- Volume Running -29.2% Below 100-Day Average
- 7 Sectors Rising, 4 Sectors Declining
- 50.9% of Issues Advancing, 45.1% Declining
- 177 New 52-Week Highs, 5 New Lows
- 89.1% of Issues Above 200-day Moving Average
- Average 14-Day RSI 53.8%
- Bloomberg Global Risk-On/Risk-Off Index 3,200.0 +50.0 points
- Vix 17.1 +.9%
- Total Put/Call .71 unch.
- TRIN/Arms 1.03 -42.3%
Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Friday, April 09, 2021
Morning Market Internals
NYSE Composite Index:
Thursday, April 08, 2021
Friday Watch
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
- Asian equity indices are -.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 70.25 +2.25 basis points.
- China Sovereign CDS 37.75 +1.75 basis points.
- Bloomberg Emerging Markets Currency Index 60.78 +.02%.
- Bloomberg Global Risk-On/Risk Off Index 3,112.0 -38 points.
- Volatility Index(VIX) futures 20.77 -.17%.
- FTSE 100 futures +.28%.
- S&P 500 futures +.26%.
- NASDAQ 100 futures +.43%.
Earnings of Note
Company/Estimate
Before the Open:
- (JKS)/.48
After the Close:
- None of note
Economic Releases
8:30 am EST
- The PPI Final Demand MoM for March is estimated to rise +.5% versus a +.5% gain in Feb.
- The PPI Ex Food and Energy MoM for March is estimated to rise +.2% versus a +.2% gain in Feb.
10:00 am EST
- Wholesale Trade Sales MoM for Feb.
Upcoming Splits
Other Potential Market Movers- None of note
- The China Inflation Data report, Eurozone Industrial Production report, Bloomberg April US Economic Survey and the (FDX) April Economic Update could also impact global trading today.
- 9:30 am - 4:00 pm EST
Stocks Rising into Final Hour on US Economic Optimism, Lower Long-Term Rates, Dovish Fed Commentary, Tech/Alt Energy Sector Strength
Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 17.0 -1.1%
- Bloomberg Global Risk On/Risk Off Index 3,125.0 +23.0 points
- Euro/Yen Carry Return Index 134.56 -.18%
- Emerging Markets Currency Volatility(VXY) 10.6 -.66%
- S&P 500 Implied Correlation 48.2 +.6%
- ISE Sentiment Index 115.0 -10.0 points
- Total Put/Call .60 -25.0%
- NYSE Arms 1.50 +42.9%
Credit Investor Angst:
- North American Investment Grade CDS Index 51.30 -.92%
- US Energy High-Yield OAS 456.39 +.15%
- European Financial Sector CDS Index 57.87 -1.72%
- Italian/German 10Y Yld Spread 100.0 -1.0 basis point
- Asia Ex-Japan Investment Grade CDS Index 68.97 +2.6%
- Emerging Market CDS Index 176.91 -.7%
- iBoxx Offshore RMB China Corporate High Yield Index 189.22 unch.
- 2-Year Swap Spread 13.0 -.5 basis point
- TED Spread 19.0 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -1.75 -.25 basis point
- MBS 5/10 Treasury Spread 70.25 -1.75 basis points
- IHS Markit CMBX BBB- 6 73.25 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 60.79 +.36%
- 3-Month T-Bill Yield .01% unch.
- Yield Curve 151.0 +1.0 basis point
- China Iron Ore Spot 166.10 USD/Metric Tonne +2.66%
- Citi US Economic Surprise Index 37.80 -.9 point
- Citi Eurozone Economic Surprise Index 169.40 -1.1 points
- Citi Emerging Markets Economic Surprise Index 24.90 -.7 point
- 10-Year TIPS Spread 2.33 -1.0 basis point
- 100.0% chance of no change at June 16th meeting, 100.0% chance of no change at Sept. 22nd meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -13 open in Japan
- China A50 Futures: Indicating -112 open in China
- DAX Futures: Indicating +23 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/medical/biotech sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
Bear Radar
Style Underperformer:
- Large-Cap Value unch.
- 1) Oil Service -1.8% 2) Energy -1.4% 3) Shipping -.7%
- GPK, STZ, FGEN, SKLZ, GBOX, ASO, PRGS and BOX
- 1) BOX 2) AMRS 3) OKE 4) STZ 5) CAG
- 1) SOS 2) FGEN 3) NKE 4) BLUE 5) WW
Bull Radar
Style Outperformer:
- Small-Cap Growth +1.2%
Sector Outperformers:
- 1) Gold and Silver +2.4% 2) Video Gaming +2.0% 3) Alt Energy +1.9%
Stocks Rising on Unusual Volume:
- ORBC, PAR, STPK, BLNK, VUZI, GRWG, OKTA, FTCV, BSIG, NTST, ATEC,
PTON, FOUR, RMO, COMM, SDC, MRVI, PCT, PHR, PLNT, GLDD, AMRS, SQ, TPTX,
MSM and NARI
Stocks With Unusual Call Option Activity:
- 1) NCR 2) ORBC 3) STZ 4) OKTA 5) SHW
Stocks With Most Positive News Mentions:
- 1) SIMO 2) TXT 3) COST 4) ADBE 5) LLY
Morning Market Internals
NYSE Composite Index:
- Volume Running -22.0% Below 100-Day Average
- 7 Sectors Rising, 4 Sectors Declining
- 47.3% of Issues Advancing, 48.9% Declining
- 172 New 52-Week Highs, 8 New Lows
- 89.2% of Issues Above 200-day Moving Average
- Average 14-Day RSI 53.0%
- Bloomberg Global Risk-On/Risk-Off Index 3,172.0 +10.0 points
- Vix 17.2 +.2%
- Total Put/Call .59 -26.3%
- TRIN/Arms 1.40 +33.3%
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