Weekly Scoreboard*

S&P 500 5,630.5 -2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 41,441.8 -3.1%

• NASDAQ 17,728.2 -2.6%

• Russell 2000 2,039.9 -1.8%

• NYSE FANG+ 12,016.1 -.9%

• Goldman 50 Most Shorted 169.8 -3.9%

• Wilshire 5000 55,608.3 -2.4%

• Russell 1000 Growth 3,706.9 -2.8%

• Russell 1000 Value 1,823.7 -2.1%

• S&P 500 Consumer Staples 866.0 -4.3%

• Bloomberg Cyclicals/Defensives Index(Ex Telecom) 234.1 -.02%
  

• NYSE Technology 5,242.9 -1.3%

• Transports 14,599.5 -6.5%

• Utilities 1,005.5 +1.4%

• Bloomberg European Bank/Financial Services 138.2 -1.2%
  

• MSCI Emerging Markets 44.5 +.2%

• Credit Suisse AllHedge Long/Short Equity Index 219.88 -.66%

• Credit Suisse AllHedge Equity Market Neutral Index 118.6 +1.3%

Sentiment/Internals

• NYSE Cumulative A/D Line 531,796 -.8%
• Nasdaq/NYSE Volume Ratio 11.9 +11.2%

• Bloomberg New Highs-Lows Index -718 -576

• Crude Oil Commercial Bullish % Net Position -19.8 +10.8%

• CFTC Oil Net Speculative Position 154,841 -9.6%

• CFTC Oil Total Open Interest 1,816,244 +2.7%

• Total Put/Call .96 +7.8%

• OEX Put/Call .58 -43.8%

• ISE Sentiment 127.0 +10.0 points
  

• NYSE Arms .65 +5.7%
  
• Bloomberg Global Risk-On/Risk-Off Index 74.1 +2.6%
• Bloomberg US Financial Conditions Index .02 -17.0 basis points
• Bloomberg European Financial Conditions Index 1.21 -23.0 basis points
  

• Volatility(VIX) 22.1 -3.5%
• S&P 500 Intraday % Swing 1.20 -41.5%

• CBOE S&P 500 3M Implied Correlation Index 24.8 +6.4%

• G7 Currency Volatility (VXY) 8.31 -6.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 7.82 -3.9%

• Smart Money Flow Index 20,086.9 -.55%
• NAAIM Exposure Index  68.8 -6.2

• ICI Money Mkt Mutual Fund Assets $7.024 Trillion -.02%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$3.524 Million

• AAII % Bulls 19.1 -1.0%

• AAII % Bears 59.2 +3.7%
• CNN Fear & Greed Index 20.0 (EXTREME FEAR) +4.0

Futures Spot Prices

• CRB Index 303.0 +.64%

• Crude Oil 67.2/bbl. +.06%

• Reformulated Gasoline 214.89 +1.6%

• Natural Gas 4.12 -6.6%
• Dutch TTF Nat Gas(European benchmark) 42.3 euros/megawatt-hour +9.1%
  

• Heating Oil 221.3 -2.3% 
• Newcastle Coal 108.0 (1,000/metric ton) +1.07%
  

• Gold 2,984.8 +2.7%
• Silver 33.78 +3.8%
  

• S&P GSCI Industrial Metals Index 474.7 +1.0%

• Copper 489.7 +3.9%

• US No. 1 Heavy Melt Scrap Steel 373.0 USD/Metric Tonne +.27%

• China Iron Ore Spot 102.2 USD/Metric Tonne -1.7%
• China Battery Grade Lithium Carbonate 10,425.0 USD/metric tonne unch.

• CME Lumber  665.0 -.2%

• UBS-Bloomberg Agriculture 1,457.3 +.44%
• US Gulf NOLA Potash Spot 312.5 USD/Short Ton +2.5%
  

Economy

• Atlanta Fed GDPNow 2Q Forecast -2.41% unch.

• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 34.8% -1.5 percentage points

• NY Fed Real-Time Weekly Economic Index 2.65 +18.3%

• US Economic Policy Uncertainty Index 468.9 -31.0%
• DOGE Total Taxpayer Dollars Saved $115.0 Billion($751.63 Savings Per Taxpayer) +$10.0 Billion
• S&P 500 Current Quarter EPS Growth Rate YoY(498 of 500 reporting) +13.1% -.4 percentage point

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 277.35 +.59:  Growth Rate +12.6% +.2 percentage point, P/E 19.9 -.8
• S&P 500 Current Year Estimated Profit Margin 13.57% -8.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +32.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 411.13 +2.65: Growth Rate +18.9% +.8 percentage point, P/E 28.4 -1.2
  

• Citi US Economic Surprise Index -9.7 -2.3 points

• Citi Eurozone Economic Surprise Index 23.5 -1.1 points

• Citi Emerging Markets Economic Surprise Index 2.8 -1.2 points

• Fed Fund Futures imply 1.0%(-1.0 percentage point) chance of -25.0 basis point cut to 4.0-4.25%, 99.0%(+1.0 percentage point) chance of no change, 0.0%(unch.) chance of +25.0 basis point hike to 4.5-4.75% on 3/19
  

• US Dollar Index 103.72 -.2%

• MSCI Emerging Markets Currency Index 1,754.2 -.14%
  

• Bitcoin/USD 88,370.0 +1.5%

• Euro/Yen Carry Return Index 181.0 +.8%
  

• Yield Curve(2s/10s) 29.5 -1.0 basis point
  

• 10-Year US Treasury Yield 4.30% -1.0 basis point

• Federal Reserve's Balance Sheet $6.713 Trillion +.1%
  
• Federal Reserve's Discount Window Usage $2.760 Billion -24.3%
• Federal Reserve's Bank Term Funding Program $0.0 Billion -100.0%
  

• U.S. Sovereign Debt Credit Default Swap 40.8 +3.1%
  

• Illinois Municipal Debt Credit Default Swap 253.2 +6.5%
  

• Italian/German 10Y Yld Spread 112.0 unch.
• UK Sovereign Debt Credit Default Swap 19.36 -.9%
  

• China Sovereign Debt Credit Default Swap 49.5 +4.3%
  

• Brazil Sovereign Debt Credit Default Swap 177.2 +1.6%
  

• Israel Sovereign Debt Credit Default Swap 81.9 +.4%

• South Korea Sovereign Debt Credit Default Swap 31.8 +4.0%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.3 unch.
• China High-Yield Real Estate Total Return Index 120.2 -.08%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +4.0% -10.0 basis points
• Zillow US All Homes Rent Index YoY +3.5% unch.
  
• US Urban Consumers Food CPI YoY +2.6% +10.0 basis points
• CPI Core Services Ex-Shelter YoY +3.9% -30.0 basis points
• Cleveland Fed Inflation Nowcast Core PCE YoY +2.60% -2.0 basis points: CPI YoY +2.46% -37.0 basis points
  
• 1-Year TIPS Spread 3.98% -1.0 basis point

• Treasury Repo 3M T-Bill Spread -.5 basis points +3.5 basis points
  
• 2-Year SOFR Swap Spread -16.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -.5 -1.25 basis points

• N. America Investment Grade Credit Default Swap Index 55.28 +7.4%
  

• America Energy Sector High-Yield Credit Default Swap Index 206.0 +.79% 
• Bloomberg TRACE # Distressed Bonds Traded 232.0 +27.0
  

• European Financial Sector Credit Default Swap Index 61.1 +6.0%
• Deutsche Bank Subordinated 5Y Credit Default Swap 139.0 +5.3%

• Emerging Markets Credit Default Swap Index 162.4 +3.3%
  

• MBS 5/10 Treasury Spread 136.0 +4.0 basis points
• Bloomberg CMBS Investment Grade Bbb Average OAS 595.0 +8.0 basis points
• Avg. Auto ABS OAS .52 +4.0 basis points

• M2 Money Supply YoY % Change +3.9% unch.

