Friday Watch

Evening Headlines

Bloomberg:        

• Japan’s Households Spend Less as Higher Inflation Bites.  
• Pubs and Restaurants Hit by 15% Inflation in UK Food Costs.  
• UK Opens Oil and Gas Licensing Round as Energy Crisis Grows.
• Samsung Profit Sinks 32% as Memory Chip Downturn Worsens.   
• Economists See Argentina Inflation Surpassing 100% by December. 
• Asia Stocks Fall in Early Trade Ahead of Jobs Data: Markets Wrap
• Oil Poised for Biggest Weekly Rally Since March on OPEC+ Move.
• Twitter Trial Against Musk Is Halted to Allow Deal to Close.  
• Tesla Shares Take Hit on Risk That Musk Must Sell to Buy Twitter.
• ESPN Nears Large New Partnership With DraftKings.  
• Mississippi River Drought Forces Goods to Pricier Rail, Trucks.
• Mester Says No Evidence to Support Slowing Pace of Fed Rate Hikes.  
• Fed Officials Keep Hammering Hawkish Message on Rates Heading Up.
• Even After $100 Billion, Self-Driving Cars Are Going Nowhere.  
• San Francisco’s Office-Vacancy Rate Tops 25% as Tenants Depart.

Wall Street Journal:

• Biden, Venezuela and the Oil Dictators. This Administration wants more oil anywhere except in America.
• Germany Finally Says the F-Word: ‘Fracking’. A country used to buying gas elsewhere suddenly remembers there’s a lot in the ground at home.
• At Least 36 Dead in Thailand Child-Care Center Shooting.
• Ukraine’s Appeal for Longer-Range Missiles Presents Fresh Test of U.S. Support.
• Russian Men Flee to Alaska to Escape Draft.
• TikTok Parent ByteDance Sees Losses Swell in Push for Growth.
• Fed Officials Say Stubborn Inflation Justifies Rate Rises.
• Levi Posts Small Sales Increase Amid Supply-Chain Challenges.
• IMF to Lower Global Growth Forecast.
• Florida Businesses Can’t Require Covid Vaccine Proof, Court Rules.

Fox News:

• WATCH:Kanye blasts 'godless' media and addresses 'White Lives Matter' shirt in Tucker Carlson interview.
• Battery-powered cars are exploding from water damage after Hurricane Ian.

CNBC.com:

• Musk must complete Twitter deal by Oct. 28 to avoid trial, judge rules.
• AMD warns of third-quarter revenue shortfall on weaker PC demand, supply chain issues.
• Bitcoin hovers around $20,000, and Celsius execs pulled out crypto before collapse: CNBC Crypto World.
  

MarketWatch:                 

• What Friday’s jobs report means for stocks. Investors shouldn’t expect a break from the market whiplash, say strategists.
  
• DraftKings stock jumps on report of partnership with ESPN.
  
• A recession is coming fast, Titan chairman says, and stock market is acting ‘a little crazy right now’.  
• Dashed hopes for a Fed pivot are morphing into a sense of dread in financial markets.  
• Biden official says ban on gasoline exports still on the table, as White House responds to OPEC+ supply cut.

Zero Hedge:

• Hundreds Of Thousands Of Americans Sought Medical Care After COVID-19 Vaccination: CDC Data.
• Global Trade Forecast 'Darkens' On Central Bank Tightening, Inflation, Ukraine War.
• DACA Ruled Illegal After Appeals Court Cites 'Severe Deficiencies'.
• Most Americans In Over 25 Years Suffer 'Real' Pay Cut Under Biden Admin; Fed Report Shows.
• Democrats Attack Lake As 'Extremist' As 2024 Republicans Flock To Her.
• Air Force Scrambles Jets After North Korea Flies 12 Warplanes Near Inter-Korean Border.
• Washington Gave $28M To Chinese Entities For Joint Research Since 2015: Report.
• Feds Have Enough Evidence To Slap Hunter Biden With Tax, Gun Charges: WaPo.
• Democrat-Led Texas Border Town Busses Migrants To New York.
• US stocks and bonds declined amid a firmer dollar and higher yields after further hawkish Fed rhetoric - Newsquawk Asia-Pac Market Open.
• AMD Tumbles After Catastrophic Preannouncement, Drags Down Chip Sector.
• Are we decoupling from rates?
• China's Zero-COVID Madness Hammers 'Golden Week' For Tourism, Shopping.
• Dollar bid while Stocks and Treasuries sold ahead of pivotal NFP - Newsquawk US Market Wrap.
• US Gasoline Demand Unexpectedly Soars To Highest In Five Years As Inventories Crater.
• Shoplifting In California Is Out Of Control Due To Zero Consequences: District Attorney.
• Are Retail Investors Done? Biggest Liquidation Since 2020 As Retail Is Now 'Selling The Rally'.
• Bonds & Stocks Falter On Flood Of FedSpeak, Payrolls Paranoia.

