Tuesday Watch

Evening Headlines

Bloomberg:       

• Global Stocks Dive Into Bear Market as Risk Appetite Evaporates.
• Property Values Fall Across US, Europe on Bite From Inflation.
• Europe's Plan to Quit Russian Fuel Plunges Pakistan Into Darkness.
• Stocks, Bonds Roiled by Fears of Bigger Fed Hikes: Markets Wrap.  
• Traders Brace for 4% Peak in Fed Rate as Bond Rout Intensifies.
• Inflation Data Likely Push Fed to Consider 75 Basis-Point Hike.
  
• Wall Street Floats 100 Basis-Point Fed Hike as Inflation Stings.
  
• Influencer-Approved Bull Market Sputters to End on Hawkish Fed.
• Crypto Billionaire Fortunes Vanish as Quickly as They Were Made.
• Crypto Investors Who Bought the Hype Are Getting Hit Hardest.
• MicroStrategy’s Losses on Its Bitcoin Bet Near $1 Billion.
• Bored Ape NFTs Face Steep Declines in Broad Cryptoasset Rout.
• ‘Bear-Market Blues’ Test Mettle of Most Devout Bitcoin Holders.  
• Elon Musk to Address Twitter Staff For First Time Since Deal.  
• JPMorgan, Goldman Halt Russian Debt Trading After US Tightens Ban.  
• Tampon Manufacturers Say They’re Working to Address Reported Shortages.  
• Murder-Suicides by Pilots Are Vexing Airlines as Deaths Mount.  
• Amazon Builds Property Empire, Quietly Buying Land Across the US.   
• Big Tech’s Floor Collapses on Renewed Fears of Bigger Rate Hikes.
• Wall Street Sours on S&P as Margin Woes Rattle Corporate America.

Wall Street Journal:

• Index falls 3.9%, Dow skids 876 points on inflation, rate fears.
• Bond Yields Surge Ahead of Fed Meeting.
• Bitcoin Price Falls Below $23,000, an 18-Month Low.
• Coinbase Shares Succumb to Crypto Rout.
• Climate-Change Censorship: Phase Two. Now Gina McCarthy tells Big Tech to stifle debate global-warming policy responses.
• The Cost of Wishful Thinking on Inflation Is Going Up Too. First it wasn’t real. Then it was ‘transitory.’ Now we’re told the Fed will cure it with a few rate hikes. 
• How Fed and Biden Administration Got Inflation Wrong.
• Lawmakers Push for New Powers to Block U.S. Investments in China.
• Without Cheap Russian Energy, Some European Factories Must Close.
• Prologis to Buy Duke Realty in $26 Billion Deal, Including Debt.
• LNG Prices Will Steam Up Again.

Fox News:

• Biden advisor surprises with claim about White House's inflation strategy.

CNBC.com:

• 10-year Treasury yield rockets above 3.39% in biggest move since March 2020.
• Latest Shanghai quarantines add more pressure to global supply chain.
• GM’s stock closes below IPO price for first time since October 2020.
• The crypto industry just had one of its worst days ever — Here’s what happened.
• 1980s-era rate hikes will create more market turmoil, Canaccord’s Tony Dwyer predicts.
• Morgan Stanley CEO James Gorman sees 50-50 odds of recession ahead.
• BlockFi, the Peter Thiel-backed crypto start-up, cuts 20% of its staff as bitcoin plunges.
• Bitcoin crashes 15%, Celsius halts withdrawals, and crypto’s ‘dot-com bubble’: CNBC Crypto World.

MarketWatch:                      

• 22 things you should know about bear markets.
• The S&P 500 just confirmed a bear market: What investors need to know.
  
• Stocks sink as inflation fears trigger shock waves: What investors need to know about stagflation.
• BlackRock isn’t buying the dip as volatility climbs in sinking stock market.  
• JP Morgan, Goldman economists now expect Fed to raise rates by 75 basis points on Wednesday.  
• Oracle stock jumps 12% on strong cloud revenue.  
• Bitcoin tumbles through $24,000 in crypto crash. This chart shows how much worse a selloff could get.   
• Binance blocks bitcoin withdrawals as crypto prices crater.  
• Here’s how much money you would’ve lost if you bought crypto during Matt Damon’s ‘Fortune Favors the Brave’ commercial.  
• There’s another reason companies should tread carefully with political influence — the stock market is watching.

