Wednesday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 111.5 unch.

• China Sovereign CDS 69.5 +.75 basis point.
  
• China Iron Ore Spot 115.1 USD/Metric Tonne -1.2%.

• Bloomberg Emerging Markets Currency Index 39.3 unch.
• Bloomberg Global Risk-On/Risk Off Index 67.7 +.04%.
• Volatility Index(VIX) futures 16.2 +1.2%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.18%.

• NASDAQ 100 futures -.38%.  

Morning Preview Links

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

Stocks Falling into Final Hour on Stagflationary US Economic Data, Higher Long-Term Rates, Earnings Outlook Worries, Transport/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 15.2 +3.4%
• DJIA Intraday % Swing 1.01 +245.9%
  
• Bloomberg Global Risk On/Risk Off Index 67.7 -.6%

• Euro/Yen Carry Return Index 183.4 +.5%

• Emerging Markets Currency Volatility(VXY) 7.0 +.6%

• CBOE S&P 500 Implied Correlation Index 17.6 +4.8% 

• ISE Sentiment Index 125.0 -3.0
  

• Total Put/Call .92 -1.1%

• NYSE Arms 1.12 unch.
  
• NYSE Non-Block Money Flow -$410.3M 
  

Credit Investor Angst:

• North American Investment Grade CDS Index 53.1 +2.6%
  

• US Energy High-Yield OAS 259.9 +1.2%
• Bloomberg TRACE # Distressed Bonds Traded 285 +3
  

• European Financial Sector CDS Index 63.5 +1.4%
  
• Deutsche Bank Subordinated 5Y Credit Default Swap 189.0 +.6%
  

• Italian/German 10Y Yld Spread 133.0 basis points +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 111.2 -2.2%
  

• Emerging Market CDS Index 175.7 +2.6%
  
• Israel Sovereign CDS 133.2 -1.7%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.4 unch.

• 2-Year SOFR Swap Spread -7.25 basis points +.5 basis point
  

• Treasury Repo 3M T-Bill Spread 8.5 basis points unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 +.5 basis point
  
• MBS  5/10 Treasury Spread 151.0 +3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 773.0 +3.0 basis points
  
• Avg. Auto ABS OAS 58.0 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 39.3 -.2%
• 3-Month T-Bill Yield 5.40% +1.0 basis point
  

• China Iron Ore Spot 116.1 USD/Metric Tonne -.29%
• Dutch TTF Nat Gas(European benchmark) 29.1 euros/megawatt-hour +3.8%

• Citi US Economic Surprise Index 7.6 -6.4 points

• Citi Eurozone Economic Surprise Index 29.9 +14.4 points

• Citi Emerging Markets Economic Surprise Index 34.1 -7.5 points
• S&P 500 Current Quarter EPS Growth Rate YoY(266 of 500 reporting) +3.6% +.2 percentage point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 253.68 -.02:  Growth Rate +13.7% unch., P/E 20.0 -.2
  
• S&P 500 Current Year Estimated Profit Margin 12.85% -2.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(5 of 10 reporting) +42.4% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 319.16 +.25: Growth Rate +32.8% +.1 percentage point, P/E 30.9 -.3
  
• Bloomberg US Financial Conditions Index .96 -8.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index .95 +10.0 basis points
  
• US Yield Curve -35.75 basis points (2s/10s) -.5 basis point
  
• US Atlanta Fed 2Q GDPNow Forecast +3.9% unch.
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 40.6% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.74% unch.: CPI YoY +3.50% +1.0 basis point
  
• 10-Year TIPS Spread 2.40 -1.0 basis point
  
• Highest target rate probability for June 12th FOMC meeting: 90.1%(+3.1 percentage points) chance of 5.25%-5.5%. Highest target rate probability for July 31st meeting: 75.2%(+4.4 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -155 open in Japan 
• China A50 Futures: Indicating -9 open in China

• DAX Futures: Indicating +154 open in Germany

Portfolio:

• Lower:  On losses in my tech/industrial/financial/consumer discretionary sector longs
  

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

• Market Exposure: Moved to 50% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Growth -1.4%
  

Sector Underperformers:

• 1) Gold & Silver -3.3% 2) Oil Service -3.0% 3) Energy -2.8%

Stocks Falling on Unusual Volume: 

