fund Assets $2.725 Trillion -.29%

• ICI US Equity Weekly Net New Cash Flow -$6.139 Billion

• AAII % Bulls 27.8 -7.8%

• AAII % Bears 27.8 -4.2%

Futures Spot Prices

• CRB Index 192.86 +2.2%

• Crude Oil 49.06 +.02%

• Reformulated Gasoline 155.80 -3.79%

• Natural Gas 2.56 +6.54%

• Heating Oil 151.57 +1.45%

• Gold 1,278.9 +2.51%

• Bloomberg Base Metals Index 141.92 +.01%

• Copper 202.75 -4.46%

• US No. 1 Heavy Melt Scrap Steel 246.67 USD/Ton unch.

• China Iron Ore Spot 52.56 USD/Ton +4.95%

• Lumber 307.0 +1.22%

• UBS-Bloomberg Agriculture 1,261.04 +4.0%

Economy

• Atlanta Fed GDPNow Forecast +2.5% unch.
• ECRI Weekly Leading Economic Index Growth Rate +6.5% +60.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index -.1945 +7.86%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.19 +.34%

• Citi US Economic Surprise Index -23.0 +2.4 points

• Citi Eurozone Economic Surprise Index -2.50 -4.3 points

• Citi Emerging Markets Economic Surprise Index 5.60 unch.

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of 25 basis point hike on 6/15

• US Dollar Index 94.58 +.76%
• MSCI Emerging Markets Currency Index 1,513.62 +1.66%

• Euro/Yen Carry Return Index 125.42 -.87%

• Yield Curve 90.0 -3.0 basis points

• 10-Year US Treasury Yield 1.64% -6.0 basis points

• Federal Reserve's Balance Sheet $4.424 Trillion +.04%

• U.S. Sovereign Debt Credit Default Swap 21.12 +1.98%

• Illinois Municipal Debt Credit Default Swap 344.0 -1.26%

• Western Europe Sovereign Debt Credit Default Swap Index 27.32 +4.71%

• Asia Pacific Sovereign Debt Credit Default Swap Index 52.67 -.12%
  

• Emerging Markets Sovereign Debt CDS Index 126.87 -5.75%
  

• Israel Sovereign Debt Credit Default Swap 73.14 -1.12%

• Iraq Sovereign Debt Credit Default Swap 909.75 -.01% 

• Russia Sovereign Debt Credit Default Swap 247.16 -.31%

• iBoxx Offshore RMB China Corporate High Yield Index 129.37 +.50%

• 10-Year TIPS Spread 1.56% +1.0 basis point

• TED Spread 40.5 -.25 basis point

• 2-Year Swap Spread 14.0 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -30.25 -2.5 basis points

• N. America Investment Grade Credit Default Swap Index 78.07 -.35%

• America Energy Sector High-Yield Credit Default Swap Index 732.0 -17.5%

• European Financial Sector Credit Default Swap Index 99.66 +4.2%
  

• Emerging Markets Credit Default Swap Index 289.15 -.84%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 142.50 unch.
  

• M1 Money Supply $3.219 Trillion -1.2%

• Commercial Paper Outstanding 1,052.20 -1.3%

• 4-Week Moving Average of Jobless Claims 269,000 -7,250

• Continuing Claims Unemployment Rate 1.5% -10.0 basis points

• Average 30-Year Mortgage Rate 3.60% -6.0 basis points

• Weekly Mortgage Applications 520.40 +9.3%

• Bloomberg Consumer Comfort 43.5 +.3 point

• Weekly Retail Sales +.6% -10.0 basis points

• Nationwide Gas $2.34/gallon +.02/gallon

• Baltic Dry Index 611.0 +.16%

• China (Export) Containerized Freight Index 658.43 -1.05%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 35.0 unch.

