Weekly Scoreboard*

 

S&P 500 3,953.6 -1.0%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 33,231.3 -2.9%

• NASDAQ 11,078.73 +.56%

• Russell 2000 1,856.74 -1.3%

• S&P 500 High Beta 68.74 +.28%

• Goldman 50 Most Shorted 148.28 +.6%

• Wilshire 5000 39,828.90 -.83%

• Russell 1000 Growth 2,249.04 +.03%

• Russell 1000 Value 1,532.81 -1.9%

• S&P 500 Consumer Staples 755.56 -2.9%

• MSCI Cyclicals-Defensives Spread 1,039.30 -.6%
  

• NYSE Technology 2,825.56 +.9%

• Transports 14,279.4 -1.0%

• Utilities 953.12 -4.0%

• Bloomberg European Bank/Financial Services 83.07 unch.
  

• MSCI Emerging Markets 41.6 +1.6%

• HFRX Equity Hedge 1,465.46 -.03%

• HFRX Equity Market Neutral 923.37 -.02%

Sentiment/Internals

• NYSE Cumulative A/D Line 456,857 -.11%

• Bloomberg New Highs-Lows Index 11 -249
  

• Crude Oil Commercial Bullish % Net Position -27.9 +13.0%

• CFTC Oil Net Speculative Position 205,236 -9.8%

• CFTC Oil Total Open Interest 1,557,092 +6.7%

• Total Put/Call .91 -5.3%

• OEX Put/Call .74 -26.4%

• ISE Sentiment 91.0 -18.0 points
  

• NYSE Arms .69 -38.5% 
• Bloomberg Global Risk-On/Risk-Off Index 55.8 -2.6%
• Bloomberg Financial Conditions Index + Bubbles 2.32 unch.
  

• Volatility(VIX) 19.8 +4.1%
• DJIA Intraday % Swing .94% -9.6%

• CBOE S&P 500 Implied Correlation Index 38.3 +5.8%

• G7 Currency Volatility (VXY) 10.2 -7.6%
  

• Emerging Markets Currency Volatility (EM-VXY) 10.7 +.6%

• Smart Money Flow Index 13,899.8 -4.9%
• NAAIM Exposure Index  65.1 +19.8
  

• ICI Money Mkt Mutual Fund Assets $4.803 Trillion -.04%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$n/a Million

• AAII % Bulls 31.0 +29.2%

• AAII % Bears 33.1 -17.0%

Futures Spot Prices

• CRB Index 276.62 +1.0%

• Crude Oil 81.26 +3.9%

• Reformulated Gasoline 264.90 +8.3%

• Natural Gas 3.18 -12.1%
• Dutch TTF Nat Gas(European benchmark) 66.9 euros/megawatt-hour +6.1%
  

• Heating Oil 345.50 +7.9% 
• Newcastle Coal 310.0 (1,000/metric ton) -7.5%
  

• Gold 1,930.8 +.43%
• Silver 23.98 -1.5%
  

• S&P GSCI Industrial Metals Index 488.3 +2.5%

• Copper 426.3 +2.0%

• US No. 1 Heavy Melt Scrap Steel 412.0 USD/Metric Tonne -1.4%

• China Iron Ore Spot 125.90 USD/Metric Tonne +5.1%

• Lumber  429.5 +1.9%

• UBS-Bloomberg Agriculture 1,516.55 -.05%
• US Gulf NOLA Potash Spot 407.5 USD/Short Ton -3.0%
  

Economy

• Atlanta Fed GDPNow Forecast +3.53% -54.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate -6.6% +.9 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 65.0% unch.
  

• NY Fed Real-Time Weekly Economic Index 1.22 +38.6%

• US Economic Policy Uncertainty Index 115.94 -34.5%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 228.47 -.61:  Growth Rate +10.9% unch., P/E 17.2 -.1

• Citi US Economic Surprise Index -17.7 -11.6 points

• Citi Eurozone Economic Surprise Index 87.7 +7.4 points

• Citi Emerging Markets Economic Surprise Index 6.9 +23.4 points

• Fed Fund Futures imply 0.0%(unch.) chance of no change, 97.2%(+3.5 percentage points) chance of +25.0 basis point hike and 2.8%(-3.5 percentage points) chance of +50.0 basis point hike on 2/1 to 4.75-5.0%
  