Newsmax:  

• Feds Believe They Have Enough to Charge Hunter Biden With Tax, Gun Crimes.
• House Candidates: 'National Shift' of Hispanics to GOP.
• Energy Alliance Head: Open Drilling, Not US Reserves.

TheGatewayPundit.com:

• Conservative Latinos Once Voted For Dems — Recent Polling Shows a 65 Point Swing to Republicans.
• Tony Fauci Defends Funding of Dr. Daszak and EcoHealth to Continue Their Bat Research in Southeast Asia.
• WATCH LIVE: 6 PM MST – Arizona’s US Senate Debate Between Trump-Endorsed Blake Masters And Biden Backing Mark Kelly.
• HILARIOUS AUDIO: Democrat Gubernatorial Nominee Katie Hobbs Struggles To Name One Thing She’s Learned From The Hispanic Community At Embarrassing Hispanic Townhall Event.
• It’s Definitely Election Time: Joe Biden to Pardon all Federal Marijuana Offenses – New Rule Affects a Total of ZERO Individuals in Federal Prison.
• Democrat Fetterman, Who Lived Off of Mommy and Daddy Until He Was 50, Kept a Light Schedule as PA Lt. Gov – Didn’t Show Up to Work.
• It’s Happening: Alaska Borough Bans Voting Machines for All Future Elections.
• Catholic Mother Arrested In England in Front of Her Children Over Anonymous Posts on Chat Room and Twitter Posts.
• US Army Releases New and Insane Strategic Plan to ‘Mitigate the Key Effects of Climate Change’.
• FIGHTING BACK: State Treasurer Withdraws Nearly $800 Million in Funds From BlackRock Over Leftist “ESG” Efforts.
  

The Epoch Times:

• CCP Runs Police Outpost in New York City, Part of Global Network of Transnational Repression: Report.
• UN Votes Down Debate on Uyghurs After CCP Lobbying.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 871,837 Reports(+4,210 from prior week) Through September 23rd, 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 -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 180.25 +9.25 basis points. 

• China Sovereign CDS 100.0 +2.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 47.18 -.04%   
• Bloomberg Global Risk-On/Risk Off Index 47.87 +.62%. 
• Bloomberg US Financial Conditions Index -1.04 -1.0 basis point.
  
• Volatility Index(VIX) futures 29.82 -.08%
• Euro Stoxx 50 futures -.38%.

• S&P 500 futures -.1%.

• NASDAQ 100 futures -.16%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for Sept. is estimated to fall to 250K versus 315K in Aug.
• The Unemployment Rate for Sept. is estimated at 3.7% versus 3.7% in Aug.
• Average Hourly Earnings MoM for Sept. is estimated to rise +.3% versus a +.3% gain in Aug.
  

10:00 am EST

• Wholesale Trade Sales MoM for Aug. is estimated to rise +.5% versus a -1.4% decline in July.