• Rail Freight Carloads 231,088 -13.46%

Best Performing Style

• Small-Cap Value +.7%

Worst Performing Style

• Mid-Cap Growth -.3%

Leading Sectors

• Oil Service +7.2%

• Airlines +4.3%

• Hospitals +1.7%

• Homebuilders +1.5%

• Energy +1.5%

Lagging Sectors

• Banks -2.3% 

• Oil Tankers -3.0%

• I-Banks -3.2%

• Biotech -4.7%

• Coal -12.4%

Weekly High-Volume Stock Gainers (13)

• LDRH, AMBA, KMG, AGX, CVGW, PLAY, TLN, AHP, UNFI, EVHC, SJM, AVAV and FOXF

Weekly High-Volume Stock Losers (12)

• TREC, TMH, MIK, SWHC, MTSC, RGR, CMTL, ADPT, BIIB, TLRD, RH and PAY

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Falling into Afternoon on Escalating Brexit Risk, Rising European/Emerging Markets/US High-Yield Debt Angst, Oil Decline, Commodity/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 16.47 +12.5%

• Euro/Yen Carry Return Index 125.54 -.89%

• Emerging Markets Currency Volatility(VXY) 10.53 +4.46%

• S&P 500 Implied Correlation 57.02 +5.07%

• ISE Sentiment Index 81.0 -12.96%

• Total Put/Call 1.08 +13.68%

• NYSE Arms 1.59 +29.66% 

Credit Investor Angst:

• North American Investment Grade CDS Index 78.53 +3.6%
  

• America Energy Sector High-Yield CDS Index 732.0 -.32%

• European Financial Sector CDS Index 101.17 +4.2%

• Western Europe Sovereign Debt CDS Index 27.33 +4.02%

• Asia Pacific Sovereign Debt CDS Index 52.67 +1.05%

• Emerging Market CDS Index 288.98 +2.22%
  

• iBoxx Offshore RMB China Corporate High Yield Index 129.37 +.13%

• 2-Year Swap Spread 14.0 unch.
  

• TED Spread 40.5 -1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -30.25 -1.25 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 71.76 -.99%
• 3-Month T-Bill Yield .25% unch.

• Yield Curve 90.0 unch.
  

• China Import Iron Ore Spot $52.5/Metric Tonne unch.

• Citi US Economic Surprise Index -23.0 +.2 point

• Citi Eurozone Economic Surprise Index -2.50 +.8 point

• Citi Emerging Markets Economic Surprise Index 5.60 +3.3 points

• 10-Year TIPS Spread 1.56% -3.0 basis points
  
• 18.0% chance of Fed rate hike at July 27 meeting, 32.8% chance at September 21 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -311 open in Japan 
• China A50 Futures: Indicating n/a open in China

• DAX Futures: Indicating -57 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging market shorts
  

• Disclosed Trades: None

• Market Exposure: 25% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Growth -1.2%

Sector Underperformers:

• 1) Coal -5.7% 2) Oil Tankers -4.4% 3) Oil Service -2.6%

Stocks Falling on Unusual Volume:

• MFRM, E, IHG, AR, ORBK, ORAN, PAY, CRH, RH, TPX, FGP, TGNA, TLRD, BOOM, ARMH, URBN, WTFC, APU, DEO, BTI, KT, AGIO, GSK, ASML, TARO, LQ, TTC, MYL, RARE, JUNO, CHRS, RH and RRMS

Stocks With Unusual Put Option Activity:

• 1) EWU 2) KBE 3) KRE 4) ULTA 5) MMM

Stocks With Most Negative News Mentions:

• 1) MFRM 2) CHK 3) RH 4) URBN 5) VALE

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value -.8%

Sector Outperformers:

• 1) REITs -.3% 2) Utilities -.4% 3) Software -.6%

Stocks Rising on Unusual Volume:

• AXLL, GBT, EMES, HRB and WBA

Stocks With Unusual Call Option Activity:

• 1) FE 2) HUM 3) CRC 4) BURL 5) WBA

Stocks With Most Positive News Mentions:

• 1) HRB 2) CLF 3) HUBS 4) INTC 5) NX

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -10.5% Below 100-Day Average
• 2 Sectors Rising, 8 Sectors Declining
• 24.0% of Issues Advancing, 73.0% Declining
• 123 New 52-Week Highs, 20 New Lows
• 59.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 46.8%
• Vix 15.9 +8.7%
• Total Put/Call 1.05 +10.5%
• TRIN/Arms 1.22 -1.6%