Bear Radar

Style Underperformer:

• Large-Cap Value +1.1%
  

Sector Underperformers:

• 1) Computer Services -.7% 2) Education -.5% 3) Insurance -.1%

Stocks Falling on Unusual Volume: 

• PSIX, HROW, DUOL, PONY, GIL, SAP, SKYT, CAH, LENZ, HNRG, ETOR, SMMT, CE, TATT and ACVA

Stocks With Unusual Put Option Activity:

• 1) AI 2) SYF 3) OHI 4) FBTC 5) WEN

Stocks With Most Negative News Mentions:

• 1) EK 2) BBAI 3) PUBM 4) FLNC 5) BWEN

Sector ETFs With Most Negative Money Flow:

• 1) XLC 2) SMH 3) VOX 4) IGV 5) XLY

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +2.5%

Sector Outperformers:

• 1) Airlines +8.3% 2) Semis +2.7% 3) Regional Banks +2.5%

Stocks Rising on Unusual Volume:

• GDOT, ARCT, TNXP, LTBR, MRCY, USAR, ICHR, CRNC, SBGI, HI, REZI, ALGT, AAOI, SONO, LQDA, CLDX, LIF, ASTS, SNCY, AAL, CRMD, UAL, AAON, DAL, AMPH, RH, BE, PSKY, VREX, ON, PGY, AMN, GRDN, RKT, MCHP, AEIS, ALAB, TNDM, MBC, VSH, PDFS, SHEN, ETSY, RPD, AMR, ARLO, LPX, IIPR, CDRE, ARLO, OFIX, IIPR, DFIN, METC, ELF, FTNT, BLFS, MIDD, THS, SLVM, ACHR, THS, OKLO, FORM, ECPG, TXN, CVLT, SSYS, INSM, FOUR, POWI, RIGL, LITE, FND, GPCR, THO, ACAD, PANW, ACIW, GFS, DAN, MRTN, CWAN, BMNR, PATK, MDB, AEVA, SPHR, CBU, RDNT, ASPI, WLDN, TEM, META, LRCX, SAIL, GS, BRDG, INOD, FUN, TWLO, COHR, WT, ISSC, BG, LNW, ESAB, INTA, INTC, FUL, MELI and PAR

Stocks With Unusual Call Option Activity:

• 1) EQX 2) CIVI 3) HBI 4) OLN 5) ALTS

Stocks With Most Positive News Mentions:

• 1) MRCY 2) TLS 3) ARCT 4) HBI 5) SE

Sector ETFs With Most Positive Money Flow:

• 1) ARKK 2) XLI 3) KRE 4) XLU 5) XLF

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:

• (EAT)/2.47
• (PFGC)/1.46
• (SSYS)/.03 
• (CRMT)/.83
• (BBWI)/.38 

After the Close: 

• (CSCO)/.98
• (COHR)/.92 

Economic Releases 

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,062,000 barrels versus a -3,029,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -648,200 barrels versus a -1,323,000 barrel decline the prior week. Distillate inventories are estimated to rise by +454,600 barrels versus a -565,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall -.24% versus a +1.5% gain prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bostic speaking, Fed's Goolsbee speaking, weekly MBA Mortgage Applications, (MELI) investor meeting with Morgan Stanley, JPMorgan Hardware/Semis Access Forum, Needham FinTech & Digital Transformation Conference report and the Oppenheimer Tech/Internet/Communications Virtual Conference could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Morning Market Internals

NYSE Composite Index:

• Volume Running +11.3% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 13.8 -3.2
• 1 Sector Declining, 10 Sectors Rising
• 74.4% of Issues Advancing, 23.2% Declining 
• TRIN/Arms 1.26 -.79% 
  
• Non-Block Money Flow +$305.2M
  
• 95 New 52-Week Highs, 18 New Lows
• 50.7% (+5.2%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 55.7 +1.0

Other:

• Bloomberg Global Risk-On/Risk-Off Index 78.4% +3.0%
• Bloomberg Cyclicals/Defensives Index 248.2 +.9%
  
• Morgan Stanley Growth vs Value Index 164.9 -1.4%
• CNN Fear & Greed Index 63.0 (GREED) +6.0
• 1-Day Vix 8.4 -47.5%
  
• Vix 15.0 -7.5%
  
• Total Put/Call .93 +12.0%

Tuesday Watch

 Night Trading 

• Asian equity indices are -.25% to +.75% on average. 
• Asia Ex-Japan Investment Grade CDS Index 68.75 -1.0 basis point.
• China Sovereign CDS 44.75 +.25 basis point.
• China Iron Ore Spot 103.8 USD/Metric Tonne +.29%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.86 +.03%.
• Bloomberg Emerging Markets Currency Index 36.6 -.1%.
• Bloomberg Global Risk-On/Risk Off Index 76.7 +.8%.
• US 10-Year Yield 4.28% unch.
• Volatility Index(VIX) futures 19.32 +.12%.
• Euro Stoxx 50 futures +.28%. 
• S&P 500 futures +.07%. 
• NASDAQ 100 futures +.08%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly 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.

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

Earnings of Note 
Company/Estimate 

Before the Open:

• (BNTX)/-2.28
• (CNA)/.97
• (ENR)/.62
• (IDXX)/3.30
• (ON)/.53
• (TSSEM)/.45
• (RIG)/-.01
• (WAT)/2.94
• (W)/.33 

After the Close: 

• (ADTN)/.01
• (ANDE)/.51
• (AXON)/1.45
• (FANG)/2.77
• (EHC)/1.21
• (EQR)/.98
• (HIMS)/.15
• (IAC)/-.33
• (LSCC)/.24
• (MELI)/11.93
• (ODD)/.84
• (PLTR)/.14 
• (SPG)/3.05
• (TDWE)/.52
• (VNO)/.53
• (WMB)/.48 

Economic Releases 

10:00 am EST

• Factory Orders for June is estimated to fall -5.0% versus a +8.2% gain in May. 
• Factory Orders Ex Transports for June is estimated to rise +.2% versus a +.2% gain in May.
• Final Durable Goods Orders readings for June. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The CB Employment Trends Index for July, Loan Officer Survey, (EXP) annual meeting and the (SPB) annual meeting could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST