Bear Radar

Style Underperformer:

• Large-Cap Value +.4%
  

Sector Underperformers:

• 1) Banks -.3% 2) Road & Rail -.2% 3) Alt Energy +.1%

Stocks Falling on Unusual Volume: 

• VNOM, ASTS, GCT, RBRK, BGNE, SIRI, MRNA and CAL
  

Stocks With Unusual Put Option Activity:

• 1) KBE 2) FULC 3) PLCE 4) OMEX 5) SIG
  

Stocks With Most Negative News Mentions:

• 1) MRNA 2) AVNW 3) FULC 4) CNEY 5) ASTS
  

Sector ETFs With Most Negative Money Flow:

• 1) XLK 2) IYF 3) XLY 4) VIS 5) XBI

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Growth +1.8%
  

Sector Outperformers:

• 1) Gold & Silver +6.0% 2) Networking +4.0% 3) Telecom +2.5%

Stocks Rising on Unusual Volume:

• NTGR, LOVE, SMMT, BYRN, SIG, NNE, GATO, JANX, VRDN, EOLS, FNKO, CLMT, U, AAOI, WGS, MAG, APP, AMR, EWTX, AGI, AI, ASTH, IMTX, ROKU, ODD, VNO, ONON, VRT, KR, KRUS, TMDX, HCC, AMRK, AXON, VKTX, SA, RDFN, MLTX, DBRG, CLW, EXP, TPG, TGLS, ITOS, GOLD, BVN, CNTA, CHCT, EXAS, GOGL, ZS, MELI, BIRK, PCOR, BBW, PSLV, AEM, NVGS, PRVA, PHAT, ICLR, EBAY, DAVA, DHT, GEV, HASI, NVDA, CVGW, DVA and GFI
  

Stocks With Unusual Call Option Activity:

• 1) ZI 2) SIG 3) PLCE 4) VIPS 5) WOOF

Stocks With Most Positive News Mentions:

• 1) NTGR 2) LOVE 3) CDE 4) SMMT 5) SIG
  

Sector ETFs With Most Positive Money Flow:

• 1) VGT 2) XLE 3) IGV 4) SOXX 5) PAVE
  

Charts:

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

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• None of note
  

After the Close: 

• None of note
  

Economic Releases

8:30 am EST

• The Import Price Index MoM for Aug. is estimated to fall -.2% versus a +.1% gain in July.
• The Export Price Index MoM for Aug. is estimated to fall -.2% versus a +.7% gain in July.
  

10:00 am EST

• The Univ. of Mich. Consumer Sentiment Index for Sept. is estimated to rise to 68.5 versus 67.9 in Aug.
• The Univ. of Mich. 1Y Inflation Expectations Index for Sept. is estimated at +2.8% versus expectations of a +2.8% gain in Aug.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The US Baker Hughes Rig count, weekly CFTC speculative net positioning reports and the European Society for Medical Oncology meeting could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -2.0% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 11.3 -1.5
  
• 1 Sector Declining, 10 Sectors Rising
• 73.4% of Issues Advancing, 23.9% Declining 
• TRIN/Arms 1.06 +2.9%
  
• Non-Block Money Flow +$80.1M
  
• 220 New 52-Week Highs, 23 New Lows
• 53.8% (+1.2%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 55.0 +5.0
  

Other:

• Bloomberg Global Risk-On/Risk-Off Index 50.4 +4.9%
• Bloomberg Cyclicals/Defensives Index 220.75 +.47%
  
• Russell 1000: Growth/Value 19,755.7 +.56%
• CNN Fear & Greed Index 43.0 (FEAR) +3.0
  
• 1-Day Vix 14.1 -6.2%
  
• Vix 17.2 -2.7%
  
• Total Put/Call .85 +1.2%

Thursday Watch

Night Trading 

• Asian equity indices are +1.25% to +2.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 100.0 +1.0 basis point.

• China Sovereign CDS 62.0 +.25 basis point.
  
• China Iron Ore Spot 92.7 USD/Metric Tonne -.04%

• Bloomberg Emerging Markets Currency Index 38.7 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 50.3 +4.5%.
• Volatility Index(VIX) futures 18.7 +.5%.
• Euro Stoxx 50 futures +1.2%.

• S&P 500 futures +.01%.

• NASDAQ 100 futures +.06%.  

Morning Preview Links

BOTTOM LINE: Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

Stocks Reversing Higher into Final Hour on Earnings Outlook Optimism, Short-Covering, Technical Buying, Alt Energy/Tech Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 38.73 +.17%
• 3-Month T-Bill Yield 5.0% +4.0 basis points
  

• China Iron Ore Spot 92.6 USD/Metric Tonne -.15%
• Dutch TTF Nat Gas(European benchmark) 36.1 euros/megawatt-hour +2.44%

• Citi US Economic Surprise Index -21.8 +5.0 points
  

• Citi Eurozone Economic Surprise Index -40.3 +1.1 points

• Citi Emerging Markets Economic Surprise Index -4.8 +2.0
• S&P 500 Current Quarter EPS Growth Rate YoY(498 of 500 reporting) +11.6% unch.
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 266.55 +.06:  Growth Rate +14.0% unch., P/E 20.5 +.1
  
• S&P 500 Current Year Estimated Profit Margin 12.67% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(9 of 10 reporting) +36.3% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 348.68 +.11: Growth Rate +22.5% +.1 percentage point, P/E 30.8 +.5
  
• Bloomberg US Financial Conditions Index .52 -7.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index .56 -15.0 basis points
  
• US Yield Curve .75 basis point (2s/10s) -2.5 basis points
  
• US Atlanta Fed 3Q GDPNow Forecast +2.47% unch.
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 74.6% +2.2 percentage points
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.77% +3.0 basis points: CPI YoY +2.29% -27.0 basis points
  
• 10-Year TIPS Spread 2.04 +2.0 basis points
  
• Highest target rate probability for Nov. 7th FOMC meeting: 48.8%(+21.4 percentage points) chance of 4.75%-5.0%. Highest target rate probability for Dec. 18th meeting: 47.5%(+11.5 percentage points) chance of 4.25%-4.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -219 open in Japan 
• China A50 Futures: Indicating +5 open in China

• DAX Futures: Indicating +151 open in Germany

Portfolio:

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

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

• Market Exposure: Moved to 100% Net Long