• US Dollar Index 102.06 -.20%

• MSCI Emerging Markets Currency Index 1,694.86 -.43%
  

• Bitcoin/USD 21,395.0 +2.3%

• Euro/Yen Carry Return Index 145.77 +1.6%
  

• Yield Curve(2s/10s) -70.5 +1.5 basis points
  

• 10-Year US Treasury Yield 3.48% -1.0 basis point
  

• Federal Reserve's Balance Sheet $8.452 Trillion -.24%

• U.S. Sovereign Debt Credit Default Swap 33.07 +6.1%
  

• Illinois Municipal Debt Credit Default Swap 161.39 +1.5%
  

• Italian/German 10Y Yld Spread 182.0 -3.0 basis points
• UK Sovereign Debt Credit Default Swap 21.63 -11.1%
  

• China Sovereign Debt Credit Default Swap 51.68 -4.1%
  

• Brazil Sovereign Debt Credit Default Swap 247.67 +2.7%
  

• Israel Sovereign Debt Credit Default Swap 46.2 +2.5%

• South Korea Sovereign Debt Credit Default Swap 41.2 -6.0%

• China Corp. High-Yield Bond USD ETF(KHYB) 28.0 +.2%

• Atlanta Fed Low Skill Wage Growth Tracker YoY +6.8% unch.
  
• Zillow US All Homes Rent Index YoY +7.7% unch.
  
• US Urban Consumers Food CPI YoY +10.4% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +4.45% unch.: CPI YoY +6.34% +3.0 basis points
  
• 10-Year TIPS Spread 2.24% +3.0 basis points

• TED Spread 21.25 -2.75 basis points 
• 2-Year Swap Spread 25.25 -1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -13.5 +2.25 basis points

• N. America Investment Grade Credit Default Swap Index 74.88 +6.3%
  

• America Energy Sector High-Yield Credit Default Swap Index 253.0 +2.2% 
• Bloomberg TRACE # Distressed Bonds Traded 337.0 +2.0
  

• European Financial Sector Credit Default Swap Index 91.02 +3.3%
• Credit Suisse Subordinated 5Y Credit Default Swap 378.31 -.51%

• Emerging Markets Credit Default Swap Index 230.1 +1.3%
  

• MBS 5/10 Treasury Spread 141.0 +10.0 basis points
  
• Aggregate US CMBS Average OAS 1.10 -4.0 basis points
  
• Avg. Auto ABS OAS .75 -3.0 basis points

• M2 Money Supply YoY % Change 0.0 unch.
  

• Commercial Paper Outstanding 1,300.6 -.3%

• 4-Week Moving Average of Jobless Claims 206,000 -3.1%
  

• Continuing Claims Unemployment Rate 1.1% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 46.9 +43.1%
  

• Average 30-Year Fixed Home Mortgage Rate 6.37% +6.0 basis points
  

• Weekly Mortgage Applications 238,700 +27.9%

• Weekly Retail Sales +5.20% -10.0 basis points
  
• OpenTable US Seated Diners % Change from 2019 -3.9% +.2 percentage point
• Box Office Weekly Gross $141.0M -20.1%
  

• Nationwide Gas $3.39/gallon +.10/gallon

• Baltic Dry Index 801.0 -15.3%

• China (Export) Containerized Freight Index 1,201.5 n/a

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 35.0 -6.7%
• Truckstop.com Market Demand Index 50.4 -21.5%

• Rail Freight Carloads 203,527 n/a
• TSA Total Traveler Throughput 1,993,765 +11.0%
• US Covid-19:  105 infections/100K people(last 7 days total). 6.0%(-1.2 percentage points) of peak on 1/14/22(1,740) -21/100K people from prior report
  
• US Covid-19:  New patient hospital admissions per 100K -77.5%(-4.5 percentage points) from peak 7-day avg. of 1/9/22-1/15/22
  

Best Performing Style

• Large-Cap Growth -.2%

Worst Performing Style

• Large-Cap Value -2.0%

Leading Sectors

• Energy +2.2%

• Shipping +1.9%
• Video Gaming +1.9%
  

• Gambling +1.4%

• Internet +1.0%
  

Lagging Sectors

• Defense -2.7%
  

• Homebuilding -2.7%
  

• Foods -3.1%

• Industrials -4.2%
  

• Utilities -4.4%
  

Weekly High-Volume Stock Gainers (10)

• VTLE, FWONK, PD, BOWL, GOOG, PARR, DO, EOLS and NINE
  

Weekly High-Volume Stock Losers (3)