3:00 pm EST

• Consumer Credit for Aug. is estimated to rise to $25.0B versus $23.811B in July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Trade Data report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and financial 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 Reversing Lower into Afternoon on US Policy-Induced Stagflation Fears, Diminished Fed "Pivot" Hopes, Dollar Strength, Utility/Alt Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 29.8 +4.3%
• DJIA Intraday % Swing 1.13%
  
• Bloomberg Global Risk On/Risk Off Index 48.1 -.5%

• Euro/Yen Carry Return Index 146.75 -.45%

• Emerging Markets Currency Volatility(VXY) 12.3 +.6%

• CBOE S&P 500 Implied Correlation Index 48.6 +1.14% 

• ISE Sentiment Index 113.0 +24.0 points
  

• Total Put/Call .89 +1.14%

• NYSE Arms 1.09 +26.7%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.83 -.47%
  

• US Energy High-Yield OAS 403.41 -2.21%
• Bloomberg TRACE # Distressed Bonds Traded 448.0 -16.0
  

• European Financial Sector CDS Index 141.75 -.47% 
• Credit Suisse Subordinated 5Y Credit Default Swap 469.14 -4.1%
  

• Italian/German 10Y Yld Spread 243.0 basis points -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 176.24 +2.13%
  

• Emerging Market CDS Index 305.10 +.12%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 25.55 -.24%

• 2-Year Swap Spread 28.5 basis points -1.0 basis point
  

• TED Spread 38.0 basis points +1.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -59.75 basis points +3.75 basis points
  
• MBS  5/10 Treasury Spread  169.0 +2.0 basis points
  
• iShares CMBS ETF 45.52 -1.32%
• Avg. Auto ABS OAS .79 +8.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 47.23 -.39%
• 3-Month T-Bill Yield 3.36% -1.0 basis point
  

• Yield Curve -42.75 basis points (2s/10s) -3.25 basis points
  

• China Iron Ore Spot 94.25 USD/Metric Tonne +.25%
• Dutch TTF Nat Gas(European benchmark) 166.90 euros/megawatt-hour -3.91%

• Citi US Economic Surprise Index 4.70 -2.8 points

• Citi Eurozone Economic Surprise Index .5 -2.3 points
  

• Citi Emerging Markets Economic Surprise Index -4.7 -.8 point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 236.07 -.18:  Growth Rate +15.7% -.1 percentage point, P/E 15.9 -.1
  
• Bloomberg US Financial Conditions Index -1.02 -5.0 basis points
  
• US Atlanta Fed GDPNow Forecast +2.70% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +5.11% unch.: CPI YoY +8.20% unch.
  
• 10-Year TIPS Spread 2.21 unch.
  
• Highest target rate probability for December 14th FOMC meeting: 74.6%(+10.3 percentage points) chance of 4.25%-4.5%. Highest target rate probability for February 1st meeting: 62.9%(+10.7 percentage points) chance of 4.5%-4.75%.
  

US Covid-19:

• 84 new infections/100K people(last 7 days total). 4.8%(-.4 percentage point) of 1/14/22 peak(1,740) -7/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -83.9%(unch.) from peak 7-day avg. of 1/9/22 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -261 open in Japan 
• China A50 Futures: Indicating +375 open in China

• DAX Futures: Indicating +1 open in Germany

Portfolio:

• Higher:  On gains in my commodity sector longs, index hedges and emerging market shorts
  

• Disclosed Trades:  Added to my (IWM)/(QQQ) hedges
  

• Market Exposure:  Moved to 25% net long
  

Bear Radar

Style Underperformer:

• Mid-Cap Value -.9%
  

Sector Underperformers:

• 1) Utilities -2.4% 2) REITs -2.2% 3) Telecom -2.1%

Stocks Falling on Unusual Volume: 

• HCP, XEL, EVRG, BLNK, IVR, T, CAG, SGH, BEPC, DOCU, AEP, EQIX, TGNA, MPW, DTE, SO, AVAV, LEVI, WDC, LAD, AN, WM, GNRC, WEC, RRC, GPRE, CCI, WU, TROX, OPI, CNP, CNK, RSG, MRVI, DLR, BIPC, SPLK, INBX, SMTC, SI, FBC, RGP and MNTK
  

Stocks With Unusual Put Option Activity:

• 1) TIP 2) WDC 3) SYF 4) SABR 5) JNK
  

Stocks With Most Negative News Mentions:

• 1) ANGO 2) SI 3) GMRE 4) NIO 5) SPLK
  

Charts:

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

Bull Radar

Style Outperformer:

• Mid-Cap Growth -.5%

Sector Outperformers:

• 1) Oil Service +.9% 2) Homebuilding +.4% 3) Energy +.2%

Stocks Rising on Unusual Volume:

• BHVN, BSIG, SAVA, SNDX and PINS
  

Stocks With Unusual Call Option Activity:

• 1) SABR 2) STZ 3) MAT 4) PCG 5) AES

Stocks With Most Positive News Mentions:

• 1) CCNC 2) STAB 3) PRVB 4) BBRW 5) PERI
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -5.3% Below 100-Day Average 
• 9 Sectors Declining, 2 Sectors Rising
• 35.8% of Issues Advancing, 60.2% Declining
• 21 New 52-Week Highs, 90 New Lows
• 24.7%(-1.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 46.0 +1.0
  
• Bloomberg Global Risk-On/Risk-Off Index 48.1 -.4%
  
• Russell 1000: Growth/Value 15,511.20 +.36%
  
• Vix 29.4 +2.8%
• Total Put/Call .93 +5.7%
• TRIN/Arms 1.03 +19.8% 

Thursday Watch

Evening Headlines

Bloomberg:          

• Secretive Chip Startup May Help Huawei Circumvent US Sanctions.
• North Korea Test-Fires Missile After Criticizing US Carrier Move.  
• UK’s Credit Outlook Cut to Negative by Fitch on Fiscal Risk.
• Liz Truss’s Tax Measures Set to Cost Millions of UK Workers More.
• Stocks Retreat, Dollar Gains as Uncertainty Looms: Markets Wrap.
  
• OPEC+ Rebuked by US After Cutting Output to Keep Prices High.
  
• Wall Street Warns Wishful Thinking on Fed Won’t End Bear Market.
• One Big Option Trade Fueled S&P 500’s Midday Jump.
  
• Ford Hikes Price of Electric F-150 Pickup Again on Rising Supply Costs.
  
• Fed’s Daly Sets High Bar for Slowing Pace of Policy Tightening.  
• BlackRock Faces More ESG Fallout as Louisiana Pulls $794 Million.
• Junk Market Is Only Open to Familiar Firms Offering High Yields.

Wall Street Journal:

• Fauci’s Parting Gift to the EcoHealth Alliance. The outfit that worked with the Wuhan virology lab gets more NIH cash despite its virus failures.
• The Climate-Change Censorship Campaign. The left is demanding that social media shut down debate even on solutions.
• Markets Break When Interest Rates Rise Fast: Here Are the Cracks.
• WTO Sees Sharp Slowdown in Global Trade.
• U.S. to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil.
• Inflation, Consumer Pessimism Push U.K. Firms to Close Their Doors.
• Top European Union Official Backs Calls for Price Cap on Natural Gas.

Fox News:

• Democrat in toss-up House race backpedals after once calling to 'immediately' end gas, oil extraction.
• Pelosi-backed candidate who attacked US as 'AmeriKKKa' and called to 'deconstruct' police wins Dem primary.
• OPEC cuts are 'really bad news' for American consumers, says API president.
• Democrats blaming climate change for Hurricane Ian at odds with science, experts say.

CNBC.com:

• OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure.
• Drug companies in opioid crisis donated $27,000 to Ohio Rep. Tim Ryan.
  

MarketWatch:               

• Fan who caught Aaron Judge’s 62nd home run offered $2 million for ball.
  
• This stock-market strategist says the coming recession could be the biggest ever: ‘I recommend prayer’ .
• What’s next for oil prices after OPEC+ delivers a big production cut.