Zero Hedge

• The Great Celsius Implosion: What Went Wrong And How Much More Will Bitcoin Drop.
• Japan On Verge Of Systemic Collapse With "Dramatic, Unpredictable Non-Linearities" In Financial Markets, DB Warns.
• CNN, CBS, NBC, ABC Sunday Shows Don't Cover Attempted Murder Of Supreme Court Justice. 
• Xi Widens Legal Basis For PLA Troop Deployments Amid Soaring Taiwan Tensions.
• Ohio Passes New Law To Expedite Armed Teacher Training To Harden Schools.
• US Official Admits Russian Energy Sales Outpacing Pre-War Levels.
• Pelosi's Court: How The Jan. 6 Committee Undermined Its Own Legitimacy.
• Carnage!
• Over Twenty Million Households Struggle To Pay Energy Bills, It Will Get Worse.
• Trucker Strike In South Korea Sparks Economic Turmoil, Risks Global Spillover.
• On the MOVE.
• Stocks and bonds sold off amid ongoing inflation woes - Newsquawk Asia-Pac Market Open.
• JPMorgan Now Sees Fed Hiking 75bps On Wednesday, Sees "Risk" Of 100bps.
• Scramble for Dollars as Stocks, Bonds, and Beyond Crater - Newsquawk US Market Wrap.
• Snyder: The Worst Economic Gloom In 50 Years.
• "Panic": Yields Soar After WSJ "Fed Leaker" Says Odds Rising Of 75bps Rate Hike.

Newsmax:  

• Russia's Oil Profits Skyrocket Despite Embargo.
• Biden Weighs Suspension of Gas Tax as Long as Russia's War Lasts.  
• RNC Chair McDaniel: High Gas Prices 'Intentional' Under Biden.
• Sen. Blackburn: Biden 'Trying to Crush' Oil Industry.

TheGatewayPundit.com: 

• President Trump Predicted All of What We’re Seeing Today from the Biden Administration Before It Happened (VIDEO).
• Hey, Bill Barr!… BREAKING: Surveillance Video Shows Man Wearing Street Clothes Exiting Passenger Seat of Post Office Truck In Detroit…Dumps Stack of Ballots In Dropbox TWICE! [VIDEO]. 
• Illegal Aliens Set to Receive Driver’s Licenses in Massachusetts After State Legislature Overrides Governor’s Veto – 17 States Now Allow Illegals to Get Gov’t Issued Photo ID.
• Police Shoot and Kill Gunman at Texas Summer Camp Who Fired into Locked Classroom with Kids Inside.
• JUST IN: Napa County Authorities Release Paul Pelosi Mugshot After DUI Arrest.
• They Don’t Care About America’s Starving Babies: Bumbling Biden Press Secretary Has No Answer When Asked About Update on Resolving Infant Formula Shortages.
• Flashback: Former AG Barr Shut Down Investigations into a Trailer Load of 288,000 Ballots into PA from New York in 2020 Election – Barr Refused to Provide Whistleblower Protection – Now the USPS Won’t Provide Investigation Report – What Gives?
• Christina Aguilera Wears Green Rhinestone Strap-On While Performing at LA’s All-Ages ‘Pride in the Park’ (VIDEOS).
• Bidenomics: Gas Prices Hit ANOTHER All-Time High on Monday at $5.014/Gallon — 33rd All-Time Record in the Last 35 Days and STILL CLIMBING.
• Here We Go: Canada to Introduce a Mandatory Monkeypox Quarantine – Cities Are Now Offering Vaccination.
• JUST IN: Triple Vaxxed Canadian Prime Minister Justin Trudeau Infected with Covid… AGAIN.
• YouTube Stars Are Beginning To Turn On Biden, Showing A Younger Generation Is Fed Up With His Poor Leadership. 
• The Number Of Transgender Youth Is On The Rise, Mostly Youth In Democrat Led States.

 The Epoch Times:

• EXCLUSIVE: Arizona Election Worker Details Voter Fraud Investigation.
• High Gas Prices an Indictment of Recent Energy Policy High Gas Prices an Indictment of Recent Energy Policy.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 829,308 Reports(+3,855 from prior week) Through June 3rd, 2022.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

• Asian equity indices are -3.0% to -2.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 134.0 +16.75 basis points. 

