Bull Radar

Style Outperformer:

• Small-Cap Growth +1.1%

Sector Outperformers:

• 1) Alt Energy +3.0% 2) Steel +2.4% 3) Disk Drives +2.0%

Stocks Rising on Unusual Volume:

• BOOM, ACIA, Z, VIOT, TTD, ZG, OLED, W, NEM, VYGR, IQ, JKS, CATM, ROKU, ICPT, CNSL, BHR, AMRN, RDWR, LNTH, TILE, NOAH, BE, CIB, IGV, SWM, INSM, BYD, EXAS, HMSY, BE, ENV, RUBY, INT, CBPX, LPSN, IIPR, FIX, ITT, HTGC, LSCC, CWST, CVI, CPRT and HCC

Stocks With Unusual Call Option Activity:

• 1) TTD 2) Z 3) XME 4) W 5) OLED

Stocks With Most Positive News Mentions:

• 1) TTD 2) WAY 3) ROKU 4) OLED 5) INTU

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +.5% Above 100-Day Average
• 9 Sectors Rising, 2 Sectors Declining
• 69.2% of Issues Advancing, 27.7% Declining
• 119 New 52-Week Highs, 7 New Lows
• 49.0% of Issues Above 200-day Moving Average
• Average 14-Day RSI 57.6%
• Vix 14.0 -2.9%
• Total Put/Call .72 -20.9%
• TRIN/Arms 1.75 +33.6%

Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 72.25 +.25 basis point. 

• China Sovereign CDS 51.5 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 68.09 +.01%.

• FTSE 100 futures +.11%.

• S&P 500 futures -.08%.

• NASDAQ 100 futures -.12%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AN)/1.16
• (B)/.82
• (COG)/.58
• (ITT)/.74
• (MGA)/1.60
• (RUTH)/.49
• (TDS)/.24
• (W)/-1.30

After the Close:

• None of note

Economic Releases

• None of note

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Williams speaking, Fed's Bullard speaking, Fed's Harker speaking, Fed's Quarles speaking, Fed's Clarida speaking, Eurozone GDP report and the Eurozone CPI report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by commodity and industrial 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.

Stocks Falling into Final Hour on China Trade Deal Concerns, Technical Selling, Oil Decline, Biotech/Energy Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.89 +6.3%

• Euro/Yen Carry Return Index 130.39 -.15%

• Emerging Markets Currency Volatility(VXY) 8.87 +.11%

• S&P 500 Implied Correlation 40.36 +.93%

• ISE Sentiment Index 101.0 +36.5%
  

• Total Put/Call .93 +19.2%

• NYSE Arms 1.31 +15.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 61.90 +2.05%
  

• America Energy Sector High-Yield CDS Index 538.0 +.06%

• European Financial Sector CDS Index 80.66 +1.04%

• Italian/German 10Y Yld Spread 270.50 -5.5 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 72.23 -1.25%
  

• Emerging Market CDS Index 173.71 +.38%
  

• iBoxx Offshore RMB China Corporate High Yield Index 158.09 +.25%

• 2-Year Swap Spread 9.75 -1.5 basis points

• TED Spread 21.0 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +2.75 basis points.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 68.09 -.22%
• 3-Month T-Bill Yield 2.44% unch.

• Yield Curve 16.25 +1.0 basis point

• China Iron Ore Spot 82.80 USD/Metric Tonne -1.58%

• Citi US Economic Surprise Index -23.60 -5.6 points

• Citi Eurozone Economic Surprise Index -63.0 +9.3 points

• Citi Emerging Markets Economic Surprise Index -7.4 -.2 point

• 10-Year TIPS Spread 1.91 +2.0 basis points
• .9% chance of Fed rate hike at May 1st meeting, 1.1% chance at June 19th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -99 open in Japan 
• China A50 Futures: Indicating +30 open in China

• DAX Futures: Indicating -23 open in Germany

Portfolio:

• Lower: On losses in my medical/biotech/retail/industrial sector longs

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

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Value -.5%

Sector Underperformers:

• 1) Oil Service -3.0% 2) Biotech -2.0% 3) Gold & Silver -1.7%

Stocks Falling on Unusual Volume: 

• CBLK, UNIT, CAI, DPZ, ICPT, SPTN, MIC, GDOT, EVTC, NTES, INOV, SM, GHDX, CONE, SATS, PI, CXO and PLAB

Stocks With Unusual Put Option Activity:

• 1) PFF 2) TRGP 3) AET 4) Z 5) SYF

Stocks With Most Negative News Mentions:

• 1) CBLK 2) APYX 3) CAI 4) MIC 5)WIN

Charts:

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

Bull Radar

Style Outperformer:

• Mid-Cap Growth -.2%

Sector Outperformers:

• 1) Education +4.0% 2) Software +.8% 3) Homebuilding +.8%

Stocks Rising on Unusual Volume:

• ATTU, CAR, VFF, CECO, AVLR, KAR, DIN, LOPE, BG, SEDG, ALB, ACRE, PEGA, SGMS, WK, JACK, TMST, LLY, CAKE, HSC, SAM, AXNX, EROS, OR, AGYS, TMST, HTZ, WK, TTC, CPRT, EROS, OSPN, GDDY and BE

Stocks With Unusual Call Option Activity:

• 1) BSX 2) PGR 3) CAR 4) Z 5) ALB

Stocks With Most Positive News Mentions:

• 1) DLPH 2) ATTU 3) HSC 4) NCLH 5)VC

Charts:

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