• SAIA, BAM, SANM, NSC, URI, SUI, LHIH, ALCC, GPK, HOLI, CCJ, FIHL, SBAC, IT, PCAR, LSCC, MPC, FFIV, LEA, YUMC, BBVA, APLS, MAC, TAP, HUBB, STLA, GEHC, COUR, ARCB, CECO, HEES and MED
  

Stocks With Unusual Put Option Activity:

• 1) MP 2) SPCE 3) BKLN 4) GEHC 5) GLW
  

Stocks With Most Negative News Mentions:

• 1) CHGG 2) MED 3) MSTR 4) VNCE 5) ARCB
  

Sector ETFs With Most Negative Money Flow:

• 1) XLE 2) SMH 3) XBI 4) KRE 5) GDX

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value -.8%
  

Sector Outperformers:

• 1) Pharma +1.4% 2) Shipping +.4% 3) Insurance +.1%

Stocks Rising on Unusual Volume:

• TREE, CGC, ATI, HLIT, THC, ANAB, HRMY, MAX, WWD, ST, EAT, QNST, PRFT, SMPL, TT, LLY, GLW, TKR, DAWN, DJT, CVLT, GGAL, SNAP, HSBC, OMF, FWRG, BMA, NXPI, LDOS, ZBRA, IMNM and AMKR
  

Stocks With Unusual Call Option Activity:

• 1) AMBP 2) FOXA 3) FTI 4) AER 5) JCI

Stocks With Most Positive News Mentions:

• 1) LLY 2) ATI 3) NXPI 4) WGS 5) WWD
  

Sector ETFs With Most Positive Money Flow:

• 1) VGT 2) XLU 3) COPX 4) XITK 5) XLF
  

Charts:

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

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (APA)/.92
• (ADP)/2.79
• (CDW)/2.15
• (CRS)/.94
• (CVS)/1.69 
• (DD)/.65
• (EL)/.50
• (GRMN)/1.01
• (GNRC)/.76
• (IDXX)/2.70
• (JCI)/1.13
• (KHC)/.69
• (MAR)/2.16
• (MA)/3.25
• (PFE)/.53
• (RGEN)/.30
• (SMG)/3.44
• (WING)/.77
• (YUM)/1.20
  

After the Close: 

• (AFL)/1.58
• (ALB)/.25
• (ALL)/3.93
• (AIG)/1.66
• (CAR)/-2.40
• (BZH)/.91
• (CHRW)/.63
• (CVNA)/-.67
• (CF)/1.53
• (DVN)/1.12
• (DASH)/-.03
• (EBAY)/1.20
• (FSLR)/2.00
• (FLEX)/.55
• (HLF)/.38
• (KLIC)/.24
• (MRO)/.54 
• (MET)/1.84
• (MGM)/.56
• (MOS)/.66
• (MYRG)/1.16
• (PPC)/.69
• (QCOM)/2.32
• (SFM)/1.00
• (SUM)/-.21
• (VMI)/3.31
• (ZG)/.30
• (PTEN)/.12
  

Economic Releases

8:15 am EST

• The ADP Employment Change for April is estimated to fall to 180K versus 184K in March.
  

10:00 am EST

• Construction Spending MoM for March is estimated to rise +.3% versus a -.3% decline in Feb.
• JOLTS Job Openings for March is estimated to fall to 8690K versus 8756K in Feb.
• ISM Manufacturing for April is estimated to fall to 50.0 versus 50.3 in March.
• ISM Prices Paid for April is estimated to fall to 55.4 versus 55.8 in March.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,018,000 barrels versus a -6,368,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,134,750 barrels versus a -634,000 barrel decline the prior week. Distillate inventories are estimated to rise by +354,500 barrels versus a +1,614,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.53% versus a +.4% gain prior.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds Rate at 5.25-5.5%.
  

Afternoon

• Wards Total Vehicle Sales for April is estimated to rise to 15.7M versus 15.49M in March.
  

