Bear Radar

Style Underperformer:

• Small-Cap Value -1.5%

Sector Underperformers:

• 1) Airlines -3.3% 2) Gaming -3.1% 3) Tobacco -2.6%

Stocks Falling on Unusual Volume: 

• PRTS, VST, ORCC, BE, HTLD, ERI, LEVI, EBS, MRTN, CCXX, TCDA, JWN, MAN, SPCE, LRN, GEO, PLCE, WYND, SNBR, URBN, SBGI, CVM, MRNA, PETS and NKLA

Stocks With Unusual Put Option Activity:

• 1) BGCP 2) URBN 3) FTAI 4) TIF 5) MOS

Stocks With Most Negative News Mentions:

• 1) ACRX 2) URBN 3) SBGI 4) CCL  5) DAL

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +1.4%

Sector Outperformers:

• 1) Gold & Silver +2.7% 2) Software +2.7% 3) Internet +2.5%

Stocks Rising on Unusual Volume:

• BTAI, ASMB, STMP, DNLI, FIXX, XPEL, RUN, NBL, AMZN, CCX, NOVA and STAA

Stocks With Unusual Call Option Activity:

• 1) NBL 2) ELY 3) FTAI 4) EAT 5) AEO

Stocks With Most Positive News Mentions:

• 1) DBX 2) PTON 3) AMZN 4) MTDR 5) RPRX

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -21.3% Below 100-Day Average
• 4 Sectors Rising, 7 Sectors Declining
• 41.6% of Issues Advancing, 55.8% Declining
• 90 New 52-Week Highs, 6 New Lows
• 32.5% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.4%
• Vix 25.2 -2.0%
• Total Put/Call .68 -11.7%
• TRIN/Arms .83 -50.0%

Today's Headlines

Bloomberg:

• EU Talks Go Into Overtime With Stimulus Push Facing Headwinds.  

• G-20 to Make Debt Relief Extension Call Closer to Year End.  

• Japan to Pay at Least $536 Million for Companies to Leave China.

• North Korea’s Kim Jong Un Leads Discussion on Raising War Deterrent: KCNA.

• Lufthansa’s Debt Priorities Mean Taking Fewer Airbus Planes.

• U.S. Cases Up 1.4%; Texas Hits 5th Day Over 10,000: Virus Update.

• Pooled Testing Okayed in U.S. as Way of Boosting Covid Detection.

• Boeing Faces Financial Drag From Dozens of Undelivered 787 Jets.  

• AOC’s Anti-Billionaire Crusaders Are Spreading in New York City.  

• March of Zombie Companies Just Gets Louder in Stock Market. 

• Options Traders Bet on Tighter Trading Ranges as Earnings Loom.

Wall Street Journal:

• Face Masks Really Do Matter. The Scientific Evidence Is Growing.

• Disney Slashed Ad Spending on Facebook Amid Growing Boycott.

• The FBI’s Dossier Deceit.

• Firms With Troubled Pasts Got Millions in Small-Business Aid.

• Goya’s CEO Softly Stands His Ground.

• What Banks Tell Us About Business: Everybody Is Struggling.

• Trump Team Faces Major Test Over Extending Pandemic Relief.

CNBC:

• Jamie Dimon’s warning for the U.S. economy — nobody knows what comes next.

IG:

• Weekend Markets Trading Live.

Barron's:

• Had bullish commentary on (NFLX), (GHC), (DG), (DLTR) and (WFC).

MarketWatch.com:

• Opinion: There is a hidden risk in your S&P 500 index fund that makes you a bigger gambler than you think.

• Tesla stock price does not reflect risk, CFRA says; stock rating lowered to sell.

Fox News:

• As city violence surges, liberal mayors engage in social media feuds with Trump officials.

• Trump pays tribute to the late John Lewis, who lost cancer battle at 80.

Zero Hedge:

• Mexican Cartel Displays Show Of Force In 'Shocking' New Video.

• Mueller And Weissmann Op-Eds Greatly At Odds With Their Report And Evidence.

• World Suffers 2nd Straight Record Jump In New COVID-19 Cases As US Deaths Surpass 140k: Live Updates.

• Facebook Deplatforms Former Employee Who Questioned BLM/Diversity Narrative.

