Weekly Scoreboard*

Indices

• S&P 500 2,051.42 -.94%

• DJIA 17,493.30 -1.02%

• NASDAQ 4,725.44 -1.53%

• Russell 2000 1,130.20 -1.25%

• S&P 500 High Beta 29.05 -1.92%

• Goldman 50 Most Shorted 99.98 -1.49% 

• Wilshire 5000 21,113.20 -1.10%

• Russell 1000 Growth 983.57 -1.13%

• Russell 1000 Value 988.27 -.8%

• S&P 500 Consumer Staples 547.94 +.09%

• Solactive US Cyclical 129.85 -2.18%

• Morgan Stanley Technology 1,047.28 -2.3%

• Transports 7,343.30 -2.97%

• Utilities 688.50 +.48%

• Bloomberg European Bank/Financial Services 69.82 -6.25%

• MSCI Emerging Markets 33.03 -.35%

• HFRX Equity Hedge 1,111.45 +.13%

• HFRX Equity Market Neutral 993.30 -.26%

Sentiment/Internals

• NYSE Cumulative A/D Line 256,750 +1.68%

• Bloomberg New Highs-Lows Index 184 +336

• Bloomberg Crude Oil % Bulls 46.0 +102.2%

• CFTC Oil Net Speculative Position 312,585 -3.87%

• CFTC Oil Total Open Interest 1,774,350 +1.49%

• Total Put/Call 1.21 +13.1%

• OEX Put/Call .70 -69.57%

• ISE Sentiment 44.0 -63.56%

• NYSE Arms 1.57 +76.28%

• Volatility(VIX) 23.29 +23.75%

• S&P 500 Implied Correlation 62.56 +10.28%

• G7 Currency Volatility (VXY) 12.61 +9.65%

• Emerging Markets Currency Volatility (EM-VXY) 11.21 +3.89%

• Smart Money Flow Index 19,259.38 -.66%

• ICI Money Mkt Mutual Fund Assets $2.703 Trillion -.13%

• ICI US Equity Weekly Net New Cash Flow -$4.284 Billion

• AAII % Bulls 22.0 -13.3%

• AAII % Bears 35.2 -6.1%

Futures Spot Prices

• CRB Index 188.96 -1.85%

• Crude Oil 47.93 -.87%

• Reformulated Gasoline 152.31 +.62%

• Natural Gas 2.67 +.75%

• Heating Oil 146.67 -1.53%

• Gold 1,322.20 +1.39%

• Bloomberg Base Metals Index 143.47 +1.15%

• Copper 211.50 +2.78%

• US No. 1 Heavy Melt Scrap Steel 218.0 USD/Ton -5.0%

• China Iron Ore Spot 50.61 USD/Ton -2.47%

• Lumber 295.40 -.77%

• UBS-Bloomberg Agriculture 1,187.34 -5.88%

Economy

• Atlanta Fed GDPNow Forecast +2.6% -20.0 basis points
• ECRI Weekly Leading Economic Index Growth Rate +7.1% unch.

• Philly Fed ADS Real-Time Business Conditions Index -.2767 +9.95%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.47 +.05%

• Citi US Economic Surprise Index -23.80 -3.9 points

• Citi Eurozone Economic Surprise Index 3.80 +9.6 points

• Citi Emerging Markets Economic Surprise Index -5.90 -3.1 points

• Fed Fund Futures imply 90.0% chance of no change, 0.0% chance of 25 basis point hike on 7/27

• US Dollar Index 95.17 +1.13%
• MSCI Emerging Markets Currency Index 1,519.19 +1.29%

• Euro/Yen Carry Return Index 119.31 -2.92%

• Yield Curve 94.0 +2.0 basis points

• 10-Year US Treasury Yield 1.57% -5.0 basis points

• Federal Reserve's Balance Sheet $4.442 Trillion +.21%

• U.S. Sovereign Debt Credit Default Swap 23.13 +9.72%

• Illinois Municipal Debt Credit Default Swap 348.0 -.07%

• Western Europe Sovereign Debt Credit Default Swap Index 36.69 +23.74%

• Asia Pacific Sovereign Debt Credit Default Swap Index 54.31 +1.08%
  

• Emerging Markets Sovereign Debt CDS Index 135.60 +1.04%
  

• Israel Sovereign Debt Credit Default Swap 75.50 -2.97%

• Iraq Sovereign Debt Credit Default Swap 909.50 -.02% 

• Russia Sovereign Debt Credit Default Swap 254.26 -3.6%

• iBoxx Offshore RMB China Corporate High Yield Index 129.91 +.30%

• 10-Year TIPS Spread 1.45% -1.0 basis point

• TED Spread 37.75 -2.5 basis points

• 2-Year Swap Spread 13.75 +.2.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -43.25 -6.5 basis points

• N. America Investment Grade Credit Default Swap Index 86.22 +4.5%

• America Energy Sector High-Yield Credit Default Swap Index 744.0 -8.14%

• European Financial Sector Credit Default Swap Index 125.70 +12.65%
  

• Emerging Markets Credit Default Swap Index 301.67 +.12%
  

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

• M1 Money Supply $3.248 Trillion +1.43%

• Commercial Paper Outstanding 1,039.0 -.4%

• 4-Week Moving Average of Jobless Claims 267,000 -2,250

• Continuing Claims Unemployment Rate 1.6% unch.