• China Sovereign CDS 86.75 +10.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 50.61 -.04%.  
• Bloomberg Global Risk-On/Risk Off Index 4,610.0 +27.0 points.
• Volatility Index(VIX) futures 32.7 -.74%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.39%.

• NASDAQ 100 futures +.56%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for May is estimated to fall to 93.0 versus 93.2 in April.
  

8:30 am EST

• PPI Final Demand MoM for May is estimated to rise +.8% versus a +.5% gain in April.
• PPI Ex Food and Energy MoM for May is estimated to rise +.6% versus a +.4% gain in April. 
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan Industrial Production report, German ZEW Index, weekly US retail sales reports, Deutsche Bank Auto Industry Conference, CSFB Communications Conference, Oppenheimer Consumer Growth/E-Commerce Conference, Deutsche Bank Consumer Conference, (ANF) investor day, (SNOW) investor day and the RBC Fin Tech Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are sharply lower, weighed down by commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

Stocks Falling Sharply into Final Hour on US Policy-Induced Stagflation Fears, Fed "Behind the Curve" Worries, European/Emerging Markets/US High-Yield Debt Angst, Airline/Gambling Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance:  Every Sector Declining
  

• Volume:  Above Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 32.8 +18.1%
• DJIA Intraday % Swing 2.08% +8.9%
  
• Bloomberg Global Risk On/Risk Off Index 4,721.0 -185.0 points

• Euro/Yen Carry Return Index 144.11 -1.0%

• Emerging Markets Currency Volatility(VXY) 13.2 +4.9%

• CBOE S&P 500 Implied Correlation Index 50.6 +5.4% 

• ISE Sentiment Index 82.0 +26.0 points
  

• Total Put/Call 1.29 -.77%

• NYSE Arms 1.61 +17.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 97.04 +6.6%
  

• US Energy High-Yield OAS 378.29 +.8%
• Bloomberg TRACE # Distressed Bonds Traded 323.0 +30.0
  

• European Financial Sector CDS Index 118.49 +8.4%

• Italian/German 10Y Yld Spread 240.0 basis points +23.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 132.0 +15.5%
  

• Emerging Market CDS Index 326.02 +5.3%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 28.3 -1.21%
  
• Ukraine Sovereign Debt Credit Default Swap 5,934.75 +16.2%
  

• 2-Year Swap Spread 39.0 basis points +3.5 basis points
  

• TED Spread 44.25 basis points +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -21.25 basis points -6.5 basis points
  
• MBS  5/10 Treasury Spread  136.0 +16.0 basis points
  
• iShares CMBS ETF 47.30 -1.3%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 50.70 -.76%
• 3-Month T-Bill Yield 1.25% +22.0 basis points
  

• Yield Curve 8.5 basis points (2s/10s) -13.5 basis points
  

• China Iron Ore Spot 134.4 USD/Metric Tonne -4.1%

• Citi US Economic Surprise Index -45.0 +1.7 points

• Citi Eurozone Economic Surprise Index 35.3 +7.1 points
  

• Citi Emerging Markets Economic Surprise Index 21.1 +9.1 points

• 10-Year TIPS Spread 2.76 -1.0 basis point
  
• 0.0%(unch.) chance of no change at July 27th FOMC meeting, 0.0%(unch.) chance of no change at September 21st meeting

US Covid-19:

• 228 new infections/100K people(last 7 days total). 13.0%(-1.0 percentage point) of 1/14 peak -6/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -82.0%(-.8 percentage point) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -512 open in Japan 
• China A50 Futures: Indicating -180 open in China

• DAX Futures: Indicating +58 open in Germany

Portfolio:

• Slightly Higher:  On gains in my index hedges and emerging market shorts
  

• Disclosed Trades:  Added to my emerging market shorts
  

• Market Exposure:  Moved to Market Neutral
  

Bear Radar

Style Underperformer:

• Small-Cap Growth -4.5%

Sector Underperformers:

• 1) Gambling -9.5% 2) Airlines -7.7% 3) Oil Service -6.6%

Stocks Falling on Unusual Volume: 

