Style Outperformer:
Sector Outperformers:
- 1) Social Media +2.71% 2) Semis +1.71% 3) Retail +1.54%
Stocks Rising on Unusual Volume:
- CTL, BCS, TWTR, AVG, WAC, FOX, EXPD, GMCR, SCTY, WWAV, CSLT, STE, Z, GIMO, NSM, HAIN, FUEL, BRKR, FOXA, YELP, SONC, CTL, SFM, LB, SSNI, LNKD and PENN
Stocks With Unusual Call Option Activity:
- 1) CTL 2) CHTP 3) END 4) KERX 5) ODP
Stocks With Most Positive News Mentions:
- 1) PCLN 2) TWTR 3) FEYE 4) LMT 5) F
Charts:
Night Trading
- Asian equity indices are unch. to +1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 125.0 -.25 basis points.
- Asia Pacific Sovereign CDS Index 86.0 -1.25 basis points.
- NASDAQ 100 futures +.08%.
Morning Preview Links
Earnings of Note
Company/Estimate
- (PCP)/3.20
- (HAIN)/.86
- (REGN)/2.27
- (ICE)/2.61
- (DF)/.00
- (CBS).74
- (LPX)/-.06
- (DISH)/.43
- (CVC)/.05
- (WEN)/.05
- (CECO)/-.39
- (PCLN)/6.90
- (APA)/1.60
- (CSC)/1.04
- (SYMC)/.42
- (NWSA)/.43
- (JAZZ)/1.87
- (MNST)/.49
- (JOE)/-.01
- (ANDE)/1.03
Economic Releases
8:30 am EST
- Initial Jobless Claims are estimated to fall to 325K versus 344K the prior week.
- Continuing Claims are estimated to fall to 2758K versus 2771K prior.
Upcoming Splits
Other Potential Market Movers
- The
Fed's Yellen speaking, Fed's Plosser speaking, Fed's Evans speaking,
Fed's Bullard speaking, Fed's Taruillo speaking, ECB rate decision, BoE
decision, ECB's Draghi speaking, China CPI/Trade Balance, $16B 30Y bond
auction, Bloomberg US Economic Survey for May, weekly Bloomberg Consumer
Comfort Index, weekly EIA natural gas inventory report, (THC) annual
meeting and the (BSX) investor day could impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by financial 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.
Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Mixed
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 13.71 -.65%
- Euro/Yen Carry Return Index 147.74 -.04%
- Emerging Markets Currency Volatility(VXY) 7.54 -.40%
- S&P 500 Implied Correlation 58.04 +.73%
- ISE Sentiment Index 79.0 -10.23%
- Total Put/Call .87 -3.33%
Credit Investor Angst:
- North American Investment Grade CDS Index 65.20 -.78%
- European Financial Sector CDS Index 75.57 -3.98%
- Western Europe Sovereign Debt CDS Index 33.01 -1.77%
- Asia Pacific Sovereign Debt CDS Index 86.87 -.45%
- Emerging Market CDS Index 270.43 -3.93%
- China Blended Corporate Spread Index 355.26 +.67%
- 2-Year Swap Spread 13.75 unch.
- TED Spread 19.75 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -1.0 basis point
Economic Gauges:
- 3-Month T-Bill Yield .03% +1 basis point
- Yield Curve 218.0 +1.0 basis point
- China Import Iron Ore Spot $105.10/Metric Tonne -.85%
- Citi US Economic Surprise Index -11.20 +.8 point
- Citi Emerging Markets Economic Surprise Index -27.70 +1.4 points
- 10-Year TIPS Spread 2.16 unch.
Overseas Futures:
- Nikkei Futures: Indicating +89 open in Japan
- DAX Futures: Indicating +12 open in Germany
Portfolio:
- Slightly Lower: On losses in my biotech/tech/retail sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
Style Underperformer:
Sector Underperformers:
- 1) Disk Drive -4.66% 2) Social Media -3.4% 3) Gaming -2.66%
Stocks Falling on Unusual Volume:
- SBRA, WFM, SSNI, AOL, AEGR, NVDQ, GNC, RMB, FEYE, EXAM, SFM, TFM, ZU, ATHN, TWTR, NGVC, BDC, KMPR, PRGO, SAPE, WBAI, YHOO, CG, VSI, UNFI, TRMB, WTI, QLYS, SAPE, VEEV, XON, MDSO, FNGN, FUEL, POWR, PRGO, MYGN, CNVR, TREX, THOR, SALE, WDAY, CYNO, MTDR, NOW, GWRE, IMPV, DATA, CYH, CG, FSLR, EXAM, Z, DWRE, APO, KKR, CSU, CTSH, N, VOYA, ECOM, FMC, CNQR, ISIS, QRE, SWI, CRAY, EGOV, ROC, SWFT, WYNN, MEMP, TSRA and THRX
Stocks With Unusual Put Option Activity:
- 1) FNSR 2) XBI 3) WFM 4) M 5) WYNN
Stocks With Most Negative News Mentions:
- 1) MCD 2) TGT 3) JPM 4) KMP 5) CRUS
Charts:
Style Outperformer:
Sector Outperformers:
- 1) HMOs +1.85% 2) Utilities +1.09% 3) REITs +.87%
Stocks Rising on Unusual Volume:
- YPF, EA, ARRS, XEC, CZR, ACAS, MDLZ, ATVI, ECA, LYV, STRA, PEGA, XEC, FRGI and PXD
Stocks With Unusual Call Option Activity:
- 1) ATVI 2) RDN 3) WFM 4) EA 5) ACAS
Stocks With Most Positive News Mentions:
- 1) CHK 2) MDLZ 3) EA 4) HUM 5) JCP
Charts:
Night Trading
- Asian equity indices are -1.25% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 125.25 -1.25 basis points.
- Asia Pacific Sovereign CDS Index 87.25 -.5 basis point.
- NASDAQ 100 futures -.07%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
8:30 am EST
- Preliminary 1Q Non-Farm Productivity is estimated to fall -1.2% versus a +1.8% gain in 4Q.
- Preliminary 1Q Unit Labor Costs are estimated to rise +2.8% versus a -.1% decline in 4Q.
10:30 am EST
- Bloomberg
Consensus estimates call for a weekly crude oil inventory gain of
+1,150,000 barrels versus a +1,698,000 barrel gain the prior week.
Gasoline supplies are estimated to fall by -40,000 barrels versus a
+1,564,000 barrel gain the prior week. Distillate supplies are estimated
to rise by +880,000 barrels versus a +1,936,000 barrel gain the prior
week. Finally, Refinery Utilization is estimated to rise by +.37% versus
unch. the prior week.
3:00 pm EST
- Consumer Credit for March is estimated at $15.5B versus $16.489B in February.
Upcoming Splits
Other Potential Market Movers
- The
Fed's Yellen speaking, German Factory Orders, Australia Unemployment
Report, $24B 10Y T-Note auction, weekly MBA mortgage applications
report, Wells Fargo Industrial/Construction Conference, Deutsche Bank
Health Care Conference, BofA Merrill Transport Conference, (IRBT)
analyst day, (WOR) investor day and the (SNDK) analyst day could impact
trading today.
BOTTOM LINE: Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.