• Commercial Paper Outstanding $1,359.6B +2.9%

• 4-Week Moving Average of Jobless Claims 226,000 +.7%
  

• Continuing Claims Unemployment Rate 1.2% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 54.5 +1.1%
  

• Average 30-Year Fixed Home Mortgage Rate 6.71% +1.0 basis point

• Weekly Mortgage Applications 269,300 +11.2%

• Weekly Retail Sales +5.7% -40.0 basis points
  
• OpenTable US Seated Diners % Change YoY -1.0% -1.0 percentage point
• Box Office Weekly Gross $207.7M n/a

• Nationwide Gas $3.08/gallon -.03/gallon

• Baltic Dry Index 1,650.0 +17.9%
• Drewry World Container Freight Index $2,367.8/40 ft Box -6.8%
  

• China (Export) Containerized Freight Index 1,191.7 -1.6%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 32.5 +8.3%
  
• Truckstop.com Market Demand Index 71.35 +9.0%

• Rail Freight Carloads 277,955 -2.7%
• TSA Total Traveler Throughput 2,705,385 +18.6%
  

Best Performing Style

• Small-Cap Growth -1.5%
  

Worst Performing Style

• Large-Cap Growth -3.0%

Leading Sectors

• Gold & Silver +4.8%

• Disk Drives +2.4%
• Energy +2.4%
  

• Construction +1.4%
  

• Utilities +1.2%
  

Lagging Sectors

• Computer Services -5.5%
  

• Road & Rail -5.8%
  

• Restaurants -6.0%

• Retail -6.1%
  

• Airlines -6.4%
  

Weekly High-Volume Stock Gainers (62)

• RDUS, AAOI, GRRR, RBRK, RGTI, DOCU, PD, SMTC, LX, IONQ, WRD, TTAN, HNRG, TGTX, TTAN, VNET, MSTR, SMMT, ROOT, TYRA, CCI, EH, FUTU, APP, PLTR, CGON, MP, SEI, TRML, CC, SPOT, ACMR, QFIN, MU, SCHW, TREE, ZLAB, CVLT, MKSI, ENVA, KRNT, SPSC, MNSO, PBR/A, AS, NVDA, YUMC, PWR, MTAL, GXO, FMS, ACVA, MUFG, ERJ, MLYS, MNR, ARGX, MWA, DASH, CYD, ERII, ALHC and IOT

Weekly High-Volume Stock Losers (4)

• GAP, LI, M and VRNA

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Surging into Final Hour on Diminished US Govt Shutdown Fears, Short-Covering, Technical Buying, Tech/Financial Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 37.48 +.25%
• 3-Month T-Bill Yield 4.29% -1.0 basis point

• China Iron Ore Spot 102.3 USD/Metric Tonne -1.7%
• Dutch TTF Nat Gas(European benchmark) 42.3 euros/megawatt-hour +.5%

• Citi US Economic Surprise Index -9.7 -3.5 points

• Citi Eurozone Economic Surprise Index 23.5 +.4 point

• Citi Emerging Markets Economic Surprise Index 2.8 -.2 point
• S&P 500 Current Quarter EPS Growth Rate YoY(498 of 500 reporting) +13.1% -.1 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 277.35 +.04:  Growth Rate +12.6% unch., P/E 20.3 +.3
• S&P 500 Current Year Estimated Profit Margin 13.57% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +32.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 411.13 +.20: Growth Rate +18.9% +.1 percentage point, P/E 29.2 +.6
• Bloomberg US Financial Conditions Index .02 -10.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.21 -4.0 basis points
• US Yield Curve 29.0 basis points (2s/10s) -3.5 basis points
• US Atlanta Fed GDPNow Q1 Forecast -2.41% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 34.8% unch.

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.60% unch.: CPI YoY +2.46% unch.
• 10-Year TIPS Spread 2.31 unch.
• Highest target rate probability for May 7th FOMC meeting: 70.5% (+6.0 percentage points) chance of 4.25%-4.5%. Highest target rate probability for June 18th meeting: 57.3%(+1.1 percentage points) chance of 4.0%-4.25%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +382 open in Japan 
• China A50 Futures: Indicating +125 open in China

• DAX Futures: Indicating +85 open in Germany

Portfolio:

• Higher: On gains in my financial/consumer discretionary/tech/utility/industrial sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
• Market Exposure: Moved to 100% Net Long
  

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

Earnings of Note 
Company/Estimate 

Before the Open:

• (SAIC)/2.09

After the Close: 

• (GETY)/.05

Economic Releases

8:30 am EST

• Empire Manufacturing for March is estimated to fall to -2.0 versus 5.7 in Feb. 
• Retail Sales Advance MoM for Feb. is estimated to rise +.7% versus a -.9% decline in Jan.
• Retail Sales Ex Autos MoM for Feb. is estimated to rise +.4% versus a -.4% decline in Jan.
• Retail Sales Ex Autos and Gas for Feb. is estimated to rise +.5% versus a -.5% decline in Jan.