• NZE, RA, RPRX, FA, PFLT, TCPC, CTT, CGBD, STEP, PTY, KRP, MAIN, SLRC, STWD, BBN, FROG, PDI, ABR, NFJ, WMS, AINV, KREF, GMS, UDMY, AGNC, ARIS, SNDX, SIL, BPMC, RC, EFC, EBIX, BPT, WYNN, CUBI, ACRE, RCL, HHC, ESTE, CCL, GSHD, PLD, TRIP, PYCR, BZH, ARI, SJT, COIN, NCLH, ZI, DOCU, SD, CRGY, CMP, SBNY, NYT, IVR, SI, LVLU and MSTR
  

Stocks With Unusual Put Option Activity:

• 1) CIM 2) STWD 3) LQD 4) ORCL 5) EMB
  

Stocks With Most Negative News Mentions:

• 1) ELMS 2) REV 3) PETZ 4) ASTR 5) AUPH
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value -2.4%

Sector Outperformers:

• 1) Insurance -1.1% 2) Foods -1.2% 3) Restaurants -1.6%

Stocks Rising on Unusual Volume:

• DAWN and RDBX
  

Stocks With Unusual Call Option Activity:

• 1) CIM 2) STWD 3) AGNC 4) VRAY 5) NRZ

Stocks With Most Positive News Mentions:

• 1) RDBX 2) BLUE 3) HILS 4) AERC 5) EKSO
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +22.1% Above 100-Day Average 
• 11 Sectors Declining, 0 Sectors Rising
• 4.5% of Issues Advancing, 93.2% Declining
• 0 New 52-Week Highs, 624 New Lows
• 25.4% of Issues Above 200-day Moving Average
• Average 14-Day RSI 39.9% 
• Bloomberg Global Risk-On/Risk-Off Index 4,517.0 -376.0 points
• Russell 1000: Growth/Value 14,690.0 -.65%
  
• Vix 34.5 +24.1%
• Total Put/Call 1.19 -8.5%
• TRIN/Arms 2.26 +65.7%

Monday Watch

Today's Headlines

Bloomberg:           

• US Makes Asia Inroads by Playing Down Need to Side Against China.
  
• Lockdown Fears Linger as Beijing Says Harder to Control Cluster.
  
• China Alarms US With New Private Warnings to Avoid Taiwan Strait.
  
• China Warns of Risk of War Over Taiwan While Pledging Peace.  
• Ukraine Latest: Russian Forces Seek to Cut off Sievierodonetsk.
• UK Faces Up to a Recession in All But Name as Living Costs Surge.
• UK’s Kwarteng Calls For Urgent Review of Retail Fuel Market.  
• Stocks, Bonds Fall on Inflation Shock; Yen Slumps: Markets Wrap.
• Oil Extends Losses as Investors Weigh US Inflation, China Demand.
• If You Thought the Tech Rout Was Bad, Spare a Dime for Retailers.  
• Summers Cites Recession Risk With Inflation at New 40-Year High.
  
• New Treatment ‘Increases Chance of Survival’ for Prostate Cancer Patients.  
• Crypto Extends Tumble Into Weekend After US Inflation Data.  
• Inflation Thunderbolt Primes Stocks, Bonds for More Volatility.
• ESG Fund Bosses Hit by ‘Reckoning’ as Goldman, DWS in Crosshairs.

Wall Street Journal:

• Earnings Are Under Threat, Darkening Outlook for Stocks.
• How High Gas Prices Are Driving Inflation.
• Sizzling Prices Complicate Fed’s Inflation-Fighting Strategy.
• ‘Peak Inflation’ Keeps Peaking. Progressive economic policies are crushing low-wage workers.
• Cannabis and the Violent Crime Surge. Heavy marijuana use among youths is leading to more addiction and antisocial behavior.
• Russia Sanctions Could Bail Out These Bankers.
• Japan’s Yen Takes Beating in Global Market Rout.
• Some Ads Play on Streaming Services Even When TV Is Off.
• China Defense Minister Says Nuclear Buildup Is Justified.

Fox News: 

• How one woman stood up against Smith College's descent into racial indoctrination and identity politics.
• Charlie Kirk to launch 'Turning Point Academy' in bid to reject CRT, 'wokeism' in schools.
• Princeton moves to fire tenured professor who criticized school's woke politics.
• The real cure for the 'woke mind virus' is in colleges and universities: Steve Hilton.
• Stacey Abrams on board of foundation awarding millions to professors pushing prison abolition, CRT.

