Morning Market Internals

NYSE Composite Index:

• Volume Running -29.3% Below 100-Day Average
• 4 Sectors Rising, 7 Sectors Declining
• 52.5% of Issues Advancing, 44.3% Declining
• 155 New 52-Week Highs, 2 New Lows
• 84.7% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.4% 
• Bloomberg Global Risk-On/Risk-Off Index 1,476.0 +91.0 points
• Vix 22.0 -5.7%
• Total Put/Call .68 -15.0%
• TRIN/Arms 2.38 +222.9%

Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 58.25 -.25 basis point.

• China Sovereign CDS 29.0 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 62.39 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 1,375.0 -10.0 points.
• Volatility Index(VIX) futures 24.45 -.71%
• FTSE 100 futures +.26%.

• S&P 500 futures +.13%.

• NASDAQ 100 futures +.05%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

• None of note

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan Unemployment Rate and the Bloomberg Weekly Consumer Comforit Index could also impact trading today.

Market Hours
Normal:

• 9:30 am - 1:00 pm EST
  

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

Stocks Rising into Final Hour on Stimulus Hopes, Oil Gain, Short-Covering, Energy/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 22.5 -7.2%
• Bloomberg Global Risk On/Risk Off Index 1,447.0 +270.0 points

• Euro/Yen Carry Return Index 130.53 +.13%

• Emerging Markets Currency Volatility(VXY) 10.5 -.75%

• S&P 500 Implied Correlation 49.5 unch.

• ISE Sentiment Index 106.0 +20.0 points
  

• Total Put/Call .73 +21.7%

• NYSE Arms .61 -53.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 54.22 -2.76%
  

• US Energy High-Yield OAS 576.78 -.72%

• European Financial Sector CDS Index 58.55 -8.86%

• Italian/German 10Y Yld Spread 113.0 -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 58.31 +1.18%
  

• Emerging Market CDS Index 159.04 -1.75%
  

• iBoxx Offshore RMB China Corporate High Yield Index 183.82 +.18%

• 2-Year Swap Spread 9.0 +.25 basis point

• TED Spread 16.75 +.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -25.5 +8.25 basis points
  
• MBS  5/10 Treasury Spread  74.25 -1.75 basis points
  
• IHS Markit CMBX BBB- 6 72.75 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 62.36 +.13%
• 3-Month T-Bill Yield .08% +1.0 basis point
  

• Yield Curve 79.25 -1.5 basis points
  

• China Iron Ore Spot 162.50 USD/Metric Tonne +.3%

• Citi US Economic Surprise Index 51.0 -14.2 points

• Citi Eurozone Economic Surprise Index 201.80 +1.4 points
  

• Citi Emerging Markets Economic Surprise Index 70.8 +.5 point

• 10-Year TIPS Spread 1.97 +3.0 basis points
• 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +166 open in Japan 
• China A50 Futures: Indicating +36 open in China

• DAX Futures: Indicating +9 open in Germany

Portfolio:

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

• Disclosed Trades: None
  

• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Mid-Cap Growth -.2%

Sector Underperformers:

• 1) Homebuilding -1.7% 2) Internet -.6% 3) Networking -.6%

Stocks Falling on Unusual Volume: 

• SPRO, MP, ACMR, KPTI, SFIX, SQ, ATOM, LGIH, IIPR, REAL, TPIC, IPV, MITK, RDFN, RVNC, SBE, MDB, PTGX, VLDR, LQDT, LAZR, ZM, CLSK, EVLO, DNLI, INSG, PRTS, CVM, LQDT, W, CVNA, FUBO, MARA, BAND, BLNK, NKLA, ARCT and QS
  

Stocks With Unusual Put Option Activity:

• 1) DISCA 2) SWN 3) IVR 4) ITB 5) DD
  

Stocks With Most Negative News Mentions:

• 1) FUBO 2) ARCT 3) VYGR 4) PAYS 5) WMT
  

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +1.4%

Sector Outperformers:

• 1) Airlines +3.4% 2) Banks +3.1% 3) Energy +3.1%

Stocks Rising on Unusual Volume:

• FCEL, EOSE, LGVW, SUPN, MGNI, DMTK, RIDE, LOAK, GME, GIK, NGA, IPOC, FEYE, TCS, PRLB, LMND, AXTI, GLSI, GHIV, HYLN, ITRI, DM, THBR, FIII, GAN and MWK
  

Stocks With Unusual Call Option Activity:

• 1) WATT 2) MARK 3) FLIR 4) PAYX 5) KOS

Stocks With Most Positive News Mentions:

• 1) IZEA 2) GNSS 3) PLTR 4) COP 5) DSS
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -8.7% Below 100-Day Average
• 10 Sectors Rising, 1 Sector Declining
• 69.5% of Issues Advancing, 27.5% Declining
• 179 New 52-Week Highs, 4 New Lows
• 84.0% of Issues Above 200-day Moving Average
• Average 14-Day RSI 50.0% 
• Bloomberg Global Risk-On/Risk-Off Index 1,394.0 +218.0 points
• Vix 23.0 -5.0%
• Total Put/Call .68 +13.3%
• TRIN/Arms .62 -53.0%