• EXTR, LCII and EH
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Surging into Afternoon on US Economic Soft-Landing Hopes, Option Expiration, Short-Covering, Tech/Gambling 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) 19.5 -4.8%
• DJIA Intraday % Swing .87%
  
• Bloomberg Global Risk On/Risk Off Index 55.8 +5.7%

• Euro/Yen Carry Return Index 145.7 +1.0%

• Emerging Markets Currency Volatility(VXY) 10.7 -.5%

• CBOE S&P 500 Implied Correlation Index 38.5 -.4% 

• ISE Sentiment Index 94.0 -7.0 points
  

• Total Put/Call .88 -10.2%

• NYSE Arms .84 -40.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 75.52 -.2%
  

• US Energy High-Yield OAS 364.95 -1.22%
• Bloomberg TRACE # Distressed Bonds Traded 337.0 +9.0
  

• European Financial Sector CDS Index 91.0 -.03% 
• Credit Suisse Subordinated 5Y Credit Default Swap 378.31 +1.9%
  

• Italian/German 10Y Yld Spread 182.0 basis points +11.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 105.8 +.67%
  

• Emerging Market CDS Index 230.60 -.78%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 28.0 +.09%

• 2-Year Swap Spread 25.25 basis points -1.25 basis points
  

• TED Spread 18.25 basis points +2.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -.25 basis point
  
• MBS  5/10 Treasury Spread  140.0 +4.0 basis points
  
• Bloomberg US Agg CMBS Avg OAS 110.0 -1.0 basis point
  
• Avg. Auto ABS OAS .75 -2.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 48.5 +.26%
• 3-Month T-Bill Yield 4.64% unch.
  

• China Iron Ore Spot 126.0 USD/Metric Tonne -.13%
• Dutch TTF Nat Gas(European benchmark) 66.9 euros/megawatt-hour +10.2%

• Citi US Economic Surprise Index -17.7 +1.3 points

• Citi Eurozone Economic Surprise Index 87.7 -.2 point
  

• Citi Emerging Markets Economic Surprise Index 6.9 -.9 point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 228.47 +.03:  Growth Rate +10.9% +.1 percentage point, P/E 17.2 unch.
  
• Bloomberg US Financial Conditions Index .23 +4.0 basis points
  
• Yield Curve -70.75 basis points (2s/10s) +1.75 basis points
• US Atlanta Fed GDPNow Forecast +3.53% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.45% unch.: CPI YoY +6.34% unch.
  
• 10-Year TIPS Spread 2.23 unch.
  
• Highest target rate probability for March 22nd FOMC meeting: 78.7%(+3.7 percentage points) chance of 4.75%-5.0%. Highest target rate probability for May 3rd meeting: 58.1%(+2.5 percentage points) chance of 4.75%-5.0%.
  

US Covid-19:

• 105 new infections/100K people(last 7 days total). 7.2%(-.0 percentage point) of 1/14/22 peak(1,740) -21/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -77.5%(+.0 percentage point) from peak 7-day avg. of 1/9/22 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +312 open in Japan 
• China A50 Futures: Indicating +92 open in China

• DAX Futures: Indicating +59 open in Germany

Portfolio:

• Higher:  On gains in my commodity/medical/tech/industrial sector longs
  

• Disclosed Trades:  Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 75% Net Long
  

Morning Market Internals

NYSE Composite Index:

• Volume Running -9.4% Below 100-Day Average 
• 4 Sectors Declining, 7 Sectors Rising
• 70.2% of Issues Advancing, 26.3% Declining
• 20 New 52-Week Highs, 13 New Lows
• 50.0%(+3.0%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 55.0 -4.0
  
• Bloomberg Global Risk-On/Risk-Off Index 54.8 +3.8%
  
• Russell 1000: Growth/Value 14,316.3 +.54%
  
• Vix 19.9 -3.0%
• Total Put/Call .84 -14.3%
• TRIN/Arms .87 -38.7%
  

Friday Watch

Evening Headlines

Bloomberg:        

• Global Property Market Faces $175 Billion Debt Spiral.
• Over Half of Britain’s Homes Tumbled in Value at the End of 2022.  
• Harvard’s Hausmann Warns Wall Street Underestimating China Risks.
• US Is Sending Ukraine Armored Vehicles in $2.5 Billion Package.
• Stocks Edge Up in Asia After US Equities Stumbles: Markets Wrap.  
• Oil Poised to Eke Out Weekly Advance on China Demand Optimism.  
• Peru Unrest Threatens to Choke Off Almost 2% of Global Copper Supply.
• Treasury Taps Retirement Funds to Avoid Breaching Debt Ceiling.
  