• Krugman's Keynesianism Has Made Him Wrong about Much More Than Economic Theory.

• Declassified: Christopher Steele's "Primary Sub-Source" Was His Own Employee; NYT Russiagate Propaganda Shredded By Strzok Comments.

• Rouhani Drops Coronavirus Bombshell: "25 Million Iranians Have Been Infected".

• US Defense-Readiness Increasingly A Concern As Troop COVID-19 Cases Surpass 20,000.

• JPMorgan: "Central Banks Have Created A Collective Hallucination Where Valuations Are Entirely Fabricated".

• As Violent Crime In New York Soars, De Blasio Assigns 27 Cops To Protect 'Black Lives Matter' Mural.

• Value Is Dead. Long Live Value-Investing.

• "Ask Prince Andrew About It": Trump Warned Epstein's Island Was "Absolute Cesspool" In 2015.

• China Hit By $9 Billion In FX Outflows In June.

• Walter Williams Blasts The Despicable Behavior Of Today's Academicians.

• 'Work-From-Home' Will Reduce US Driving By 270 Billion Miles Per Year, KPMG Finds.

The Epoch Times:

• EXCLUSIVE: TikTok Hires Internet Police to Monitor American Users, Ex-Censor Says.

• China In Focus (July 17): China Bank Collapse Rumors Spark Bank Runs.

• How the Chinese Regime Infiltrated Academia in the West: Rachelle Peterson.

John Hopkins University:

• Coronavirus Global Cases. (map)

BNO News:

• Tracking Coronavirus: Map, data and timeline. 

KFF:

• State Data(Tests/Hospitalizations).

Stocks Mostly Higher into Afternoon on Global Stimulus Hopes, Short-Covering, Technical Buying, Biotech/Transport Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 26.3 -6.0%

• Euro/Yen Carry Return Index 126.88 +.25%

• Emerging Markets Currency Volatility(VXY) 9.58 unch.

• S&P 500 Implied Correlation 55.9 -2.1%

• ISE Sentiment Index 100.0 -9.0 points

• Total Put/Call .70 unch.

• NYSE Arms 1.79 +36.6%

Credit Investor Angst:

• North American Investment Grade CDS Index 72.02 -.54%
  

• US Energy High-Yield OAS 895.75 +.04%

• European Financial Sector CDS Index 70.99 +.04%

• Italian/German 10Y Yld Spread 165.0 -.25 basis point
  

• Asia Ex-Japan Investment Grade CDS Index  78.69 -.58%
  

• Emerging Market CDS Index 19224 -2.73%
  

• iBoxx Offshore RMB China Corporate High Yield Index 175.18 +.05%

• 2-Year Swap Spread 7.75 +.5 basis point

• TED Spread 16.75 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -7.0 -1.0 basis point
• MBS  5/10 Treasury Spread  99.75 +3.5 basis points
• IHS Markit CMBX BBB- 6 67.25 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.69 unch.
• 3-Month T-Bill Yield .11% +1.0 basis point

• Yield Curve 48.0 +1.25 basis points

• China Iron Ore Spot 107.01 USD/Metric Tonne -.02%

• Citi US Economic Surprise Index 259.1 -11.7 points

• Citi Eurozone Economic Surprise Index -7.1 +6.9 points

• Citi Emerging Markets Economic Surprise Index -11.1 +.2 point

• 10-Year TIPS Spread 1.40 -1.0 basis point
• 100.0% chance of no change at Sept. 16 meeting, 100.0% chance of no change at Nov. 5th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +18 open in Japan 
• China A50 Futures: Indicating +21 open in China

• DAX Futures: Indicating +9 open in Germany

Portfolio:

• Higher: On gains in my tech/biotech/medical/industrial/consumer staple sector longs

• Disclosed Trades: None

• Market Exposure: 50% Net Long

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -29.1% Below 100-Day Average
• 7 Sectors Rising, 4 Sectors Declining
• 54.7% of Issues Advancing, 43.2% Declining
• 54 New 52-Week Highs, 0 New Low
• 31.1% of Issues Above 200-day Moving Average
• Average 14-Day RSI 50.9%
• Vix 26.6 -5.2%
• Total Put/Call .69 -1.4%
• TRIN/Arms 1.70 +29.8%