10:00 am EST

• Business Inventories for Jan. is estimated to rise +.3% versus a -.2% decline in Dec.
• The NAHB Housing Market Index for March is estimated at 42.0 versus 42.0 in Feb.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Atlanta Fed GDPNow 1Q update and the BofA Industrials Conference could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.0 +2.75 basis points.

• China Sovereign CDS 50.25 +2.5 basis points.
  
• China Iron Ore Spot 102.5 USD/Metric Tonne +.2%

• Bloomberg Emerging Markets Currency Index 37.4 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 71.9 +1.1%.
• Volatility Index(VIX) futures 22.3 -1.7%.
• Euro Stoxx 50 futures +.19%

• S&P 500 futures +.56%.

• NASDAQ 100 futures +.71%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by tech and real estate shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.

Stocks Lower into Final Hour on Tariff Uncertainties, Global Growth Worries, Earnings Outlook Jitters, Consumer Discretionary/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining

• Volume: Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 25.4 +5.0%
• S&P 500 Intraday % Swing 1.4 -20.6%.
  
• Bloomberg Global Risk On/Risk Off Index 71.2 -2.3%

• Euro/Yen Carry Return Index 179.6 -.6%

• Emerging Markets Currency Volatility(VXY) 8.0 -.8%

• CBOE S&P 500 Implied Correlation Index 27.5 +1.9% 

• ISE Sentiment Index 117.0 -28.0 points
  

• Total Put/Call .94 +4.4%

• NYSE Arms .74 -33.9%
• NYSE Non-Block Money Flow -$340.4M 
  

Credit Investor Angst:

• North American Investment Grade CDS Index 57.1 +2.9%
  

• US Energy High-Yield OAS 378.0 +5.7%
• Bloomberg TRACE # Distressed Bonds Traded 226.0 -1.0

• European Financial Sector CDS Index 62.9 +4.4%
  
• Deutsche Bank Subordinated 5Y Credit Default Swap 140.5 +2.5%
  

• Italian/German 10Y Yld Spread 114.0 basis points +2.0 basis points

• Asia Ex-Japan Investment Grade CDS Index 73.2 +1.5%
  

• Emerging Market CDS Index 164.4 +1.9%
• Israel Sovereign CDS 81.8 -.2%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.27 -.20%

• 2-Year SOFR Swap Spread -16.5 basis points +.5 basis point

• 3M T-Bill Treasury Repo Spread -.5 basis point +3.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -.5 -.5 basis point
• MBS  5/10 Treasury Spread 139.0 +1.0 basis point
• Bloomberg CMBS Investment Grade Bbb Average OAS 593.0 +5.0 basis points
• Avg. Auto ABS OAS 51.0 +2.0 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 37.4 -.01%
• 3-Month T-Bill Yield 4.30% unch.

• China Iron Ore Spot 102.1 USD/Metric Tonne -.1%
• Dutch TTF Nat Gas(European benchmark) 42.1 euros/megawatt-hour -.4%

• Citi US Economic Surprise Index -6.2 +1.8 points

• Citi Eurozone Economic Surprise Index 23.1 +1.0 point

• Citi Emerging Markets Economic Surprise Index 3.0 -1.4 points
• S&P 500 Current Quarter EPS Growth Rate YoY(496 of 500 reporting) +13.2% -.3 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 277.31 +.76:  Growth Rate +12.6% +.3 percentage point, P/E 20.0 -.2
• S&P 500 Current Year Estimated Profit Margin 13.57% -3.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +32.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 410.94 +.20: Growth Rate +18.8% unch., P/E 28.6 -.6
• Bloomberg US Financial Conditions Index .12 +9.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.25 +19.0 basis points
• US Yield Curve 32.5 basis points (2s/10s) +1.0 basis point
• US Atlanta Fed GDPNow Q1 Forecast -2.41% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 34.8% -.6 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.60% unch.: CPI YoY +2.46% unch.
• 10-Year TIPS Spread 2.31 -3.0 basis points
• Highest target rate probability for May 7th FOMC meeting: 64.5% (-7.3 percentage points) chance of 4.25%-4.5%. Highest target rate probability for June 18th meeting: 55.9%(-1.6 percentage points) chance of 4.0%-4.25%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -170 open in Japan 
• China A50 Futures: Indicating +68 open in China

