Market Week in Review

• S&P 500 2,104.50 -.28%*

The Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 2,104.50 -.28%

• DJIA 18,132.70 -.04%

• NASDAQ 4,963.53 +.15%

• Russell 2000 1,233.37 +.13%

• S&P 500 High Beta 35.04 -1.21% 

• Goldman 50 Most Shorted 137.87 -2.70% 

• Wilshire 5000 21,968.48 -.29%

• Russell 1000 Growth 1,007.26 -.06%

• Russell 1000 Value 1,030.75 -.60%

• S&P 500 Consumer Staples 513.82 +.83%

• Solactive US Cyclical 142.63 -1.23%

• Morgan Stanley Technology 1,053.99 -.34%

• Transports 9,024.52 -1.17%

• Utilities 594.17 -.98%

• Bloomberg European Bank/Financial Services 112.72 +1.09%

• MSCI Emerging Markets 40.70 +.85%

• HFRX Equity Hedge 1,199.64 +.64%
• HFRX Equity Market Neutral 990.19 +.25%

Sentiment/Internals

• NYSE Cumulative A/D Line 237,798 +.73%

• Bloomberg New Highs-Lows Index 189 -111

• Bloomberg Crude Oil % Bulls 26.47 -32.80%

• CFTC Oil Net Speculative Position 269,837 -9.87%
• CFTC Oil Total Open Interest 1,695,437 +.32%

• Total Put/Call .99 +25.32%

• OEX Put/Call 1.32 +16.81%

• ISE Sentiment 114.0 +5.56%

• NYSE Arms 1.22 +24.49%

• Volatility(VIX) 13.34 -6.71%

• S&P 500 Implied Correlation 60.77 -1.38%

• G7 Currency Volatility (VXY) 9.17 -12.0%

• Emerging Markets Currency Volatility (EM-VXY) 9.91 -4.25%

• Smart Money Flow Index 17,849.90 +2.46%

• ICI Money Mkt Mutual Fund Assets $2.691 Trillion +.38%
• ICI US Equity Weekly Net New Cash Flow +$.141 Billion

• AAII % Bulls 45.4 -3.5%
• AAII % Bears 20.3 +13.5%

Futures Spot Prices

• CRB Index 224.08 -.30%

• Crude Oil 49.76 -.30%

• Reformulated Gasoline 197.79 +7.27%

• Natural Gas 2.73 -6.97%

• Heating Oil 197.37 -7.55%

• Gold 1,213.10 +.81%

• Bloomberg Base Metals Index 170.53 +1.20%

• Copper 269.15 +3.34%

• US No. 1 Heavy Melt Scrap Steel 226.67 USD/Ton unch.
• China Iron Ore Spot 62.56 USD/Ton -1.39%

• Lumber 294.80 -3.06%

• UBS-Bloomberg Agriculture 1,173..47 -.11%

Economy

• ECRI Weekly Leading Economic Index Growth Rate -4.5% -20 basis points

• Philly Fed ADS Real-Time Business Conditions Index .0097 +412.90%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 122.07 +.07%

• Citi US Economic Surprise Index -46.7 +.7 point

• Citi Eurozone Economic Surprise Index 51.0 -5.1 points

• Citi Emerging Markets Economic Surprise Index -7.30 +4.4 points

• Fed Fund Futures imply 52.0% chance of no change, 48.0% chance of 25 basis point cut on 3/18

• US Dollar Index 95.29 +1.04%

• Euro/Yen Carry Return Index 139.82 -1.18%

• Yield Curve 137.0 -11.0 basis points

• 10-Year US Treasury Yield 1.99% -12.0 basis points

• Federal Reserve's Balance Sheet $4.448 Trillion -.23%

• U.S. Sovereign Debt Credit Default Swap 16.5 -.13%

• Illinois Municipal Debt Credit Default Swap 178.0 -.11

• Western Europe Sovereign Debt Credit Default Swap Index 22.51 -12.10%

• Asia Pacific Sovereign Debt Credit Default Swap Index 59.68 -8.19%
  

• Emerging Markets Sovereign Debt CDS Index 350.42 +1.51%
  

• Israel Sovereign Debt Credit Default Swap 72.25 -5.04%

• Iraq Sovereign Debt Credit Default Swap 335.60 -5.01%

• Russia Sovereign Debt Credit Default Swap 479.49 -3.18%

• iBoxx Offshore RMB China Corporates High Yield Index 114.42 +.61%

• 10-Year TIPS Spread 1.83% +7.0 basis points

• TED Spread 25.25 +.75 basis point

• 2-Year Swap Spread 24.75 -3.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 +2.0 basis points

• N. America Investment Grade Credit Default Swap Index 61.50 -5.14% 

• America Energy Sector High-Yield Credit Default Swap Index 651.0 -3.88%

• European Financial Sector Credit Default Swap Index 54.29 -11.85%
  

• Emerging Markets Credit Default Swap Index 375.65 -.47%
  

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

• M1 Money Supply $2.986 Trillion +.41%

• Commercial Paper Outstanding 1,026.80 +3.50%

• 4-Week Moving Average of Jobless Claims 294,500 +11,250

• Continuing Claims Unemployment Rate 1.8% unch.