• McConnell Assures Against Financial Crisis With Debt-Limit Vow.  
• US Air Traffic Halt Caused by ‘Unintentionally’ Deleted Files. 
• Fed’s Brainard Favors High Rates for Some Time to Cool Inflation.  
• Fake Meat Was Supposed to Save the World. It Became Just Another Fad.
• HBO Max Introduces First Price Increase to Stem Streaming Losses.   
• US Market Watchers Are Fretting Over the Biggest January Options Expiry in a Decade.  
• Profit Pain Is About to Give Another Jolt to Teetering Stocks.

Wall Street Journal:

• FDA Seeks More Data on Lilly’s Alzheimer’s Drug Candidate
• New FTX Chief Says Crypto Exchange Could Restart
• For CEOs at Davos, Efficiency and Profitability Reign Supreme
• Treasury Begins Special Measures to Avoid Default.
• Senators Pursue Deal on Border Security, Dreamers.
• FAA Says Contractor Unintentionally Caused Outage That Disrupted Flights.
• Who Would Win a War Over Taiwan? A war-game exercise reveals holes in U.S. deterrence strategy.
• Wayfair Preparing to Lay Off More Than 1,000 Workers.
• Union Membership Rate Hits a Low.

Fox News:

• Home Depot co-founder issues warning about new ‘woke generation’ of leaders.
• Social media erupts after SCOTUS issues report on investigation into abortion decision leak.

CNBC.com:

• Jamie Dimon says rates will rise above 5% because there is still ‘a lot of underlying inflation’.
• Nordstrom shares sink after retailer posts weak holiday sales and slashes guidance.
• Google is delaying a portion of employee bonus checks.
• Orange bitcoin Mercedes owner at Davos hits back at critics, says not his car’s fault people lost money.
• Vice Media restarts sale process at lower valuation, may fetch less than $1 billion.
• Early Facebook investor says Zuckerberg isn’t cutting costs fast enough.
• Even with used car prices falling, buyers are still paying more than $7,100 above ‘normal’.

MarketWatch:             

• Opinion: More rotting assets are lurking in the shadows of the financial system.
  
• T-Mobile suffers data breach impacting 37 million customers.
  
• Intel cuts hundreds more jobs in California, and indicates more to come.
  
• Opinion: Any way you slice it, the bears control the stock market right now.

Zero Hedge:

• Hunter Biden Lived In Classified Doc House While Raking In Millions Through Chinese Intelligence Ties.
• Al Gore Attempts Own 'Greta Moment' In Unhinged Davos Rant: "Equivalent Of 600,000 Hiroshima Bombs Daily". 
• Auto Crisis Worsens As Rate Of Severely Delinquent Loans Hits 2009 Levels. 
• The Great Dropout: Why 1.4 Million Children Left Public Schools In 2020 And Where They Went. 
• Egg Seizures Skyrocket At US Border As Arbitrageurs Attempt To Capitalize On Poultry Crisis.
• The US Consumer Has Cracked: Discover Plunges After "Shocking" Charge-Off Forecast.
• ...And Now, The Facebook Files: Emails Reveal The CDC's Role In Silencing COVID-19 Dissent.
• DeSantis Seeks To Make Permanent Protections From COVID Mandates.
• Bank Of America: Brace For A "Sharp Weakening Of The Job Market".
• SHOT Show Roundup: Newest Firearms, Vehicles, Drones For Special Operations Forces.
• Major Texas University Blocks Students From Using TikTok On Network.
• BlackRock Caves To DeSantis Over ESG.
• High Profile Sound Money Bills Introduced In Mississippi.
• Netflix Surges After Sub Growth Smashes Expectations, Resumes Buybacks, Hastings Steps Down As CEO.
• SBF's Clinton Ties Helped Disgraced Crypto King Dupe Investors.
• Avian Flu Is Crushing Farmers.
• Life after the panic buying.
• Chicago Mayor Admits 'Mistake' After Student Bribery Scandal.
• US stocks declined amid headwinds from hawkish ECB rhetoric and firmer US data - Newsquawk Asia-Pac Market Open.
• California Teen Begs City Council To "Protect Women" After Encountering Naked Man In YMCA Locker-Room.
• Stocks and bonds hit after hawkish ECB Speak and hot US data - Newsquawk US Market Wrap.
• Gold Jumps, Dow Dumps YTD Gains As 'Hard Landing' & Debt-Ceiling Fears Surge.

