Stocks Higher into Final Hour on Trump Cabinet Nominees, Long-Term Rate Plunge, Earnings Outlook Optimism, Homebuilding/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Above Average
  

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 15.0 -1.6%
• DJIA Intraday % Swing .97 -5.8%
  
• Bloomberg Global Risk On/Risk Off Index 65.4 -.9%

• Euro/Yen Carry Return Index 180.0 +.44%

• Emerging Markets Currency Volatility(VXY) 8.6 -.46%

• CBOE S&P 500 Implied Correlation Index 13.2 +2.3% 

• ISE Sentiment Index 165.0 +35.0 points
  

• Total Put/Call .74 -11.9%

• NYSE Arms 1.50 +59.5%
  
• NYSE Non-Block Money Flow +$169.0M 
  

Credit Investor Angst:

• North American Investment Grade CDS Index 48.2 -.8%
  

• US Energy High-Yield OAS 288.3 +1.1%
• Bloomberg TRACE # Distressed Bonds Traded 188 -1
  

• European Financial Sector CDS Index 64.0 +.3%
  
• Deutsche Bank Subordinated 5Y Credit Default Swap 158.8 -.36%
  

• Italian/German 10Y Yld Spread 126.0 basis points unch.
  

• Asia Ex-Japan Investment Grade CDS Index 73.3 -.73%
  

• Emerging Market CDS Index 157.5 -1.2%
• Israel Sovereign CDS 117.1 -2.0%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 25.0 -.06%

• 2-Year SOFR Swap Spread -20.0 basis points -2.0 basis points
  

• 3M T-Bill Treasury Repo Spread -3.0 basis points -.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 +.5 basis point
  
• MBS  5/10 Treasury Spread 138.0 -4.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 646.0 -4.0 basis points
  
• Avg. Auto ABS OAS 47.0 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 37.6 +.19%
• 3-Month T-Bill Yield 4.53% -1.0 basis point
  

• China Iron Ore Spot 102.9 USD/Metric Tonne +.2%
• Dutch TTF Nat Gas(European benchmark) 47.7 euros/megawatt-hour +1.5%

• Citi US Economic Surprise Index 36.0 -3.0 points
  

• Citi Eurozone Economic Surprise Index -22.1 -2.1 point

• Citi Emerging Markets Economic Surprise Index .9 -.5 point
• S&P 500 Current Quarter EPS Growth Rate YoY(477 of 500 reporting) +8.2% unch.
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 269.89 +.19:  Growth Rate +13.1% +.1 percentage point, P/E 22.2 +.1
  
• S&P 500 Current Year Estimated Profit Margin 12.59% -1.0 basis point
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(8 of 10 reporting) +33.3% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 381.87 +.39: Growth Rate +34.1% +.1 percentage point, P/E 32.3 -.2 point
  
• Bloomberg US Financial Conditions Index .81 -24.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index .74 -24.0 basis points
  
• US Yield Curve -.5 basis point (2s/10s) -4.0 basis points
  
• US Atlanta Fed Q4 GDPNow Forecast +2.58% unch.
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 32.0% -.9 percentage point
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.76% unch.: CPI YoY +2.70% unch.
  
• 10-Year TIPS Spread 2.30 -5.0 basis points
  
• Highest target rate probability for Jan. 29th FOMC meeting: 53.1%(+1.5 percentage points) chance of 4.25%-4.5%. Highest target rate probability for March 19th meeting: 41.9%(-1.9 percentage points) chance of 4.25%-4.5%. (current target rate is 4.5-4.75%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +70 open in Japan 
• China A50 Futures: Indicating -42 open in China

• DAX Futures: Indicating +43 open in Germany

Portfolio:

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

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

• Market Exposure: Moved to 75% Net Long
  

Bear Radar

Style Underperformer:

• Large-Cap Growth unch.
  

Sector Underperformers:

• 1) Gold & Silver -3.0% 2) Energy -1.3% 3) Shipping -1.2%

Stocks Falling on Unusual Volume: 

• BKKT, LMT, MLI, MSTR, DESP, BTU, OKLO and NNE
  

Stocks With Unusual Put Option Activity:

• 1) RSP 2) XLB 3) ACHR 4) ZM 5) QUBT
  

Stocks With Most Negative News Mentions:

• 1) ZETA 2) M 3) IREN 4) FNA 5) SQ
  

Sector ETFs With Most Negative Money Flow:

• 1) SOXX 2) XLI 3) XLK 4) KWEB 5) GDX

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +2.3%
  

Sector Outperformers:

• 1) Homebuilding +6.1% 2) Alt Energy +4.4% 3) Retail +4.3%

Stocks Rising on Unusual Volume:

• SRRK, HIMS, SEDG, BBIO, BBWI, TDOC, IMNM, RIVN, SMCI, SBH, LOVE, GLNG, RVLV, SYNA, KSS, DFH, LIF, FND, RMAX, EH, VITL, ONB, ALAB, AOSL, PII, ENPH, AMBA, MRNA, APLD, NGNE, VSH, ACVA, CRSP, BTDR, AZEK, CPRI, VCTR, DE, ZM, LOMA, EL, STNE, AN, HDB, BBY, DKS, SLM, DKS, MDB, ODD, MYE, LMND, GLBE, MAGN, PCOR, CTVA, UGI, SNOW, AI, ASGN, ESTC, ADI and IBTA
  

Stocks With Unusual Call Option Activity:

• 1) KULR 2) XLB 3) HBI 4) RGTI 5) SAVA

Stocks With Most Positive News Mentions:

• 1) BBWI 2) SMCI 3) BBIO 4) QUBT 5) SRRK
  

Sector ETFs With Most Positive Money Flow:

• 1) VGT 2) XLF 3) NUSC 4) IGV 5) NUMG
  

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:

• (ANF)/2.39
• (AMWD)/2.37
• (ADI)/1.64
• (BBY)/1.30
• (BURL)/1.55
• (DKS)/2.68
• (SJM)/2.51
• (KSS)/.28
• (TITN)/.03
  

After the Close: 

• (AMBA)/.03
• (CRWD)/.81
• (DELL)/2.07
• (GES)/.37
• (HPQ)/.93
• (JWN)/.22
• (NTNX)/.32
• (URBN)/.86
• (WDAY)/1.76
• (ADSK)./2.12
  

Economic Releases

8:30 am EST

• The Philly Fed Non-Manufacturing Activity Index for Nov.
  

9:00 am EST

• The FHFA House Price Index MoM for Sept. is estimated to rise +.3% versus a +.3% gain in Aug.
• The S&P CoreLogic CS 20-City MoM SA for Sept. is estimated to rise +.3% versus a +.35% gain in Aug.
  

10:00 am EST

• New Home Sales for Oct. is estimated to fall to 725K versus 738K in Sept. 
• The Conference Board Consumer Confidence Index for Nov. is estimated to rise to 111.8 versus 108.7 in Oct.
• The Richmond Fed Manufacturing Index for Nov. is estimated to rise to -11 versus -14 in Oct.
• Dallas Fed Services  Activity Index for Nov.
  

2:00 pm EST

• The Nov. 7 FOMC Meeting Minutes.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The 5Y T-note auction, M2 money supply MoM, Texas Service Sector Outlook Index for Nov., weekly US retail sales reports, weekly API crude oil stock report and the TD Securities Tech Conference 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 +33.1% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 12.4 -2.5
  
• 3 Sectors Declining, 8 Sectors Rising
• 74.1% of Issues Advancing, 24.4% Declining 
• TRIN/Arms 1.56 +66.0%
  
• Non-Block Money Flow +$141.4M
  
• 423 New 52-Week Highs, 13 New Lows
• 63.3% (+3.3%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 68.0 +5.0
  

Other:

• Bloomberg Global Risk-On/Risk-Off Index 64.3 -2.5%
• Bloomberg Cyclicals/Defensives Index 244.6 +.22%
  
• Russell 1000: Growth/Value 19,756.9 -.9%
• CNN Fear & Greed Index 61.0 (GREED) +2.0
  
• 1-Day Vix 9.3 -6.3%
  
• Vix 15.4 +.7%
  
• Total Put/Call .75 -10.7%

Monday Watch

Evening Headlines

Bloomberg:

• Junk Bonds at Risk as Emerging Markets Brace for ‘Trumponomics’.
• China Investors Digest Another Letdown From Big Tech Earnings.
• AI Boom Makes 139-Year-Old Cable Company Japan’s Hottest Stock.
• Stocks, Bonds Rise as Traders Embrace Bessent. 
• Bitcoin’s Rally Stalls After Nearing the Historic $100,000 Level.
  
• Bond Market Halts Brutal Run as Buyers Pounce on 4.5% Yields.
• Why Does the US Still Have Lead Pipes? Blame This Trade Group.
• Ellen’s Escape From Trump Will End in Humiliation 
• Sanctuary Cities May Be Having an Identity Crisis.
• Amazon’s Moonshot Plan to Rival Nvidia in AI Chips.
• Shoppers Are Ditching Classic Brands They Once Loved.
• Five Key Charts to Watch in Global Commodity Markets This Week.