• Average 30-Year Mortgage Rate 3.80% +4 basis points
• Weekly Mortgage Applications 420.30 -3.51%

• Bloomberg Consumer Comfort 42.7 -1.9 points

• Weekly Retail Sales +2.70% unch.

• Nationwide Gas $2.37/gallon +.09/gallon

• Baltic Dry Index 533.0 +3.90%

• China (Export) Containerized Freight Index 1,078.69 unch.

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 30.0 -7.69%
• Rail Freight Carloads 213,617 -9.59%

Best Performing Style

• Small-Cap Growth +.3%

Worst Performing Style

• Mid-Cap Value -.7%

Leading Sectors

• Gold & Silver +3.6%

• Hospitals +2.3%

• Restaurants +2.3%

• HMOs +1.6%

• Construction +1.4%

Lagging Sectors

• Oil Tankers -2.7% 

• Coal -2.7%

• Computer Hardware -3.0%

• Steel -3.7%

• Gaming -5.9%

Weekly High-Volume Stock Gainers (47)

• BNFT, EYES, PTCT, TSRO, PCYC, ARUN, GTT, AAC, PGTI, UIL, RGR, PTX, FSLR, VRX, TREX, WCIC, SAAS, SPWR, BSFT, CLDX, CYBX, DEPO, PPO, GOGO, LEAF, NRZ, CTSO, AHS, RUBI, CRM, OPWR, SQBK, EXLS, SF, B, MDAS, XXIA, CRI, TXTR, DDS, VRSK, EAGL, SHOO, JRN, CTB, GSM and ELGX

Weekly High-Volume Stock Losers (23)

• DOOR, CLGX, AGTC, NSM, TRAK, COHU, QTS, SEM, BDBD, HAWK, TRUE, LKQ, EXAS, SAM, HPQ, IL, UEIC, HURN, TAX, TASR, DAKT, LL and NDLS

Weekly Charts
ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Reversing Slightly Lower into Final Hour on Global Growth Fears, Earnings Worries, Profit-Taking, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.83 -.68%

• Euro/Yen Carry Return Index 139.94 +.19%

• Emerging Markets Currency Volatility(VXY) 9.91 +.92%

• S&P 500 Implied Correlation 60.20-.79%

• ISE Sentiment Index 110.0 -25.68%

• Total Put/Call .98 -3.92%

• NYSE Arms 1.24 -24.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.26 -.42%
• America Energy Sector High-Yield CDS Index 650.0 -.80%

• European Financial Sector CDS Index 54.30 +.66%

• Western Europe Sovereign Debt CDS Index 22.51 -.75%
• Asia Pacific Sovereign Debt CDS Index 60.39 -1.09%

• Emerging Market CDS Index 376.06 -.70%

• iBoxx Offshore RMB China Corporates High Yield Index 114.42 +.13%
• 2-Year Swap Spread 24.75 +.25 basis point

• TED Spread 24.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 137.0 -1.0 basis point

• China Import Iron Ore Spot $62.56/Metric Tonne +.30%

• Citi US Economic Surprise Index -46.70 -4.9 points
• Citi Eurozone Economic Surprise Index 51.0 +1.1 points

• Citi Emerging Markets Economic Surprise Index -7.3 -.3 point

• 10-Year TIPS Spread 1.84 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +42 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs and emerging markets shorts 

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

• Market Exposure: Moved to 25% Net Long

Today's Headlines

Bloomberg:   