Zero Hedge:

• NYT 'Right Wing Conspiracy Theory' Comes True In Less Than 24 Hours.
• Biden Blasts "Short-Sighted" OPEC+ Cut, Blames US Energy Firms For Surging Pump Prices.
• National Guard Gives Service Members COVID-19 Vaccine Instead Of Influenza Shot.
• US National Debt Blows Past $31 Trillion.
• "World Risks Living With Oil Shortage For A While," Warns Occidental CEO.
• LNG Shipping Rates "Shooting For The Stars" At $500,000 Per Day.
• Chinese Communist Party's National Congress To Set Leaders, Agenda For Next 5 Years.
• 2 More Launches Tonight Push North Korea Missile Tests To Record High In 2022.
• Gasoline Prices Keep Climbing, But Retail Gas Station Margins Plunge, With Many Now 'Under Water'.
• North Korea Blasts US Carrier Presence As "Threat" To Regional Stability.
• US stocks snapped the firm 2-day rally but closed well off their lows - Newsquawk Asia-Pac Market Open.
• Newsom Calls For Taxing Oil Companies During Fuel Crisis.
• Unchanged...
• Americans Just "Lost" $300 Billion In Savings Due To An Excel Spreadsheet Revision.
• We Blew It: Malinvestment & The Plundering Of Productive Assets.
• Dollar & Yields clawback recent downside while Services PMI offers glimpse of hope ahead of Friday's NFP - Newsquawk US Market Wrap.
• "Please Don't Panic Buy": France Taps Strategic Reserve After Gas Stations Run Out Of Fuel.
• Black Gold & Bond Yields Jump As Stocks Dump'n'Pump.
• 'Betrayed' Twitter Staff Resume Exorcist-Like Tantrums After Musk Deal Back On.

Newsmax:  

• Rep. Cammack: Politicizing Storm Will Backfire on Biden.
• Rep. Bishop: Biden's Puerto Rico Trip Had 'Political Overtones'.

TheGatewayPundit.com:

• US Veteran Working on the Ground in Ukraine: There Is NO EVIDENCE of the Billions in US Dollars Sent to Ukraine – Not Seeing Any Relief (AUDIO).
• WATCH: Large Garbage Bag Used To Transfer Stacks of Absentee Ballots From Detroit Drop Box…Is This What SOS Benson Means When She Says MI Elections Were “Most secure in history”?
• Marxist Democrat Doubles-Down on Defunding the Police as Crime Soars in Democrat-Run Cities Across the Country (VIDEO).
• Joe Biden Caught on a Hot Mic Speaking to Fort Myers Beach Mayor: “No One F*cks with a Biden” (VIDEO).
• Chicago Man Arrested for 15th Time This Year, One Week after 14th Arrest! Arrested 41 Times Since 2014!
• Alec Baldwin Reaches Settlement with ‘Rust’ Shooting Victim’s Family as Santa Fe District Attorney Weighs Charges.
  

The Epoch Times:

• China’s Global Police Centers Raise Red Flags: Expert.
• Election Software CEO Arrested Over Data Theft, Storing Data on Servers in China.
• US Gave Almost $29 Million to Chinese Entities for Joint Research Since 2015: Report.

Twitter: 

• @TPostMillennial - BREAKING: CEO of US election software firm Konnech arrested for storing data on servers in China.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 871,837 Reports(+4,210 from prior week) Through September 23rd, 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 -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 171.0 +1.5 basis points. 

• China Sovereign CDS 97.75 +2.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 47.47 +.11%   
• Bloomberg Global Risk-On/Risk Off Index 48.05 -.6%. 
• Bloomberg US Financial Conditions Index -.97 unch.
  
• Volatility Index(VIX) futures 28.7 -1.1%
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.46%.

• NASDAQ 100 futures +.61%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANGO)/-.02
• (CAG)/.52
• (STZ)/2.81
• (MKC)/.73
  

After the Close:

• (LEVI)/.37
• (ACCD)/-.50
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for Sept.
  

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 203K versus 193K the prior week.
• Continuing Claims are estimated to rise to 1350K versus 1347K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Cook speaking, Fed's Waller speaking, German Factory Orders report, weekly EIA natural gas inventory report, (NUVA) investor day and the ROTH Capital Healthcare Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon. The Portfolio is 50% Net Long heading into the day.