• Average 30-Year Mortgage Rate 3.56% +2.0 basis points

• Weekly Mortgage Applications 522.20 +2.86%

• Bloomberg Consumer Comfort 44.2 +2.1 points

• Weekly Retail Sales +.7% +10.0 basis points

• Nationwide Gas $2.32/gallon -.03/gallon

• Baltic Dry Index 596.0 +1.53%

• China (Export) Containerized Freight Index 651.59 -1.07%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 27.50 unch.

• Rail Freight Carloads 265,348 -.03%

Best Performing Style

• Mid-Cap Value -1.0%

Worst Performing Style

• Small-Cap Growth -1.5%

Leading Sectors

• Gold & Silver +4.0%

• Hospitals +1.7%

• Tobacco +1.2%

• Telecom +.6%

• Medical Equipment +.3%

Lagging Sectors

• Road & Rail -2.7% 

• Alt Energy -2.8%

• Banks -2.9%

• I-Banks -3.6%

• Gaming -6.8%

Weekly High-Volume Stock Gainers (19)

• RDEN, SITE, LL, ASEI, GIMO, MEI, ALRM, WGO, CSAL, TTS, PLOW, LZB, OSIS, OB, ATRA, CTT, CHDN, STRP and BXS

Weekly High-Volume Stock Losers (10)

• IPXL, SYNA, WERN, SCS, TSLA, GBT, CMTL, PRTK, CVTI and EBS

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Plunging into Afternoon on EU Disintegration Fears, Soaring European/Emerging Markets/US High-Yield Debt Angst, Commodity Decline, Financial/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Heavy

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 23.12 +34.03%

• Euro/Yen Carry Return Index 119.18 -5.92%

• Emerging Markets Currency Volatility(VXY) 11.21 +13.46%

• S&P 500 Implied Correlation 62.09 +13.58%

• ISE Sentiment Index 44.0 -60.36%
  

• Total Put/Call 1.21 -2.42%

• NYSE Arms 1.62 +197.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 86.28 +12.88%
  

• America Energy Sector High-Yield CDS Index 745.0 +.71%

• European Financial Sector CDS Index 125.70 +32.47%

• Western Europe Sovereign Debt CDS Index 36.69 +31.64%

• Asia Pacific Sovereign Debt CDS Index 54.31 +7.34%

• Emerging Market CDS Index 300.78 +8.97%
  

• iBoxx Offshore RMB China Corporate High Yield Index 129.91 -.06%

• 2-Year Swap Spread 12.75 unch.
  

• TED Spread 37.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -43.50 -7.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 71.50 -2.28%
• 3-Month T-Bill Yield .25% -3.0 basis points

• Yield Curve 93.0 -2.0 basis points
  

• China Import Iron Ore Spot $50.61/Metric Tonne -2.47%

• Citi US Economic Surprise Index -23.8 -4.8 points

• Citi Eurozone Economic Surprise Index 3.8 +4.1 points

• Citi Emerging Markets Economic Surprise Index -5.9 -.1 point

• 10-Year TIPS Spread 1.45% -9.0 basis points
• 0.0% chance of Fed rate hike at Sept. 21 meeting, 0.0% chance at Nov. 2 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +413 open in Japan 
• China A50 Futures: Indicating +3 open in China

• DAX Futures: Indicating -61 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical/tech/retail sector longs 
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging markets shorts

• Market Exposure: Moved to 25% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Growth -3.3%

Sector Underperformers:

• 1) I-Banks -6.7% 2) Disk Drives -6.5% 3) Steel -6.0%

Stocks Falling on Unusual Volume:

• EUFN, GLPG, BT, RYAAY, CRH, DB, AV, FDEU, FEP, CS, SAP, PCLN, PUK, CUK, HSBC, SYT, IHG, BTI, NGG, VOYA, VOD, ING, ACHC, BP, LILA, MA, TAP, BX, MRO, IBKR, WEX, PRLB, PPL, COF, A, MGM, MHK, BA, IBM, MDLZ, KKR, AGCO, JPM, STI, STLD, DAL, TIF, WDAY, CAT, PPG, GS, CCL, MU, CTSH, MCO, F, FOXA, KEY, BAC, BID, DISCA, EXPE, WHR, HAIN, RCL, BK, PVH, ITT, TECD, WAL, CBG, AAL, PRU, AMTD, C, ZION, ALXN, MLHR, RJF, KW, SONC, MET, SCHW, JLL, TUP, MS, BWA, TILE and MAN

Stocks With Unusual Put Option Activity:

• 1) EWG 2) FXB 3) WHR 4) MS 5) XOP

Stocks With Most Negative News Mentions:

• 1) MAN 2) CIEN 3) ADM 4) MUR 5) S

Charts:

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

Bull Radar

Style Outperformer:

• Mid-Cap Value -2.7%

Sector Outperformers:

• 1) Gold & Silver +2.9% 2) Utilities +.8% 3) REITs -.3%

Stocks Rising on Unusual Volume:

• FINL, EMES, SQQQ, UGLD, BKS, USLV, GOLD and TAHO

Stocks With Unusual Call Option Activity:

• 1) SH 2) CCL 3) EUO 4) TPX 5) VIXY

Stocks With Most Positive News Mentions:

• 1) EMES 2) SNX 3) GBSN 4) FINL 5) BKS

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +82.2% Above 100-Day Average
• 5 Sectors Rising, 5 Sectors Declining
• 14.3% of Issues Advancing, 84.8% Declining
• 101 New 52-Week Highs, 47 New Lows
• 59.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 46.0%
• Vix 20.2 +17.3%
• Total Put/Call 1.14 -8.1%
• TRIN/Arms .99 +81.8%