Bear Radar

Style Underperformer:

• Mid-Cap Growth +.3%

Sector Underperformers:

• 1) Coal -8.5% 2) Gaming -1.5% 3) Utilities -1.1%

Stocks Falling on Unusual Volume: 

• HESM, CDW, DISCA, IONS, AQUA, VCYT, ALSN, MPC, SPCE, TCDA, KNX, DPHC, MIC, FSLY, NUVA, BTAI, FIXX, WEN, CNK, PHR, CNST, PRTS, CVI, OSPN, BYND, WU, FOX, SLP, FOXA, PLNT, ODP, LVGO, MCHP, CORT, GOLF, CDLX, REYN, SBGI, NKLA, AKCA, WW, ANET, TRHC, DK, LL, UPWK, TDOC, BCOR, ENR, OMI, ACLS, EVER, NEWR and VAPO
  

Stocks With Unusual Put Option Activity:

• 1) TDOC 2) MCHP 3) ANET 4) DIS 5) UAA
  

Stocks With Most Negative News Mentions:

• 1) NEWR 2) CORT 3) BKD 4) TSC  5) PPC
  

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +1.0%

Sector Outperformers:

• 1) Oil Service +2.9% 2) Papers +2.7% 3) Agriculture +2.0%

Stocks Rising on Unusual Volume:

• FLGT, LPSN, DFIN, TRUP, SGRY, AIZ, MTCH, LOPE, INGN, NVAX, BEAM, LRN, BOOT, DCNA, DIS, SQ, CENX, PRIM, WIFI, OTRK, PAYC, IRTC, KODK, SRNE, ALTR and ETSY
  

Stocks With Unusual Call Option Activity:

• 1) FTAI 2) WLL 3) TDOC 4) DIS 5) OAS

Stocks With Most Positive News Mentions:

• 1) LPSN 2) DIS 3) SQ 4) EMPH 5) MNST

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -12.2% Below 100-Day Average
• 8 Sectors Rising, 3 Sectors Declining
• 67.7% of Issues Advancing, 29.2% Declining
• 125 New 52-Week Highs, 2 New Lows
• 39.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 53.3%
• Vix 23.3 -2.2%
• Total Put/Call .79 +6.8%
• TRIN/Arms .77 -14.4%

Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 70.0 -2.0 basis points.

• China Sovereign CDS 42.75 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 60.92 +.01%.
• FTSE 100 futures +.02%.

• S&P 500 futures -.10%.

• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ABC)/1.58
• (BWA)/-.46
• (CVS)/1.91
• (DISCA)/.72
• (ENR)/.59
• (HMC)/-62.20
• (HUM)/6.05
• (MRNA)/-.36
• (ODP)/.08
• (BTU)/-1.28
• (REGN)/5.96
• (SSYS)/-.20
• (TEVA)/.53
• (W)/1.09
• (WEN)/.11
• (WWW)/-.12
  

After the Close:

• (DDD)/-.10
• (ADT)/.29
• (ALB)/.72
• (DOX)/1.05
• (UHAL)/1.78
• (CVNA)/-.79
• (CF)/.60
• (DLPH)/-.89
• (ETSY)/.48
• (FSLY)/-.01
• (HI)/.30
• (JACK)/1.03
• (MRO)/-.64
• (MET)/.91
• (PAAS)/.02
• (PTON)/.10
• (PSA)/2.53
• (RCII)/.60
• (RMD)/1.08
• (RGLD)/.52
• (SQ)/-.05
• (SPWR)/-.39
• (SYNA)/1.07
• (WDC)/1.22
  

Economic Releases

8:15 am EST

• The ADP Employment Change for July is estimated to fall to 1200K versus 2369K in June.

8:30 am EST

• The Trade Balance for June is estimated at -$50.2B in May versus -$54.6B in May.

10:00 am EST

• The ISM Services Index for July is estimated to fall to 55.0 versus 57.1 in June.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,309,300 barrels versus a -10,611,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -534,000 barrels versus a +654,000 barrel gain the prior week. Distillate supplies are estimated to rise by +464,900 barrels versus a +503,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.12% versus a +1.6% gain prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Services PMI report, weekly MBA Mortgage Applications report, Jefferies Industrials Conference, Barclays Building/Building Products Conference and the (COST) July Sales results 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 industrial and financial 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.

Bear Radar

Style Underperformer:

• Mid-Cap Growth -.1%

Sector Underperformers:

• 1) Homebuilding -1.1% 2) Software -1.1% 3) Biotech -1.0%

Stocks Falling on Unusual Volume: 

• PINS, BLDR, LOCO, LNTH, RNG, CVI, ZBH, BRKR, FIXX, TREX, W, ICHR, VCYT, IPHI, RL, TRHC, KPTI, LEG, SPR, PRPL, DOOR, ESI, HLNE, BCC, THC, LDOS, EPC, EMN, KMT, ITRI, AIG, CODX, SLP, IPGP, SITE, WKHS, IMUX, CRUS, KODK, EPZM, BYGR, EVRG, INGR, HAE, SPCE and TCMD
  

Stocks With Unusual Put Option Activity:

• 1) AMLP 2) AIG 3) EOG 4) MCHP 5) HPQ
  

Stocks With Most Negative News Mentions:

• 1) AIG 2) MNK 3) CODX 4) PRA  5) ENDP
  

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +.6%

Sector Outperformers:

• 1) Gold & Silver +3.0% 2) Oil Service +3.0% 3) Alt Energy +2.9%

Stocks Rising on Unusual Volume:

• ITRC, SRNE, CRNC, MTSC, SYKE, BLNK, MOS, PSNL, EXPI, BMCH, VRNS, DPHC, AMD, SCPL, AQUA, HST, AMRC, NKLA, PRIM, FBM, HCAC and TTWO
  

Stocks With Unusual Call Option Activity:

• 1) ARCC 2) WLL 3) GME 4) PSTG 5) ADT

Stocks With Most Positive News Mentions:

• 1) GLDD 2) VRNS 3) TXRH 4) AMD 5) TTWO

Charts:

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