Bear Radar

Style Underperformer:

• Small-Cap Value -.34%

Sector Underperformers:

• 1) Utilities -.53% 2) Disk Drives -.43% 3) REITs -.22%

Stocks Falling on Unusual Volume:

• ORMP, TXTR, TKC, WMC, PTY, PCN, PDI, GDP, RLI, BIO, PKO, SHLO, GIII, MR, WX, RTI, QDEL and CLNE

Stocks With Unusual Put Option Activity:

• 1) FCX 2) TWTR 3) TOL 4) XLE 5) XLNX
  

Stocks With Most Negative News Mentions:

• 1) JPM 2) BAC 3) TXTR 4) EV 5) EBAY
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Large-Cap Value +.25%

Sector Outperformers:

• 1) Gold & Silver +1.05% 2) Gaming +.85% 3) Defense +.65%
  

Stocks Rising on Unusual Volume:

• ICLD, NM, BITA and DDD

Stocks With Unusual Call Option Activity:

• 1) TMO 2) CLDX 3) TWTR 4) TASR 5) GOGO

Stocks With Most Positive News Mentions:

• 1) HRB 2) FAST 3) TGT 4) AAPL 5) SCTY
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume

Thursday Watch

Night Trading

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 124.0 +2.0 basis points.

• Asia Pacific Sovereign CDS Index 103.0 unch. 

• FTSE-100 futures n/a.

• S&P 500 futures n/a.

• NASDAQ 100 futures n/a.

Morning Preview Links

Earnings of Note
Company/Estimate

• None of note

Economic Releases
 8:30 am EST

• Initial Jobless Claims are estimated to fall to 345K versus 379K the prior week.

• Continuing Claims are estimated to fall to 2827K versus 2884K prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The China Industrial Profits report, Japan Employment/CPI/Production data and the weekly Bloomberg Consumer Comfort Index could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial 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 Higher into Final Hour on Global Growth Optimism, Seasonality, Investor Performance Angst, Homebuilding/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.63 -3.14%

• Euro/Yen Carry Return Index 148.72 +.01%

• Emerging Markets Currency Volatility(VXY) 9.02 -.11%

• S&P 500 Implied Correlation 50.12 -.81%

• ISE Sentiment Index 199.0 +61.8%

• Total Put/Call .55 -9.84%

• NYSE Arms .74 -11.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.42 -.56%

• European Financial Sector CDS Index 85.62 -.09%

• Western Europe Sovereign Debt CDS Index 60.75 -.16%

• Emerging Market CDS Index 267.28 +.68%

• 2-Year Swap Spread 10.0 +.75 basis point

• TED Spread 18.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .07% +1 basis point

• Yield Curve 258.0 +4.0 basis points

• China Import Iron Ore Spot $132.0/Metric Tonne +.08%
  

• Citi US Economic Surprise Index 48.4 +3.5 points

• Citi Emerging Markets Economic Surprise Index -10.40 +.7 point

• 10-Year TIPS Spread 2.19 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and index hedges

• Disclosed Trades: None

• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth -.10%

Sector Underperformers:

• 1) Biotech -.50% 2) Internet -.44% 3) I-Banking -.40%

Stocks Falling on Unusual Volume:

• CAMP, TXTR, DL, DDD, CME, AMBA, AGIO, SSYS, SWIR, BIND, YRCW, NFJ, ZLTQ, QIWI, NDLS, AAON and FB

Stocks With Unusual Put Option Activity:

• 1) OAS 2) CRUS 3) SSYS 4) MDT 5) TWTR
  

Stocks With Most Negative News Mentions:

• 1) GM 2) TGT 3) DDD 4) BIDU 5) SINA
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Small-Cap Value +.69%

Sector Outperformers:

• 1) Gaming +1.39% 2) Gold & Silver +1.17% 3) Homebuilders +1.19%
  

Stocks Rising on Unusual Volume:

• IDCC, TSLA, XRS and ORMP

Stocks With Unusual Call Option Activity:

• 1) SPG 2) MWW 3) UPL 4) CHTP 5) NIHD

Stocks With Most Positive News Mentions:

• 1) BA 2) AAPL 3) PCU 4) AXP 5) FB
  

Charts:

• ETFs Rising on Unusual Volume 

• Stocks Rising on Unusual Volume