Zerohedge: 

• Bombshell Fauci Documentary Nails The Whole COVID Charade.
• Maddow Hit With $5 Million Pay-Cut As Musk, Trump Jr Joke About Buying MSNBC.
• France Backs Ukraine Firing Its Long-Range Missiles At Russia.
• Trump Has Vowed To Close The Department Of Education - How Would That Work?
• North Carolina's Hurricane Rebuilding Director Is "No Longer Employed" With The State.
• "We Traders Wonder If This Is All The Storm Before The Calm, Or The Calm Before The Storm".
• 30 Detroit Police Officers Pulled Off Street Due To Inactive Law Enforcement Licenses.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• An Amazing Country (With Some Questions).
• Major Cold Blast To Hit Helene-Ravaged NC With Families Living In Tents & Cars Amid FEMA Blunder.
• Loony Joy Reid Urges Viewers To Avoid Trump-Voting-Relatives Who Might "Turn You In".
  
• Morgan Stanley: "If Musk Is Successful In Streamlining Government, It Would Broaden Earnings Growth And Stock Performance".
• Matt Taibbi: America's Loss Of Trust In Media Can't Be Fixed.
• Locations Of US & Russian Warships As World War III Threats Soar.
• Gov. Abbott Targets CCP Infiltration In Texas.
• Mysterious Drone Swarms Detected Over UK Airbases Hosting US Stealth Jets.
• Waste Of The Day: Federal Dept. HHS Goes All-In On DEI.
• Hartnett: It Would Almost Be A Surprise For The S&P Not To Hit 6,666.
• Trump Is Only 30% Priced.
• Iran Announces Expanded Nuclear Enrichment After IAEA Rebuke.
• Your Thanksgiving Dinner Costs Will Be A "Mixed Bag Of Savings & Squeezes".
• Farming Robot Kills 200,000 Weeds Per Hour With Lasers.
• Researchers Find Unknown Chemical In Drinking Water Posing "Potential Human Health Concern".
• Young Americans Are Turning Off The TV.
• Making America Great Again Means Fixing Its Dystopian Cities.
• 'Terminator' Robot Dog Now Equipped With Amphibious Capabilities .

Wall Street Journal:

• How Tim Cook Cracked the Code on Working With Trump.
• Palm Beach, a Democratic Pocket in Florida, Becomes MAGA Central.
• A 12-Year-Old’s Journey Into the World of Ozempic.
• Decline and Fall of America? Not Yet.  
• Brazil and Latin America’s Decline.
• Not All Trump 2.0 Regulatory Initiatives Will Survive—Here’s Why.
• How Markets Have Responded to Deficits.
• Gavin Newsom and the Democrats’ Delusional Recovery.
• The Architects of Bidenomics Are in Denial.
• Ukraine’s Western Missiles Threaten Big Russian Assets.

CNBC.com:

• Can Starbucks fix long lines at its airport cafes?
• Data centers powering artificial intelligence could use more electricity than entire cities.
• Top Wall Street analysts are bullish on these dividend stocks.

MarketWatch.com:

• Will inflation stick around? What oil, gold and stocks are signaling about rising prices. 
• It’s no ‘Barbenheimer,’ but ‘Wicked’ and ‘Gladiator II’ deliver welcome box-office boost.
• More retailers squeeze in earnings reports before Black Friday with holidays and tariffs in focus.

Fox News:

• State lawmakers, companies prepare to push back against DEI, 'woke' initiatives: experts. DEI is a 'multibillion-dollar industry that pushed a left wing' ideology, says one expert.

TheGatewayPundit.com:

• Rand Paul Drops the Hammer: Denver Mayor May Be REMOVED FROM OFFICE Over Defiance of Trump’s Deportation — ‘It’s a Form of Insurrection’.
• First Lady of Brazil insults Elon Musk.
• Is Elon Musk About To Buy MSNBC?!
• You Knew This Was Coming… Nasty Open Borders RINO James Lankford Has ‘Lots of Questions” Before He Can Vote for Tulsi Gabbard for DNI (VIDEO). 
• Kash Patel Displays Why He Is the Best Pick for FBI Chief – Explains How Americans Can Regain Trust in Chris Wray’s Rogue Law Enforcement Agency (VIDEO).
• ‘They Hate You’: RINO Susan Collins Poised to Assume Powerful Senate Role.
• Mexican President Folding After Just One Phone Call with Trump.
• Open the Books: How the Government is Using Your Tax Dollars to Silence Free Speech.
• Erik Prince on Sunday Morning Futures: The US has “No Means” to Shoot Down Russia’s Mach 9 Hypersonic Ballistic Missiles that Were Just Fired on Ukraine (VIDEO).
• J6er Patriot Cheered on by Inmates While Released from Prison to Halfway House After 2.5+ Years of Abuse, Harassment and Neglect.
• Colorado Password Scandal Exposes Hypocrisy by Secretary of State Jenna Griswold.
• Report: Capitol Hill Police Chief Thomas Manger Is Falling Asleep at Meetings as Officers Discuss Security for Donald Trump at 2025 Inauguration.
• Unlike 2020 – 94 Percent of Voters Consider Trump’s Victory Legitimate – Including Vast Majority of Grieving Democrats.
• WATCH: Joe Rogan Says Biden and Zelensky are ‘About to Start WWIII’.
• Trump’s Transition Team Claims No Blanket Pardons for January 6 Protesters, Case-by-Case Decisions Expected/
• MUST READ… GENERAL FLYNN: “The Deep State Cannot Afford to Allow President Trump to Implement His Plans to Reform America”.
• “You Better Make Darn Sure if you Block This Guy’s Confirmation that You Are Squeaky Clean!” – Fitness Expert Jillian Michaels Warns RINOs Against Blocking Kennedy Nomination (VIDEO).
• DNC Official Admits Voters Now View GOP as Party of Working Class, Democrats as Party of Rich Elitists (VIDEO).
• Joe Rogan Explains Why Liberal Media Ratings Are Collapsing: ‘Not Accurate, Delusional’ (VIDEO).
• ‘Big Food’ Lobbyists are Now Discussing How to Undermine Robert F. Kennedy Jr.’s Push for a Healthier America.

The Epoch Times:

• Chinese Military Think Tank Recommends CCP Target Musk to Influence Trump, Insider Says.

Around X:

• @elonmusk

• India counted 640 million votes in a single day. California is still counting 15 million votes... 18 days later. Tragic. (pic)
• Almost 80% of "asylum seekers" went on vacation to their home countries.

• @catturd2

• BREAKING: Senator Susan Collins has just been named Chair of the Senate Appropriations Committee, holding one of Senate most powerful positions. What is the Senate doing??? They hate you!

• @CollinRugg
  

• REPORT: Trump's favorability surges by almost 20 points with young Americans, according to a new YouGov poll. The seismic shift is extremely noticeable on TikTok, where young people (like in the video below) explain why they left the Democratic party for the Right. 57% of Americans between the ages of 18 & 29 now have a favorable view of Trump, an increase of 19 points. "Why are we being fed this narrative [about Trump] over and over... when it directly contradicts the truth at every turn." "Then I realized conservatives are the resistance. Conservatives are resisting against the big government machine." (video)

• @ImMeme0

• According to former Polish Deputy Minister Piotr Kulpa, Ukrainian authorities have allegedly siphoned off up to half of the U.S. aid money sent to their country and redirected a portion of it back to the Democratic Party through laundering schemes. Is anyone surprised?

• @TomHoman_

• Vignarajah, a former policy director for Michelle Obama when she was first lady, got so good at tr*fficking children across the Mexico border that her salary went from $244,000 to $520,000. In 2019, Global Refuge housed 2,591 unaccompanied children while spending $30 million. Three years later, the NGO reported that it housed 1,443 unaccompanied children at a cost of $82.5 million.

• @Inevitablewest

• BREAKING: Nigel Farage admits he’s ‘never seen anything like this before’ as UK General Election petition STORMS towards 1,000,000 signatures within 24 hours. You are witnessing a national revolt.

• @LibertyValkyrie

• These 6 States will be banning purchase of RV’s starting in less than 6 weeks: •California •New York •Oregon •Massachusetts •New Jersey •Washington Your Government is telling you what you can, and cannot buy.

• @matt_vanswol

• I want to commend Fox News for flying a reporter down to Swannanoa NC today in the middle of a snow storm. While FEMA is saying no one is in tents, Fox News is literally talking to them. Well done. (video)

• @BGatesIsaPsycho
  

• “What in The World is happening off the coast of Florida?” We are all unwittingly participating in the largest experiment ever conducted in Human History. The results yielded will continue to get crazier & crazier. (video)

• @EndWokeness

• BREAKING: Oakland to solve its budget crisis by laying off 70 cops, closing fire stations, & reducing library hours. Oakland is a sanctuary city. (video)

• @WideAwake_Media
  

• 1,100 eminent scientists declare: "There is NO climate emergency."

• @WallStreetApes

• Another Congress Insider Trader for Matt Gaetz to look at. Democrat Rep “Chellie Pingree's net worth before joining politics was just $316,000. Just 4 years later, it spiked to $46 MILLION. She bought an island vacation house just for fun and flies on a private jet from her island to her job in Washington DC. It turns out that several politicians use under the table information to trade stocks. And the fact that Chellie Pingree is in politics means she might also have access to that kind of information.” (video)
• How is this not National News? The 3 Illegal migrants arrested for raping children in Massachusetts is only 3 cases OUT OF 39 such arrests of illegals in Massachusetts this year alone. Yet Massachusetts Governor Maura Healey is more focused on blocking Trump mass deportations… (video)

• @_johnnymaga
  

• Nancy Pelosi’s daughter has been on the ground “curing ballots” with a “volunteer army” in California and now two seats in Congress are about to flip blue. The election was 18 days ago. (video)

• @VigilantFox
  

• 9 Shocking COVID Truths They’ll Never Admit to You. First and foremost, the COVID response was never about public health. It was about conditioning the population to accept “a needle in every arm.” The reason we know this to be true is because “there was a strict and forceful government response to abolish” any cheap remedy that works for COVID-19. This includes: (video)

• @HustleBitch_
  

• #BREAKING: Joe Rogan just attacked Bill Gates over COVID: "You're Responsible For All This Bill!" "Bill Gates, who's on television telling everybody, 'Get the vaccine, you won't get COVID." "And then afterward, that didn't work after he had unloaded all of his stock, it wasn't effective" "It turns out COVID wasn't as bad as we thought it was." "Well, you guys are really responsible for a bunch of people taking a medication that was unproven." "You're responsible for all the side effects." "You're responsible for all these, and you're responsible for fear-mongering, lying, closing down businesses, their ruining economies, changing the political structure of the country." (video)

• @annvandersteel

• BREAKING: Lisa Murkowski says she won’t support any of President Trump’s nominees unless they undergo full FBI vetting. If anyone needs vetting it’s Murky Murkowski herself. Because she's not a RINO, she’s a full-fledged Democrat serving Republicans under false pretenses. WHERE’S THE FBI VETTING OVER THAT? She’s only there because her daddy appointed her. She can’t get voted out because she’s protected by McConnell. After 22 years in office, she thinks she’s untouchable. Trump needs to show her and all the RINOs that THEY ARE NOT UNTOUCHABLE. There needs to be an executive order that allows for a recall of US Reps and Senators like Murkowski, if the people of their respective states want it done. And Trump should also FINALLY sign one for term limits.

• @RealHickory
  

• This is 1000% correct! John Thune, Susan Collins, Mitch McConnell, and Lisa Murkowski have teamed up to stop Trump. That includes cabinet nominees not getting confirmed or his America First agenda getting through the Senate. The 53-47 majority is a joke, and why 4 Republican Senate seats were stolen in Wisconsin. Michigan. Arizona. Nevada! A 57-43 was RINO proof.

• @MarioNawful
  

• BREAKING: GEORGIA UNIVERSITY SYSTEM TO BAN DEI | REQUIRES CIVICS EDUCATION. Starting in the 2025-2026 academic year, the University System of Georgia will:
• WHY DO U.S. KIDS EAT CHEMICALS WHILE EUROPE GETS NATURAL INGREDIENTS? A glaring double standard in food safety: U.S. cereals like Trix and Froot Loops use chemical dyes (Red 40, Yellow 6) linked to behavioral issues and allergies. Meanwhile, Europe opts for natural alternatives like turmeric and fruit juice. 
• 86% OF U.S. ASYLUM SEEKERS NOT LEGITIMATE, FEDERAL REVIEW FINDS. A federal government review by the Executive Office for Immigration Review (EOIR) has determined that 86% of asylum claimants in the U.S. are not legitimate asylees, casting doubt on the credibility of many asylum applications.

• @SchoolPrEDatOrs

• There clearly is a Teacher P*do epidemic. I started tracking near the end of July. Here are just some of what is happening and a google doc track average age/gender of the crimes. (pic)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 1,016,047 Reports(+2,606 from prior report) Through October 25, 2024.

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.

Night Trading 

• Asian equity indices are +.5% to +1.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 73.25 -.5 basis point.

• China Sovereign CDS 62.75 -1.0 basis point.
  
• China Iron Ore Spot 102.1 USD/Metric Tonne +1.5%

• Bloomberg Emerging Markets Currency Index 37.6 +.09%.
• Bloomberg Global Risk-On/Risk Off Index 66.8 +1.3%.
• Volatility Index(VIX) futures 15.6 -2.9%.
• Euro Stoxx 50 futures +.85%

• S&P 500 futures +.46%.

• NASDAQ 100 futures +.54%.  

Morning Preview Links

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