Bull Radar

Style Outperformer:

• Mid-Cap Growth +2.8%

Sector Outperformers:

• 1) Airlines +5.4% 2) Alt Energy +3.9% 3) I-Banks +3.1%

Stocks Rising on Unusual Volume:

• SEZL, QDEL, GRPN, DAVE, BKSY, TPC, DCTH, PGY, CMP, LEU, QURE, ECPG, PBPB, DYN, SEDG, BTDR, FA, MGNI, VYX, CEP, DGII, PONY, AEVA, KAR, SSYS, PZZA, EPAM, ACAD, AXON, APP, MEG, TTEK, SN, HUT, UTI, QTWO, MIRM, RELY, RNA, MMS, AMPL, RVMD, PAHC, CGON, CVNA, CROX, WTS, MTRX, TEM, INOD, TGLS, RGTI, FTK, OPFI, MRUS, ENPH, PAYC, WWW, BV, RARE, PUBM, SYM, SMLR, BROS, AFRM, MELI, GLDD, PRVA, SIBN, NUVL, ACLX, UPST, OXY, CPA, MTSI, BE, EYE, IONQ, HRTG, CSGS, APPN, SLNO, KVUE, CEPO, ARIS, MWA, BA, PRAA, TPR, ATRC, CRMD, ODD, CRMD, ZK, YETI, CRTO, TEVA, PINS, TENB, SBS, RBA, PRCH, AMD and FVRR

Stocks With Unusual Call Option Activity:

• 1) VOD 2) EYE 3) KNX 4) QBTS 5) GGLL

Stocks With Most Positive News Mentions:

• 1) DAVE 2) APP 3) CVNA 4) MELI 5) GS

Sector ETFs With Most Positive Money Flow:

• 1) XBI 2) MSTY 3) XLP 4) XLY 5) XLU

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:

• (AMR)/-1.06
• (CLMT)/-.51
• (ROAD)/-.07
• (SATS)/-.74
• (ENB)/.69
• (PAA)/.44
  

After the Close: 

• None of note

Economic Releases

• None of note
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Needham Tech/Media/Consumer Conference, (LMT) annual meeting, (PGR) annual meeting, (CL) annual meeting, (TER) annual meeting, (CHEF) annual meeting, (VMC) annual meeting, (ABBV) annual meeting, (AES) annual meeting, (MAS) annual meeting and the (MAR) annual 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 +24.5% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 14.7 -.3
• 1 Sector Declining, 10 Sectors Rising
• 77.6% of Issues Advancing, 20.4% Declining 
• TRIN/Arms .95 -28.0%
  
• Non-Block Money Flow +$338.6M
  
• 59 New 52-Week Highs, 30 New Lows
• 34.7% (+5.3%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 59.8 +2.2

Other:

• Bloomberg Global Risk-On/Risk-Off Index 62.3 +4.1%
• Bloomberg Cyclicals/Defensives Index 231.7 +1.6%
  
• Russell 1000: Growth/Value 20,274.8 +.09%
• CNN Fear & Greed Index 62.0 (GREED) +6.0
• 1-Day Vix 16.5 -16.2%
  
• Vix 22.0 -6.8%
  
• Total Put/Call .74 -6.3%

Thursday Watch

Night Trading 

• Asian equity indices are -.5% to +.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 92.75 -.5 basis point. 
• China Sovereign CDS 58.5 -1.25 basis points.
• China Iron Ore Spot 97.9 USD/Metric Tonne -.43%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.77 -.03%.
• Bloomberg Emerging Markets Currency Index 37.0 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 59.4 -.9%.
• US 10-Year Yield 4.27% unch.
• Volatility Index(VIX) futures 23.0 +.2%.
• Euro Stoxx 50 futures +.38%. 
• S&P 500 futures unch. 
• NASDAQ 100 futures +.07%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by consumer discretionary 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 75% net long heading into the day.

Stocks Reversing Slightly Higher into Final Hour on US Global Trade Deal Hopes, Lower Long-Term Rates, FOMC Commentary, Alt Energy/Homebuilding Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 37.0 -.11% 
• US 10-Year T-Note Yield 4.28% -1.0 basis point
• 3-Month T-Bill Yield 4.32% +2.0 basis points

• China Iron Ore Spot 97.9 USD/Metric Tonne -.5%
• Dutch TTF Nat Gas(European benchmark) 34.5 euros/megawatt-hour -.6%

• Citi US Economic Surprise Index -6.9 +.9 point

• Citi Eurozone Economic Surprise Index 6.8 +3.4 points

• Citi Emerging Markets Economic Surprise Index 20.8 +1.8 points
• S&P 500 Current Quarter EPS Growth Rate YoY(419 of 500 reporting) +12.3% +.6 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 275.92 -.10:  Growth Rate +11.9% unch., P/E 20.4 -.1
• S&P 500 Current Year Estimated Profit Margin 13.33% -2.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +29.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 424.05 +.25: Growth Rate +22.6% unch., P/E 29.7 -.3
• Bloomberg US Financial Conditions Index -.13 -9.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.08 unch.
• Bloomberg Global Trade Policy Uncertainty Index 10.0 -.6
• US Yield Curve 47.75 basis points (2s/10s) -4.25 basis points
• US Atlanta Fed GDPNow Q2 Forecast +2.2% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 42.3% +.5 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.61% unch.: CPI YoY +2.34% unch.
• 1-Year TIPS Spread 3.08 +2.0 basis points
  
• 10-Year TIPS Spread 2.27 -2.0 basis points
• Highest target rate probability for June 18th FOMC meeting: 75.3% (+6.5 percentage points) chance of 4.25%-4.5%. Highest target rate probability for July 30th meeting: 54.9%(-1.8 percentage points) chance of 4.0%-4.25%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +160 open in Japan 
• China A50 Futures: Indicating -79 open in China

• DAX Futures: Indicating +148 open in Germany

Portfolio:

• Higher: On gains in my tech/consumer discretionary/industrial/utility sector longs and emerging market shorts
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some
• Market Exposure: 100% Net Long

Bull Radar

Style Outperformer:

• Large-Cap Value +.4%

Sector Outperformers:

• 1) Education +1.8% 2) Homebuilding +1.5% 3) Construction +1.1%

Stocks Rising on Unusual Volume:

• PRCH, ANGI, OSCR, BBNX, NRDS, LIVN, ELAN, HRTG, TPB, CDRE, ATRO, CRL, HALO, SHOO, CPNG, EYE, ROK, ZK, CEP, PTCT, TRIP, DIS, PARR, REZI, TEM, PTLO, OPFI, VOYA, TEVA, GEN, NBIS, RXST, FVRR, BL, FLYW, CTRI, BAND, ET, ARDT, BULL, LOPE, CDW, XPEL, PHH, CRC, HLIO, NTGR, ES, PRGO, ACLS, TRMB, COR, IPGP, SIBN, ULS, BSY, IQV, HOLX, VRSK, KGC, SSRM, KVYO, TIC, AORT, BTSG, WWW, VRNS, ZTS, URGN, CRMD and MOS

Stocks With Unusual Call Option Activity:

• 1) EOSE 2) OSCR 3) BULL 4) SRPT 5) KVUE

Stocks With Most Positive News Mentions:

• 1) PRCH 2) CURI 3) ELAN 4) OSCR 5) OPEN

Sector ETFs With Most Positive Money Flow:

• 1) SOXX 2) MSTY 3) XLE 4) XLY 5) XOP

Charts:

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