Upcoming Splits 

• None of note
  

Other Potential Market Movers

• The weekly MBA Mortgage Applications report, (KO) annual meeting, (MGM) annual meeting, (CGNX) annual meeting, (UAL) investor day, (FLR) general meeting, (POOL) annual meeting, (WYNN) annual meeting, (WWW) annual meeting, (PEP) annual meeting, (GD) annual meeting, (MOH) annual meeting, (BC) annual meeting and the (FLEX) investor day could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -9.7% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 9.5 -2.3
  
• 10 Sectors Declining, 1 Sector Rising
• 20.6% of Issues Advancing, 77.5% Declining 
• TRIN/Arms .92 -17.9%
  
• Non-Block Money Flow -$365.1M
  
• 50 New 52-Week Highs, 18 New Lows
• 54.3% (-2.9%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 47.0 -5.0
  

Other:

• Bloomberg Global Risk-On/Risk-Off Index 67.3 -1.0%
• Bloomberg Cyclicals/Defensives Pair Index 142.5 -.5%
  
• Russell 1000: Growth/Value 18,922.4 +.19%
• CNN Fear & Greed Index 42.0 (Fear) -2.0
  
• 1-Day Vix 13.9 +41.8%
  
• Vix 15.3 +4.2%
  
• Total Put/Call .88 -5.4%

Tuesday Watch

Evening Headlines

Bloomberg:

• China’s Central Bank Rebuffs Bond Bulls on Market Bubble Worries.
• Japan’s Factory Output Rebounds From Dismal Start to Quarter.
• Yen Traders See Uphill Battle for Japan to Halt Currency’s Slide.
• Already-Weakened Yuan Set for $79 Billion of Dividend Pressure.
• Asian Stocks Track US Peers Higher, Led By Japan.
• Oil Holds Drop as Mideast Cease-Fire Talks Erode Risk Premium.
• Stock Bulls Look to Earnings With Fed in a Corner.
• Five Things You Need to Know to Start Your Day: Asia.

Zerohedge:  

• Biden Looks To Prevent Future President From Ending Ukraine War With 10-Year Agreement. 
• 'Anti-White' Scottish First Minister Quits After Disastrous 'Hate Crime Law'.
• "A Lot Of Shuttered Nuclear Power Plants Could Be Turned Back On", Fed Energy Official Says.
• California State Lawmaker Introduces Bill To Ban Excessive Homework.
• Cocoa Crash Unfolds As "Liquidity Evaporates" 
• California's Tax Revenue Projections Weakening As Newsom's Budget Revision Deadline Looms.
• Mammas, Don't Let Your Babies Grow Up To Be Activists.
• "Do Not Disclose This Is An Ad": OnlyFans Creator Says Biden Admin Paid For "Full On Political Propaganda".
• The Travesties Of The Trump Trials.
• Blinken Urges Hamas To Take 'Extraordinarily Generous' Ceasefire Deal.
• James Carville Has Meltdown Over Young Voters Sitting Out The Election.
• US stocks finished with mild gains on what was a choppy session as focus centred on yen intervention - Newsquawk Asia-Pac Market Open.
• If You Want People To Have Babies You're Now "Far Right"
• Uranium Stocks Rise After White House Mulls Russian Import Ban.
• The Fed's Game Of "Make Believe" Comes To An End.
• Yen tumbles as BoJ shows its hand - Newsquawk US Market Wrap.
• "We Live In An Age Of Full-Spectrum Deception".
• Yen & Yellen Yank Stocks, Bonds, & The Dollar On Otherwise Quiet Day.

Wall Street Journal:

• Columbia Starts Suspending Pro-Palestinian Student Protesters in Standoff.
• NBC Prepares $2.5-Billion-a-Year Bid to Pluck NBA Rights From TNT.
• CNN: Most Voters Say ‘No Chance’ They’ll Support Biden. Is this the most underreported story in politics?
• Wall Street’s Home-Buying Spree Faces Crackdown.
• Taxes, Tariffs and Debt: Investors Start to Fear the Election.
• Executive Flights on Corporate Jets Worth Millions More Than Reported.
• FCC Fines Wireless Carriers for Sharing Customer Data.
• Rising Food Prices Send More Shoppers to Aldi.

CNBC.com:

• Samsung Electronics’ operating profit jumps 932.8% in first quarter, beats expectations.
• Morgan Stanley banker sees 10 to 15 more tech IPOs in 2024, and a ‘better year’ in 2025.
• Biden administration faces onslaught of lawsuits as business groups claim regulatory overreach.
• Judge rejects J&J, Bristol Myers Squibb challenges to Medicare drug-price negotiations.

Fox News:

• Cops deploy tear gas, mace on anti-Israel mob marching toward iconic university Tower.
• Crackdown looming after investors spent billions buying homes, driving up prices.

TheGatewayPundit.com: 

• CONFIRMED – IT WAS ALL A SETUP: New Evidence Affirms Previous TGP Reporting that Deep State Sent Documents to Mar-a Lago to Set Up Trump.
• Judge Joe Brown Goes Off on Barack Obama and “Lowdown Scummy Bastard” and “Piece of Urban Trailer Park Trash” Joe Biden in Explosive Interview (VIDEO).
• ‘Macron Is Becoming a National Danger!’ Opposition Torches Unpopular French President After His Warmongering Puts Nuclear Weapons Arsenal ‘On the Table’ for European Defense.
• Feds Demand Employers Use Workers’ Preferred Pronouns and Allow Them to Use Bathrooms That Match Their Gender Identity or Face Punishment.
• BREAKING: G7 Countries Including United States Reach Agreement to Shut Down All Coal-Fired Power Plants by 2035.
• VAX INJURED? Healthy 29-Year-Old Woman Gets SHOCKING Diagnosis | Beyond the Headlines.
• JUST IN: Hunter Biden Launches War Against Fox News with Defamation Lawsuit For Airing ‘Revenge Porn’ – Hannity, Bartiromo, Watters Told to Preserve Docs.
• Revealed: Students Around the Country are Paying for the Radical Anti-Israel, Anti-US Protests at Universities Through Their Student Dues (VIDEO).
• Comedian Jerry Seinfeld on How the Left and Being Politically Correct Ruined Comedy “This is the Result of the Extreme Left and P.C. Crap” (Video).
• Un-Informed Anti-Israel Protestors Have No Idea Gays are Routinely Killed in Palestine. Just Listen…
• Infuriating: Beloved 36-Year-Old New York City Firefighter and Military Veteran Dies from a Heart Attack After Being Fired to Pay for Illegal Aliens – Family is Left With Nothing. 
• COVID-19 “Vaccines” Declared BIOLOGICAL WEAPONS by GOP | Elijah Schaffer’s Top 5 (VIDEO).

The Epoch Times:

• US Remains Hostage to China’s Rare Earth Metals Monopoly.

X:

• @FxHedgers

• How long would a full of food Chick-fil-A automated delivery robot last in your city before being robbed? (video)

• @VigilantFox

• The Shocking Truth About Skin Cancer: What You’re Not Being Told About the Sun. Is everything we’ve been told one big fat lie? The answer seems to be a resounding yes. While the public is constantly told to avoid the sun to prevent skin cancer, what they’re not telling you is that sunlight is arguably the most important nutrient for the human body. And get this: avoiding sunlight can double one’s risk of dying prematurely, and it also increases the risk of all other cancers.
  
  

• @NickSortor

• BREAKING: Texas State Troopers in riot gear have arrived to FORCE the anti-Israel encampment to shut down and disperse immediately. This is in STARK contrast to what’s going on at Columbia. (video)

• @OCanonist
  

• The WEF has begun experimenting on German citizens by including ‘insect derivative ingredients’ in supermarket foods. The German people were smart enough to develop apps which allow for scanning products, identifying them. “We will not eat the bugs” has become reality. (video)
  

• @_aussie17

• Japan's Most Senior Oncologist, Prof. Fukushima Condemns mRNA Vaccines as 'Evil Practices of Science'. (video)

• @amuse

• FEDS: Police protecting Patriot Front (definitely not Feds, trust us) and allowing them to load passengers into the back of a U Haul truck? Is it normal for police to facilitate criminal activity? (video)

• @WallStreetSilv

• DEI in medical school admissions is going to result in people dying.

• @InsidePaper

• US eased sanctions on at least 10 Russian banks, including the Central Bank, to allow energy-related operations as energy costs soar, Bloomberg reports.

• @ImMeme0

• Columbia University faculty with orange vest and mask on formed a human line against police to prevent the removal of the encampments. (video)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 1,009,553 Reports(+1,917 from prior report) Through March 29th, 2024.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading 

• Asian equity indices are unch. to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 111.5 -4.5 basis points.

• China Sovereign CDS 68.75 -2.0 basis points.
  
• China Iron Ore Spot 117.6 USD/Metric Tonne +.3%.

• Bloomberg Emerging Markets Currency Index 39.4 +.09%
• Bloomberg Global Risk-On/Risk Off Index 70.2 +3.2%.
• Volatility Index(VIX) futures 15.2 +.2%.
• Euro Stoxx 50 futures +.04%.

• S&P 500 futures -.05%.

• NASDAQ 100 futures +.04%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.

Stocks Slightly Higher into Close on Lower Long-Term Rates, Earnings Outlook Optimism, Technical Buying, Biotech/Alt Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 14.9 -1.3%
• DJIA Intraday % Swing .29 -59.1%
  
• Bloomberg Global Risk On/Risk Off Index 67.6 -1.9%

• Euro/Yen Carry Return Index 182.2 -1.2%

• Emerging Markets Currency Volatility(VXY) 7.0 unch.

• CBOE S&P 500 Implied Correlation Index 17.0 -5.5% 

• ISE Sentiment Index 131.0 +5.0
  

• Total Put/Call .88 -12.0%

• NYSE Arms 1.30 +1.6%
  
• NYSE Non-Block Money Flow +$150.9M 
  

Credit Investor Angst:

• North American Investment Grade CDS Index 52.1 +.07%
  

• US Energy High-Yield OAS 255.4 -.81%
• Bloomberg TRACE # Distressed Bonds Traded 282 +7
  

• European Financial Sector CDS Index 62.6 -.8%
  
• Deutsche Bank Subordinated 5Y Credit Default Swap 188.0 -.1%
  

• Italian/German 10Y Yld Spread 132.0 basis points -4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 113.5 -2.1%
  

• Emerging Market CDS Index 172.2 -1.3%
  
• Israel Sovereign CDS 135.4 +.5%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.4 +.12%

• 2-Year SOFR Swap Spread -7.75 basis points +2.0 basis points
  

• Treasury Repo 3M T-Bill Spread 8.5 basis points -1.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 +.25 basis point
  
• MBS  5/10 Treasury Spread 148.0 -2.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 770.0 -2.0 basis points
  
• Avg. Auto ABS OAS 58.0 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 39.4 +.08%
• 3-Month T-Bill Yield 5.39% -2.0 basis points
  

• China Iron Ore Spot 117.6 USD/Metric Tonne +.34%
• Dutch TTF Nat Gas(European benchmark) 28.0 euros/megawatt-hour -3.1%

• Citi US Economic Surprise Index 14.0 +.8 point

• Citi Eurozone Economic Surprise Index 15.5 -16.1 points

• Citi Emerging Markets Economic Surprise Index 41.6 +2.6 points
• S&P 500 Current Quarter EPS Growth Rate YoY(232 of 500 reporting) +3.4% +1.9 percentage points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 253.70 +.88:  Growth Rate +13.7% +.4 percentage point, P/E 20.2 +.3
  
• S&P 500 Current Year Estimated Profit Margin 12.87% +3.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(5 of 10 reporting) +42.4% -20.1 percentage points
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 318.91 +3.30: Growth Rate +32.7% +1.3 percentage points, P/E 31.2 +1.1
  
• Bloomberg US Financial Conditions Index 1.04 +1.0 basis point
  
• Bloomberg Euro-Zone Financial Conditions Index .85 +6.0 basis points
  
• US Yield Curve -35.25 basis points (2s/10s) -5.75 basis points
  
• US Atlanta Fed 2Q GDPNow Forecast +3.9% +120.0 basis points
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 40.6% -1.6 percentage points
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.74% unch.: CPI YoY +3.49% unch.
  
• 10-Year TIPS Spread 2.41 -2.0 basis points
  
• Highest target rate probability for June 12th FOMC meeting: 88.4%(-.5 percentage point) chance of 5.25%-5.5%. Highest target rate probability for July 31st meeting: 70.1%(+1.4 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +335 open in Japan 
• China A50 Futures: Indicating +58 open in China

• DAX Futures: Indicating +170 open in Germany

Portfolio:

• Slightly Higher:  On gains in my tech/industrial sector longs
  

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

• Market Exposure: Moved to 75% Net Long