Morning Market Internals

NYSE Composite Index:

• Volume Running +4.1% Above 100-Day Average
• 1 Sector Rising, 10 Sectors Declining
• 33.1% of Issues Advancing, 62.4% Declining
• 36 New 52-Week Highs, 70 New Lows
• 44.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 49.8%
• Vix 16.6 +4.2%
• Total Put/Call .97 +1.0%
• TRIN/Arms .82 +19.0%

Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 73.5 -.75 basis point. 

• Asia Pacific Sovereign CDS Index 12.0 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 74.74 -.03%.

• FTSE 100 futures +.21%.

• S&P 500 futures -.05%.

• NASDAQ 100 futures -.11%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BHGE)/.06

• (CLF)/-.18

• (ERIC)/-.19

• (GE)/.11

• (GNTX)/.40

• (HTLD)/.12

• (HON)/1.90

• (KSU)/1.33

• (MAN)/1.63

• (MINI)/.34

• (RF)/.31

• (SLB)/.37

• (SWK)/1.36

• (STT)/1.59

• (SHOO)/.51

• (STI)/1.10

• (WM)/.83

Economic Releases

• None of note

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Evans speaking and the European CPI report could also impact trading today.

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

Bear Radar

Style Underperformer:

• Mid-Cap Growth -1.1%

Sector Underperformers:

• 1) Tobacco -5.1% 2) Semis -4.4% 3) Homebuilders -3.6%

Stocks Falling on Unusual Volume: 

• APLS, SFL, PM, SNBR, PRTK, BTI, TUSK, AGN, LRCX, TSM, URI, CLX, MO, ALGN and ASML

Stocks With Unusual Put Option Activity:

• 1) PM 2) STI 3) AXP 4) SKX 5) BSX

Stocks With Most Negative News Mentions:

• 1) ACET 2) SNBR 3) ALGN 4) MO 5) MED

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value -.4%

Sector Outperformers:

• 1) Coal +2.9% 2) Banks +2.1% 3) Shipping +.6%

Stocks Rising on Unusual Volume:

• SIEN, ARMO, KBWB, GPRK, ACH, GWW, SNA, TCBI, AA, USAK, AXP, WBS, ECOM, ZYNE, MDSO, ACIA, IRBT, NVCR, SYBT, GOOS, ADMS, LTXB, CRSP, CIFS and TXT

Stocks With Unusual Call Option Activity:

• 1) PM 2) ZNGA 3) COG 4) AXP 5) URI

Stocks With Most Positive News Mentions:

• 1) AXP 2) GWW 3) TCBI 4) BK 5) BXS

Charts:

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

Market Internals

NYSE Composite Index:

• Volume Running +2.5% Above 100-Day Average
• 1 Sector Rising, 10 Sectors Declining
• 24.1% of Issues Advancing, 73.4% Declining
• 75 New 52-Week Highs, 84 New Lows
• 46.6% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.7%
• Vix 16.7 +7.2%
• Total Put/Call .97 +1.0%
• TRIN/Arms .71 -14.5%

Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 74.25 +1.25 basis points. 
• Asia Pacific Sovereign CDS Index 11.75 -.5 basis point.
• Bloomberg Emerging Markets Currency Index 74.99 -.01%.
• FTSE 100 futures +.20%.
• S&P 500 futures +.06%.
• NASDAQ 100 futures +.28%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ABB)/.30
• (ADS)/4.22
• (BK)/.96
• (GPC)/1.32
• (DHR)/.94
• (KEY)/.38
• (NVS)/1.25
• (NUE)/1.12
• (NVR)/31.79
• (PPG)/1.40
• (DGX)/1,51
• (TSM)/3.48
• (ETFC)/.79
• (MRTN)/.19
• (WERN)/.36

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 230K versus 233K the prior week.
• Continuing Claims are estimated to fall to 1845K versus 1871K prior.
• The Philly Fed Business Outlook Index for April is estimated to fall to 21.0 versus 22.3 in March.
  

10:00 am EST

• The Leading Index for March is estimated to rise +.3% versus a +.6% gain in February.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Japan CPI report, Australia Unemployment report, Bloomberg Economic Expectations Index for April, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (PIR) analyst day could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by commodity 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 100% net long heading into the day.