CNBC:

• Walmart launched a lot of apparel and home brands. Now, that strategy will be put to the test.
• ‘Stop smearing’ China: Defense minister accuses U.S. of creating ‘conflict and confrontation’.
• Millennials and Gen Zers do want to buy homes—they just can’t afford it, even as adults.

Zero Hedge

• 'Made-For-TV' Jan. 6 Hearings Are Ratings Disaster.
• European Auto Industry Decries EU Ban On Petrol Cars.
• Crypto's bloody weekend.
• Sentiment & Positioning do not scream a bottom.
• Studies Highlight Potential Long-Term Impacts Of COVID-19 Pandemic On Teens.
• Visualizing The Global Decline Of Fertility Rates.
• Military Official Predicted mRNA COVID-19 Vaccines Might Be Paused Over Heart Inflammation.
• Australian Housing Expected To Drop By 15% According To Country's Largest Bank.
• Biden's Homeland Secretary Lied About Disinformation Board: Whistleblower Documents.
• Labor Union Threatens US Foods With "Work Stoppages," Could Impact East Coast Restaurants.
• Why Progressives Love Government "Experts".
• Fed Warns Biden Admin: Price Controls Should Stay In The History Books.
• Michigan Sheriff's Department Reduces 911 Call Responses Due To "Exhausted" Funds For Gas.
• Federal Judge Blocks Biden Administration Restrictions On Immigration Arrests.
• Starbucks CEO Considers Walking Back 'Open Bathroom' Policy To Protect Customers.
• Does Biden's Solar Tariff Waiver Help China?
• The Inflation Crisis Is Worse Than Admitted – Will Interest Rates Go To Record Highs?

NewsMax:     

• Rep. Norman: Jan. 6 Hearing 'Complete Disaster' for Dems.
• RNC's McDaniel Jan. 6 'Lights, Camera, Distraction'.
• Dershowitz: Schumer May Be 'in Trouble' for Incitement.

TheGatewayPundit.com:

• FLASHBACK: 11 Months Ago, Biden Said ‘No Serious Economist’ Believed Inflation Was Coming (VIDEO).
• Largest Pork Company in the US Shuts Down California Plant Due to High Costs.
• US Department of Defense Finally Comes Clean – Admits in Public Document that There Are 46 US-Funded Biolabs in Ukraine.
• Biden Told Kimmell ‘We Have the Fastest-Growing Economy in the World,’ Another Obviously False Statement from the Cognitively Declining President.
• WATCH: Bill Maher Slams NYT For Ignoring Kavanaugh Assasination Attempt, ‘If It’s Not Part Of Something That Feeds Our Narrative, F*** It’.
• Literally NO ONE Is Watching Joe Biden White House Videos – The Viewership Is Abysmal – Pathetic.
• SPERRY: FBI Chief Comey Misled Congress’s ‘Gang of 8’ Over Russiagate, Lisa Page Memo Reveals.
• Dinesh D’Souza Dares Jan. 6 Committee to Air His Movie “2000 Mules” at Public Hearing and Try to Refute It.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 829,308 Reports(+3,855 from prior week) Through June 3rd, 2022.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs). 
• COVID Money Tracker. Tracking the Covid response.
  

Night Trading

• Asian indices are -2.75.% to -1.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 126.75 +12.75 basis points.
• China Sovereign CDS 80.75 +4.5 basis points.
• Bloomberg Emerging Markets Currency Index 50.96 -.25%.
• Bloomberg Global Risk-On/Risk Off Index 4,817.0 -92.0 points.
• Volatility Index(VIX) futures 30.3 +4.2%. 
• Euro Stoxx 50 futures -1.67%.
• S&P 500 futures -1.44%.
• NASDAQ 100 futures -2.0%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• None of note
  

After the Close:

• (ORCL)/1.38
  

Economic Releases

• None of note

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK GDP report, Wells Fargo Streaming/Connectivity Conference, Goldman Sachs Healthcare Conference and the BIO International Convention could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are sharply lower, weighed down by financial and technology shares in the region. I expect US stocks to open sharply lower and to maintain losses into the afternoon.  The Portfolio is 25% net long heading into the week.