• DAX Futures: Indicating -7 open in Germany

Portfolio:

• Slightly Lower: On losses in my financial/consumer discretionary/tech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some
• Market Exposure: Moved to 50% Net Long
  

Bear Radar

Style Underperformer:

• Mid-Cap Value -2.6%
  

Sector Underperformers:

• 1) Internet -2.8% 2) Computer Hardware -2.7% 3) Homebuilding -2.6%

Stocks Falling on Unusual Volume: 

• PH, FSK, WB, H, AAL, STLA, MTDR, ISRG, AEO, JUTU, PCAR, S, TTAN, HD, CION, DASH, ULTA, SITM, VNET, OSIS, IBKR, ZIM, TPG, TEAM, CAR, LYV, TTD, HSAI, LLYVK, RVLV, RH, ADBE, PATH and ATEN

Stocks With Unusual Put Option Activity:

• 1) DXJ 2) ADBE 3) RBRK 4) AEO 5) NFE

Stocks With Most Negative News Mentions:

• 1) PATH 2) CRM 3) TTD 4) ACTG 5) ADBE

Sector ETFs With Most Negative Money Flow:

• 1) SMH 2) XLC 3) XBI 4) KRE 5) KBE

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value -.6%

Sector Outperformers:

• 1) Gold & Silver +2.0% 2) Insurance +.4% 3) Steel +.1%

Stocks Rising on Unusual Volume:

• INTC, NN, PHR, FN, XPOF, CPRI, DLTR, GIII, XPEV, DG, SLNO, NEM, FIS, SSRM and SLKT

Stocks With Unusual Call Option Activity:

• 1) JNPR 2) PRMW 3) ADBE 4) HNRG 5) MUB

Stocks With Most Positive News Mentions:

• 1) AVAH 2) INTC 3) FFNW 4) BLDE 5) GIII

Sector ETFs With Most Positive Money Flow:

• 1) XLY 2) KBWB 3) XLP 4) XLE 5) IBB

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:

• (BKE)/1.39
• (GOGO)/.03
• (LI)/2.89
  

After the Close: 

• None of note

Economic Releases

10:00 am EST

• Univ. of Mich. Consumer Sentiment for March is estimated to fall to 63.0 versus 64.7 in Feb.
• Univ. of Mich. 1Y Inflation Expectations for March is estimated to rise +4.2% versus a +4.3% gain in Feb.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The government funding deadline, CFTC speculative net positioning reports, US Baker Hughes total Rig Count, (MELI) Morgan Stanley analyst meeting, (PPC) investor day, (OI) investor day and the (WEX) investor meeting 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 +5.9% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 13.7 +.9
• 9 Sectors Declining, 2 Sectors Rising
• 34.4% of Issues Advancing, 63.7% Declining 
• TRIN/Arms .80 -29.5%
  
• Non-Block Money Flow -$320.9M
  
• 6 New 52-Week Highs, 74 New Lows
• 34.3% (-3.7%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 30.2 -.8

Other:

• Bloomberg Global Risk-On/Risk-Off Index 71.5 -1.9%
• Bloomberg Cyclicals/Defensives Index 232.0 -.4%
  
• Russell 1000: Growth/Value 19,729.7 -1.4%
• CNN Fear & Greed Index 18.0 (EXTREME FEAR) +1.0
• 1-Day Vix 22.0 -4.8%
  
• Vix 24.7 +2.1%
  
• Total Put/Call .85 -5.6%

Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 72.256 -.75 basis point.

• China Sovereign CDS 47.75 -1.5 basis points.
  
• China Iron Ore Spot 100.8 USD/Metric Tonne +.1%

• Bloomberg Emerging Markets Currency Index 37.4 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 73.0 +.3%.
• Volatility Index(VIX) futures 21.8 +.4%.
• Euro Stoxx 50 futures +.09%

• S&P 500 futures +.14%.

• NASDAQ 100 futures +.19%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by tech and financial 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.