Friday, December 11, 2020

Bull Radar

Style Outperformer:
  • Mid-Cap Growth -.3%
Sector Outperformers:
  • 1) Networking +.4% 2) Software +.2% 3) Road & Rail +.2%
Stocks Rising on Unusual Volume:
  • TBIO, DIS, PCVX, NK, FIII, INSG, RIDE, QELL, EGHT, CNK, MP, EXPI, MDB, RMG, VITL, CTRE and CLSK
Stocks With Unusual Call Option Activity:
  • 1) EFA 2) CARG 3) DIS 4) SGMO 5) TPX
Stocks With Most Positive News Mentions:
  • 1) XERS 2) LMT 3) COMM 4) AZO 5) CERN
Charts:

Morning Market Internals

NYSE Composite Index:
  • Volume Running -4.0% Above 100-Day Average
  • 1 Sector Rising, 10 Sectors Declining
  • 39.8% of Issues Advancing, 57.2% Declining
  • 143 New 52-Week Highs, 3 New Lows
  • 85.7% of Issues Above 200-day Moving Average
  • Average 14-Day RSI 55.4% 
  • Bloomberg Global Risk-On/Risk-Off Index 1,186.0 -120.0 points
  • Vix 23.4 +3.8%
  • Total Put/Call .77 +10.0%
  • TRIN/Arms 1.31 +52.2%

Thursday, December 10, 2020

Friday Watch

Evening Headlines
Wall Street Journal:
Fox News:
CNBC.com:
Zero Hedge:
Business Insider:     
Newsmax:
TheGatewayPundit.com:
The Epoch Times: 
Politico:
Daily Caller:
NTD News:
ProtectTheVote.com: 
HereIsTheEvidence.com:
Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 58.25 unch.
  • China Sovereign CDS 29.0 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 62.47 +.04%.
  • Bloomberg Global Risk-On/Risk Off Index 1,294.0 -10.0 points.
  • Volatility Index(VIX) futures 24.55 -.51%
  • FTSE 100 futures -.08%.
  • S&P 500 futures +.08%.
  • NASDAQ 100 futures -.07%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ROAD)/.30
After the Close:
  • None of note
Economic Releases
8:30 am EST:
  • PPI Final Demand MoM for Nov. is estimated to rise +.1% versus a +.3% gain in Oct.
  • PPI Ex Food and Energy MoM for Nov. is estimated to rise +.2% versus a +.1% gain in Oct.
10:00 am EST
  • The Univ. of Mich. Consumer Sentiment Index for Dec. is estimated to fall to 76.0 versus 76.9 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Quarles speaking, German inflation data report and the (DIS) investor day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer 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 Slightly Lower into Final Hour on Virus Shutdown Worries, US Jobless Claims, Technical Selling, Transport/Industrial Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 22.5 +1.0%
  • Bloomberg Global Risk On/Risk Off Index 1,304.0 -29.0 points
  • Euro/Yen Carry Return Index 130.89 +.40%
  • Emerging Markets Currency Volatility(VXY) 10.3 -1.35%
  • S&P 500 Implied Correlation 47.7 +5.5%
  • ISE Sentiment Index 146.0 +56.0 points
  • Total Put/Call .67 -21.2%
  • NYSE Arms .75 -21.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.93 +1.64%
  • US Energy High-Yield OAS 594.86 -.11%
  • European Financial Sector CDS Index 59.37 +3.93%
  • Italian/German 10Y Yld Spread 117.0 -2.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 58.02 +.44%
  • Emerging Market CDS Index 163.67 -.29%
  • iBoxx Offshore RMB China Corporate High Yield Index 181.92 -.12%
  • 2-Year Swap Spread 7.0 unch.
  • TED Spread 15.5 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -19.5 +.75 basis point
  • MBS  5/10 Treasury Spread  74.5 +.75 basis point
  • IHS Markit CMBX BBB- 6 72.5 +.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 62.42 +.36%
  • 3-Month T-Bill Yield .07% unch.
  • Yield Curve 78.0 -.75 basis point
  • China Iron Ore Spot 156.73 USD/Metric Tonne +1.37%
  • Citi US Economic Surprise Index 69.20 +2.6 points
  • Citi Eurozone Economic Surprise Index 140.8 +1.0 point
  • Citi Emerging Markets Economic Surprise Index 60.80 +.5 point
  • 10-Year TIPS Spread 1.90 -1.0 basis point
  • 100.0% chance of no change at Jan. 27th meeting, 100.0% chance of no change at March 17th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -86 open in Japan 
  • China A50 Futures: Indicating +25 open in China
  • DAX Futures: Indicating -31 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/biotech/medical sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

Bear Radar

Style Underperformer:
  • Large-Cap Value -.3%
Sector Underperformers:
  • 1) Road & Rail -1.8% 2) Industrials -1.0% 3) I-Banks -1.0%
Stocks Falling on Unusual Volume: 
  • STRO, FUBO, CIIC, ATNX, GM, SWX, VVNT, RIDE, CIEN, LUMN, GOGO, PRTS, MP, AVO, LAZR, CMBM, DLTH, RADI, LE, SBE, CMP, IGMS, PTGX, THCB, FSR, BALY, FMTX and CMTL
Stocks With Unusual Put Option Activity:
  • 1) RSX 2) ANGI 3) RH 4) UNP 5) BRK/B
Stocks With Most Negative News Mentions:
  • 1) PSTI 2) CVAC 3) GOOS 4) CMP 5) BBY
Charts:

Bull Radar

Style Outperformer:
  • Small-Cap Growth +1.1%
Sector Outperformers:
  • 1) Oil Service +4.3% 2) Energy +2.9% 3) Steel +2.6%
Stocks Rising on Unusual Volume:
  • GLSI, TGTX, EGHT, EDIT, THC, RVP, TTGT, SGMO, MDB, FEAC, INSG, ASAN, FLGT, CRWD, CEQP, VRNT, OXY, SI, LPRO, HCAC, KURA, LOAK, SBUX, RCKT and RMG
Stocks With Unusual Call Option Activity:
  • 1) ADT 2) TGTX 3) LPCN 4) SGMO 5) GNW
Stocks With Most Positive News Mentions:
  • 1) NEOS 2) VRNT 3) ASAN 4) CRSP 5) PHR
Charts: