Bull Radar

Style Outperformer:

• Large-Cap Value -.5%

Sector Outperformers:

• 1) Software +1.1% 2) Foods +1.0% 3) Gaming +.5%

Stocks Rising on Unusual Volume:

• TSLA, NOW, PENN, MDLZ, RUTH, CRUS, AMBA, SEIC, MTH, LRCX, YETI and PH

Stocks With Unusual Call Option Activity:

• 1) PENN 2) MDLZ 3) SPR 4) HLF 5) RIOT

Stocks With Most Positive News Mentions:

• 1) NOW 2) LRCX 3) LLY 4) HSY 5) KO

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +15.7% Above 100-Day Average
• 1 Sector Rising, 10 Sectors Declining
• 34.8% of Issues Advancing, 61.1% Declining
• 80 New 52-Week Highs, 76 New Lows
• 62.4% of Issues Above 200-day Moving Average
• Average 14-Day RSI 47.0%
• Vix 17.2 +5.1%
• Total Put/Call .84 unch.
• TRIN/Arms 1.41 +7.6%

Thursday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 55.74 -.75 basis point.

• China Sovereign CDS 39.75  -.25 basis point.

• Bloomberg Emerging Markets Currency Index  65.60 -.04%.
• FTSE 100 futures -.40%.

• S&P 500 futures -.19.%.

• NASDAQ 100 futures +.02%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ALXN)/2.46
• (MO)/1.02
• (ABC)/1.67
• (APTV)/1.02
• (BIIB)/7.90
• (BX)/.66
• (BGG)/-.13
• (BC)/.75
• (KO)/.44
• (DHR)/1.25
• (DD)/.95
• (LLY)/1.52
• (HSY)/1.24
• (IP)/1.03
• (MDC)/1.27
• (NOC)/4.72
• (PH)/2.27
• (DGX)/1.60
• (RTN)/3.11
• (SHW)/4.38
• (TSCO)/1.23
• (TFC)/1.00
• (UPS)/2.11
• (VLO)/1.61
• (VZ)/1.15

After the Close:

• (AMZN)/3.99
• (AMGN)/3.41
• (BZH)/.08
• (DECK)/6.57
• (EA)/2.36
• (RHI)/.97
• (SKYW)/1.41
• (X)/-1.15
• (V)/1.47
• (WDC)/.58
• (WYNN)/1.01

Economic Releases 
8:30 am EST

• Advance 4Q GDP is estimated at +2.1% versus a prior estimate of a +2.1% gain. 
• Initial Jobless Claims for last week are estimated to rise to 215K versus 211K the prior week. 
• Continuing Claims are estimated to fall to 1730K versus 1731K prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The BoE rate decision, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the Eurozone CPI report  could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

Stocks Higher into Final Hour on Earnings Optimism, FOMC Commentary, Short-Covering, Road&Rail/Industrial Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.5 -4.9%

• Euro/Yen Carry Return Index 124.63 -.16%

• Emerging Markets Currency Volatility(VXY) 6.40 1.69%

• S&P 500 Implied Correlation 41.5 -4.0%

• ISE Sentiment Index 76.0 -43
  

• Total Put/Call .78 -1.27%

• NYSE Arms 1.11 +50.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 46.82 -.99%
  

• America Energy Sector High-Yield CDS Index 623.0 -1.11%

• European Financial Sector CDS Index 52.86 -1.19%

• Italian/German 10Y Yld Spread 133.0 -4.25 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 56.03 +.39%
  

• Emerging Market CDS Index 190.38 -.95%
  

• iBoxx Offshore RMB China Corporate High Yield Index 169.86 +.04%

• 2-Year Swap Spread 6.25 unch.

• TED Spread 21.25 -3.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -5.25 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 65.65 -.21%
• 3-Month T-Bill Yield 1.55% -1.0 basis point

• Yield Curve .20 +2.0 basis points

• China Iron Ore Spot 85.0 USD/Metric Tonne +.65%

• Citi US Economic Surprise Index 7.0 -.3 point

• Citi Eurozone Economic Surprise Index 40.60 -.5 point

• Citi Emerging Markets Economic Surprise Index 12.8 +.2 point

• 10-Year TIPS Spread 1.64 -1.0 basis point
• 19.0% chance of Fed April 29th meeting, 40.3% chance of cut at June 10th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -44 open in Japan 
• China A50 Futures: Indicating -681 open in China

• DAX Futures: Indicating +14 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/biotech/medical/retail/industrial sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Value -.2%

Sector Underperformers:

• 1) Semis -1.8% 2) Homebuilding -1.8% 3) Telecom -1.8%

Stocks Falling on Unusual Volume: 

• SWK, FCF, BPMP, PHM, ADP, KEYS, RGA, PLMR, NYCB, ANTM, ACMR, CAL, HES, CYRX, WSBC, CHRW, AMD, BHVN, XLNX, SKY and SLAB

Stocks With Unusual Put Option Activity:

• 1) CC 2) EWH 3) SBUX 4) XLNX 5) NTAP

Stocks With Most Negative News Mentions:

• 1) XLNX 2) I 3) SPI 4) HAFC 5) CAL

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +.4%

Sector Outperformers:

• 1) Road & Rail +2.9% 2) Industrials +1.1% 3) Gold & Silver +.7%

Stocks Rising on Unusual Volume:

• MTSI, LB, SC, PENN, EVR, GE, DT, RMBS, CVLT, SMG, NSC, KNX, DOW, MINI, DNLI, TNDM and TXT

Stocks With Unusual Call Option Activity:

• 1) GE 2) OAS 3) NBR 4) IVZ 5) PSTG

Stocks With Most Positive News Mentions:

• 1) GE 2) NSC 3) AVY 4) AAPL 5) MCD

Charts:

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