Newsmax:

• Hunter Biden 'Quarantined' at Dad's Del. Home Where Docs Were Found.
  
• Rep. Van Drew: ‘Unacceptable’ SCOTUS Can't ID Roe Leaker.
• DeSantis Admin Seeks Info From State Schools on Gender Dysphoria Services.
• Alina Habba: Panel Will Find Truth on Penn Biden Center.

TheGatewayPundit.com:

• UPDATE: Seven Antifa Militants Charged With Domestic Terrorism Following Deadly Shooting Outside Police Training Facility Near Atlanta.
• January 6 Political Prisoner Jake Lang Releases Second Documentary from Prison Cell: “Freedom Isn’t Free – The First Battle of the Second American Revolution” – WATCH IT BELOW.
• Border Czar Kamala Harris Visits Arizona To See Wind and Solar Energy Project – Will NOT Visit The Border.
• Bank of America Customers Report “Disappeared” Money From Accounts Due To Zelle Processing Issue.
• LEO HOHMANN: Pandering to the New World Order American Politicians Sell Us Out to a Global Criminal Syndicate with Blood on its Hands.
• Big Tech Strikes Again: Vimeo Cancels The Wellness Company’s Account After Episode On Ivermectin.
• WEF Speaker Pushes For Meatless Future: If a Billion People Stopped Eating Meat… It Will Inspire Innovation of Food Systems (VIDEO).
• MUST READ: Republicans On Course To Get Blown Out By Phantom Voters in 2024 But a Solution Is Available.
• Supreme Court Cannot Find Leaker of Abortion Draft Ruling, Issues Report.
• Unhinged Reporter Tells NHL Player Who Refused To Wear LGBTQ Uniform To Go Back To Russia And “Get Involved” In Ukraine War (VIDEO).
• Former UK Prime Minister Calls for “National Digital Infrastructure” to Track People’s Vaccination Status in the Event of Pandemic (VIDEO).
• RINO Maricopa County Recorder Stephen Richer Proposes Election Law Reforms To Extend Early Voting, Push Arizona Toward Open Primaries And Ranked-Choice Voting – County GOP Leaders Respond.
• Corrupt FBI Director Wray at World Economic Forum: Future of National Security Is Partnership Between Tech Companies and Government.

The Epoch Times:

• Virginia Gov. Youngkin Responds to Criticism Over China-Partnered Ford Plant Decision.
• Trump, DeSantis Should Ban China from Buying American Farmland, Critical Assets: Robert Spalding.

Twitter: 

• @Mayhem4Markets - Even when netting out shelter from core services, we can see that core services inflation remains far too high for the Fed. (graph) Core services inflation remains a problem for the Fed, and it makes up 58.3% of CPI. (graph) Sticky price inflation remains a concern. (graph) Food inflation remains stubbornly high.(graph) Recession is coming. (graph) EV sales may continue to rise significantly this year, further straining power grids in countries that are ill prepared for the increased demand. (graph)
  
• @EINChinaNews - Apple’s China Problem.
• @disclosetv - JUST IN - Global climate fraud: Netflix, Disney, Gucci, Shell, Bayer, SAP, and others reportedly buy worthless CO2 certificates from leading global provider Verra.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 918,508 Reports(+3,097 from prior week) Through December 30th, 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 +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 105.75 +1.25 basis points. 

• China Sovereign CDS 52.5 +1.5 basis points. 
• China Iron Ore Spot 124.7 USD/Metric Tonne +.8%.

• Bloomberg Emerging Markets Currency Index 48.4 -.07%.
• Bloomberg Global Risk-On/Risk Off Index  52.9 +.3%. 
• Bloomberg US Financial Conditions Index .11 -7.0 basis points.
  
• Volatility Index(VIX) futures 21.6 -.7%.
• Euro Stoxx 50 futures +.34%.

• S&P 500 futures +.2%.

• NASDAQ 100 futures +.35%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ALLY)/1.01
• (ERIC)/2.52
• (HBAN)/.40
• (RF)/.65
• (SLB)/.68
• (STT)/1.96
  

After the Close:

• None of note
  

Economic Releases

10:00 am EST

• Existing Home Sales for Dec. is estimated to fall to 3.95M versus 4.09M in Nov.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Waller speaking, Bloomberg Jan. US Economic Survey and the China Industrial Production report 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 commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.