• Ukrainian Casualties Test Cease-Fire as Gas Threat Looms Large. Casualties among Ukraine’s army tempered optimism about a cease-fire holding as the authorities in Kiev grappled with simultaneous threats to the country’s finances and energy supplies. While the situation in the conflict zone was “relatively calm” during the night with only sporadic cease-fire violations, three government troops still died in 24 hours, Ukrainian officials said on Friday. The U.S. is considering whether to shut one or more Russian banks out of the world financial system if pro-Russian rebels continue to violate the cease-fire, two Obama administration officials said.
• Russian Sanctions Seen Entrenched as EU, U.S. Keep Pressure. The European Union will probably overcome internal divisions and extend economic sanctions against Russia that expire in July even as the conflict in eastern Ukraine shows signs of abating, according to a survey of economists. The punitive measures will remain in place, according to 13 of 24 respondents surveyed by Bloomberg. Analysts are evenly split over whether initial violations of a cease-fire negotiated in Belarus this month may trigger new and tighter curbs. The EU’s next planned leaders’ summits, which may include a debate on Russian sanctions, are on March 19-20 and June 25-26.  
• Islamic State Completes Takeover of Town Near Base Used by U.S. Islamic State fighters have completed their takeover of the town of Al-Baghdadi in western Iraq, increasing the threat to a nearby airbase where U.S. advisers are stationed, a local official said. The Iraq army unit protecting a residential compound in Al-Baghdadi, the military’s last position in the town, pulled out late on Thursday, Faleh al-Issawi, deputy chief of Anbar provincial council, said by phone. A group of Islamic State fighters entered, and efforts to dislodge them, including airstrikes by the U.S.-led coalition, have failed, he said.  
• European Stocks Climb Amid Airbus Earnings, U.S. Confidence Data. European stocks advanced, extending their highest level since 2007, amid better-than-expected financial results from companies including Airbus Group NV, and U.S. consumer sentiment data. The Stoxx Europe 600 Index rose 0.4 percent to 392.21 at the close of trading. Shares earlier fell as much as 0.3 percent, before advancing as a report showed the University of Michigan final index of sentiment fell this month less than analysts estimated.
• U.S. Oil Discount Poised for Record Widening as Supplies Surge. (video) U.S. crude’s discount to European prices headed for a record widening in dollar terms this month as lower prices failed to curb the nation’s highest oil output in more than three decades. West Texas Intermediate traded for $12.32 a barrel less than Brent, the North Sea benchmark, as supplies expand at the U.S. storage hub in Cushing, Oklahoma. The spread expanded by $7.57 a barrel this month. U.S. crude stockpiles and output rose to the highest level in weekly data that started in the early 1980s. 
• Nathan’s Brings Hot Dogs to Junk-Bond Market as Risk Returns. Nathan’s Famous Inc., the fast-food chain that started as a Coney Island hot dog stand in 1916, is tapping the junk-bond market for the first time, raising money for a shareholder payout just as debt investors regain their appetites for risk. The company plans to sell $125 million in five-year debt and will use $116 million of the proceeds for a dividend, it said Friday in a statement. Moody’s Investors Service gave the debt its seventh-lowest speculative-grade rating, citing weak protections for investors and “very modest” revenue and earnings from the fast-food chain. Investors are shifting cash back into the riskiest, and highest-paying, corporate debt as an oil-price plunge stabilizes and unprecedented stimulus from central banks around the world suppress yields. Nathan’s may need to pay as much as 10.25 percent on its debt, according to a person with knowledge of the offering. “Whenever you see a company come to market to finance a dividend, and not very cheaply, it raises questions about if its really the best use of the cash,” Jody Lurie, a Philadelphia-based analyst at Janney Montgomery Scott, which manages $61 billion in assets, said in a telephone interview.

ZeroHedge: 

• Here Is What Americans Spent Their "Gas Savings" On. (graph)
• China Just Sided With Russia Over The Ukraine Conflict.
• Stocks Head For Best Month Since Oct 2011 As US Macro Crashes To 12-Month Lows. (graph)
• Live, From Athens, It's Anti-Government Protest Live. (video)
• As IMF Default Looms & Tax Revenues Plunge, Greek Stocks & Bonds Tumble. (graph)
• Steen Jakobsen Warns Of Looming US Slowdown, "I'm Long Gold... And Adding". (graph)
• Pending Home Sales Miss For 5th Month In A Row. (graph)
• UMich Consumer Sentiment Tumbles Most In 16 Months. (graph)
• Chicago PMI Crashes Most Since Lehman To Lowest Since July 2009. (graph)
• Q4 GDP Revised Down To 2.2% From 5.0%: Full Breakdown. (graph)

Bear Radar

Style Underperformer:

• Small-Cap Growth -.31%

Sector Underperformers:

• 1) Biotech -1.10% 2) Airlines -1.05% 3) Alt Energy -.88%

Stocks Falling on Unusual Volume:

• QTWO, WTW, TUBE, SPLK, PEGA, RESN, ENOC, NMBL, PBPB, MDRX, ECPG, TPC, ENV, IM, UIL, HMSY, PODD, PRAA, KOP, BKS, HLF, WLH, MENT, VTAE, NOW, PGTI, WLH, CST, ACOR, ZLTQ, OLED, ENV, HEES, IM, KBR and TUBE

Stocks With Unusual Put Option Activity:

• 1) WTW 2) ARCP 3) SPLK 4) HLF 5) SLCA

Stocks With Most Negative News Mentions:

• 1) PBPB 2) WAC 3) LUV 4) CLI 5) ANTM
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Mid-Cap Value +.02%

Sector Outperformers:

• 1) Gold & Silver +2.11% 2) Coal +1.96% 3) Oil Service +1.68%
  

Stocks Rising on Unusual Volume:

• ABTL, EYES, AIRM, DGI, MNST, BLOX, HZNP, ARUN, CYBX, ADSK, ROST, KND, MTZ, DRQ, SEMG, HAWK, CYBX, BPT, DFRG and AMSG

Stocks With Unusual Call Option Activity:

• 1) HZNP 2) MNST 3) SPLK 4) ARN 5) ADBE
  

Stocks With Most Positive News Mentions:

• 1) FDX 2) GPS 3) ROST 4) SHLD 5) DGI
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume