Bear Radar

Style Underperformer:

• Mid-Cap Growth -2.2%

Sector Underperformers:

• 1) Gold & Silver -5.2% 2) Computer Services -4.5% 3) Alt Energy -3.8%

Stocks Falling on Unusual Volume: 

• HIW, JKHY, BXP, PHR, QSR, NICE, QTWO, FVRR, STEP, JBHT, PLMR, CHKP, NMRK, ARMK, CTSH, PLSE, GWW, MAN, SCI, MT, WERN, ODD, PUK, ROKU, LOGI, IQV, SLG, SPOT, KD, CRL, J, FWRD, SHOP, UPST, WCN, HUBG, WCN, TFII, INFY, HOOD, KVYO, EPAM, XYZ, LEU, U, STN, ROL, TDC, JLL, UPWK, UPB, CSCO, TTEK, INSP, TYL, CLF, NP, RBA, CWK, TRIP, GEO, BRKR, EXPD, AEHR, BAX, APP, MICC, LSTR, CHRW, RXO, QDEL and ICLR

Stocks With Unusual Put Option Activity:

• 1) AVTR 2) AR 3) CWAN 4) GRAB 5) FBTC

Stocks With Most Negative News Mentions:

• 1) ICLR 2) CHRW 3) BAX 4) RXO 5) LSTR

Sector ETFs With Most Negative Money Flow:

• 1) XLV 2) KRE 3) XLK 4) KWEB 5) GDXJ

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value -.7%

Sector Outperformers:

• 1) Telecom +2.7% 2) Utilities +2.4% 3) Pharma +1.4%

Stocks Rising on Unusual Volume:

• FSLY, CGNX, IPGP, NVCR, MH, CROX, SPHR, LPTH, ZBIO, IRDM, ISSC, EQIX, USFD, ZBRA, MSI, TRN, AKAM, STX, IRM, VKTX, PSIX, WDC, BDC, PFGC, AVBP, SNDK, NKTR, CW, IFF, HWM, SOLS, SGRY, TECX, BBIO, DLR, SLF, SBAC, AMT, FAF, VNT, ETON, LNC, AEP, AWK, CCI, DBD, BUD, CCI, AMG, GTES, DVA, FCN, HNGE, AEE, PEGA, TMUS, HUBS, RYN, LLYVK, MU, EIX, LITE, FTS, ROAD, RNR, LYV, HUM, SLVM, KC and WTW

Stocks With Unusual Call Option Activity:

• 1) FSLY 2) XLU 3) NRGV 4) JETS 5) GEO 

Stocks With Most Positive News Mentions:

• 1) FSLY 2) NVCR 3) MSI 4) USFD 5) CGNX

Sector ETFs With Most Positive Money Flow:

• 1) XLP 2) IGV 3) XBI 4) GRID 5) SMH

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:

• (AAP)/.41
• (CCJ)/.01
• (ENB)/.57
• (MGA)/1.80
• (MRNA)/-2.54
• (WEN)/.14 

After the Close: 

• None of note

Economic Release 

8:30 am EST

• Real Avg. Weekly Earnings YoY for Jan. 
• Annual CPI revisions.
• The CPI MoM for Jan. is estimated to rise +.3% versus a +.3% gain in Dec.
• The Core CPI MoM for Jan. is estimated to rise +.3% versus a +.2% gain in Dec. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The DHS funding deadline and the (ELF) investor 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 +41.5% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 8.6 -4.1
• 6 Sectors Declining, 5 Sectors Rising
• 29.1% of Issues Advancing, 68.8% Declining 
• TRIN/Arms 1.33 +23.2%
• Non-Block Money Flow +$18.7M
  
• 357 New 52-Week Highs, 120 New Lows
• 67.2% (-2.4%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 60.1 -9.8

Polymarket:

• Supreme Court Rules in Favor of Trump's Tariffs? 28.0% +1.0 percentage point
• Another US government shutdown by February 14th? 95.0% +12.0 percentage points 
• Will China invade Taiwan by end of 2026? 12.0% +1.0 percentage point
• US strikes Iran by June 30th 53.0% -1.0 percentage point

Other:

• Bloomberg Global Risk-On/Risk-Off Index 101.6 -1.7%
• US High-Yield Tech Sector OAS Index 492.0 +18.25 basis points
• Bloomberg Cyclicals/Defensives Index 248.0 -3.0%
• Morgan Stanley Growth vs Value Index 135.2 -1.0%
• CNN Fear & Greed Index 40.0 (moved to FEAR from NEUTRAL) -9.0
• 1-Day Vix 16.3 +34.0%
  
• Vix 20.0 +13.1%
  
• Total Put/Call .89 -4.3%

Thursday Watch

Around X:

• @Business  

• China harshly condemned Taiwan after it congratulated Japanese Prime Minister Sanae Takaichi on her big election victory, highlighting its testy relationship with both Tokyo and Taipei.
• Drug cartels have overcome their reluctance about cryptocurrencies, and a vast ecosystem has sprung up to clean all that cash.
• Anthropic is nearing the completion of a deal to raise more than $20 billion in a funding round co-led by investors including Peter Thiel’s Founders Fund, D.E. Shaw and Dragoneer, according to sources.
• Two key Republican senators have proposed a measure that would overturn a rule that exposes banks with more than $10 Billion in assets to limits on debit card swipe fees.
• Strategy, a company that hoards Bitcoin, will issue more perpetual preferred stock to ease the concerns of investors worried about buying its volatile shares, said CEO Phong Le.
• Waymo, Alphabet’s autonomous driving unit, will hit more than 1 million paid weekly robotaxi rides in the US by the end of this year, according to co-CEO Tekedra Mawakana.
• Billionaire Jim Ratcliffe said Britain has been “colonized” by immigrants who he said are draining resources from the state.
• A blowout jobs report gives President Trump a prime opportunity to make the case that the economy is on the right track, but may make it harder for him to get something else he wants: more rate cuts from the Federal Reserve. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.     

• @ZeroHedge

• US, China Work To Preserve Fragile Trade Truce Ahead Of Trump's April Visit: Report.    
• "They Thought They Were Untouchable": US Seizes 134 Acres In Texas Used By Mexican Cartel.
• 'Diversity' Judge Cuts Sadistic Rapist's Sentence in Half.
• India's Coal Use Could Double By 2050.  
• Trump Pushes To End Senate 'Blue Slips' As GOP Confirms Judges At Record Pace.
• *HOUSE VOTE TO REJECT TRUMP'S TARIFFS ON CANADA ON TRACK TO PASS. 
• Russian Airlines Suspend Flights To Cuba, Begin Evacuation Of Citizens, Over Fuel Crisis.   
• Watch: Bondi Explodes Over Epstein During Shouting Match With Massie And Top Dems.
• Deep State Knives Out For Tulsi Gabbard: What We Know.
• Epstein's Island And The Gateway To The Psychology Of Evil.
• FDA Refuses To Review Moderna's Application For Experimental Flu Shot. 
• 'Good' Jobs News Is Bad News For Bonds, Big-Tech, Banks, & Bitcoin; Gold Gains.    

• @CNBC

• Asia-Pacific markets set to open mixed as Fed rate-cut hopes dim after strong U.S. jobs data.
• Thursday's big stock stories: What’s likely to move the market in the next trading session.  
• Stock futures are little changed after Dow ends three-day win streak: Live updates. 
• Trump orders Pentagon to buy power from coal plants.
• Stocks making the biggest moves after hours: Cisco Systems, McDonald's, AppLovin and more.

• @TheTranscript 

• Cisco CEO: "Cisco's strong second quarter and first half of fiscal 2026 demonstrate both the power of our portfolio and the fundamental role we continue to play in connecting and protecting customers in a rapidly evolving landscape." $CSCO: -4% AH.
• $CSCO Cisco EVP: "“Seventy percent of all AI products now at Cisco are using code that’s generated by AI..By 2026, we will have at least close to a half a dozen products that will have 100% of the code written by AI." 

• @DiligentDenizen

• AG PAM BONDI HAD BINDER FULL OF SEARCH HISTORIES OF US. REPRESENTATIVE UNREDACTED EPSTEIN FILES VIEWINGS AT HEARING. Pam Bondi had a detailed browsing history worksheet on what a US Rep had looked at during their viewing of the unredacted Epstein files including the "t0rture video". The DOJ has put WAY more EFFORT into covering up these crimes against children than they have investigating them for some reason. (video)
• EPSTEIN ORDERED DOZENS OF "23ANDME" GENETIC SCREENING TEST KITS FOR SULTAN AHMED BIN SULAYEM. The UAE man who sent Epstein a "torture video" & CEO of a cargo container company had Epstein order over 25 genetic testing kits often used by the wealthy to screen before having babies with women (especially in the Middle East). This implies that each separate test was used on a girl to see if she would be genetically suitable for child reproduction. (video)

• @BBMagaMom

• Epstein email, 2011: A terrified girl clings to faith…”Jesus is in bed next to me, watching over me, He saved my life!” Epstein’s reply? “Whoops.” Then his buddy: “You should dress up as him when you see her.” That’s not “whoops.” That’s demonic mockery. “Whoops, guess your Savior didn’t stop us.” Pure evil laughing at a child’s last shred of hope while planning to twist it into more torture. We are dealing with literal demons in human skin. Full unredacted files NOW. No more cover-ups. (pic)
• Speaker Mike Johnson just admitted the Epstein files must stay redacted for “national security concerns.” National FKN security?!?! Really?? A pedophile trafficker raped kids for decades while rubbing elbows with the elite, intelligence agencies, and probably half of DC, and now this gutless coward says the truth might ‘destabilize’ things? Translation: The full list of child-raping VIPs, Hollywood actors and politicians, world leaders, blackmail tapes, and CIA/Mossad fingerprints would torch the entire rotten system. Good!!!! Let it burn. If exposing monsters who prey on children “collapses the system,” then that system is built on child rape, cannibalism and torture of children and infants, and deserves to be nuked from orbit. Secrecy isn’t protection, it’s complicity. Redactions aren’t caution, they’re a cover-up. “National security” is code for “protecting the powerful pedophiles who own us.” Unredact every damn page. Name names. Release the horrors. No more shields for these demons. The American people aren’t fragile snowflakes, we’re furious, and we’re done being GASLIT and lied to. Burn it down.
• BREAKING: WOW!!! Rep. Lauren Boebert just went full scorched-earth on Newsmax after seeing the unredacted Epstein files: She says it’s WAY darker than anyone imagined, torture emails, constant references to “consumption,” a place literally called “The Cannibal” restaurant, and code words like “jerky” and “human meat” being thrown around like it’s nothing. Yeah. She straight-up asked if we’re looking at cannibalism. Human consumption. This isn’t some fringe theory anymore. A sitting Congresswoman is saying the quiet part out loud: these monsters weren’t just raping and trafficking kids, they may have been eating them. And the women? Ghislaine Maxwell, Rachel Chandler, and a whole network of female predators were neck-deep in moving children into this nightmare machine. This is not “elite pedophilia.” This is satanic-level depravity. This is ritualistic evil wearing suits and private jets. 

• @MJTruthUltra

• The Fulton County Georgia FBI Raid Affidavit CONFIRMS Election Records in Fulton County's 2020 Vote Count was MANIPULATED... (list)

• @ShadowofEzra

• Pam Bondi takes the walk of shame, refuses to meet with Epstein survivors, does not answer questions about redactions, and stays quiet when asked about high-profile arrests. (video)
• Rep. Nancy Mace says she has seen the Epstein client list and warns that the names on it will shock the entire world. She adds, as a Republican, that the DOJ is protecting those identities. According to Mace, the list includes both Republicans and Democrats, along with wealthy elites, media figures, people in power, and even current and former prime ministers and presidents. She says the Epstein case will go down as one of the greatest cover-ups in American history. (video)
• American citizens are now actively hunting down Jeffrey Epstein’s co-conspirator, Les Wexner. Citizens are tracking down the lawyers, enablers, and politicians who allegedly helped Les Wexner evade justice for trafficking children with Jeffrey Epstein. One citizen tells them straight to their face, “There’s a storm coming.” (video)

• @RedPandaKoala

• Hollywood director tells Joe Rogan the elites eat babies and there are sacrifices everyday in LA. "They're eating babies, man. I think that there's sacrifices going on every day in Los Angeles. Allegedly high level female musicians, killing chickens every day, doing sacrifices. I don't want to say names because I don't want to get sued and I don't want to be dead either." Roger Avary is a director, producer, and Academy Award-winning screenwriter known for “Pulp Fiction,” which he co-wrote with Quentin Tarantino, as well as “The Rules of Attraction” and “Killing Zoe”. (video)

• @drawandstrike

• Off subject but can you explain why the media along with our government agencies are ignoring the Epstein files and hyperfocusing on Nancy Guthrie?! 2 things. 1. "What happens when bad news is about to break for them?" and 2. Guthrie was the ONLY big name mainstream reporter to 'break the wall' of silence and give a major mainstream media platform to Epstein's victims. Trust me, EVERYBODY in the freakin' news industry understands what message this communicated to them. SILENCE of the Lambs. Stop asking us elites awkward questions. And when this Trump DOJ/FBI starts rolling out the REALLY BAD STUFF, which we all know is coming, the media better STAY AWAY FROM IT. Or it could be their mother next. These people do not mess around. They've been killing people for years to keep this covered up, making it looks like suicides and accidents, or mystery murders that are never 'solved'.

• @WarMonitors

• The Ditch gained access to Jeffrey Epstein’s FedEx account – with records showing it was used for shipments long after his death and an address book including a senior Israeli military officer now considered a “strategic consultant” for “diplomatic matters”.

• @OcrazioCornPop

• BREAKING: Trump just ENDORSED Maria Elvira Salazar (FL-27), the PRO-AMENSTY RINO pushing the "DIGNIDAD (that's SPANISH for Dignity) ACT" for illegal aliens! That's right, the amnesty act has a Spanish title. She's got an F Liberty Score (46%) from Conservative Review. 
• NEW: Trump just endorsed scandal-plagued Cory Mills (R-FL) for re-election. Mills got married to a muslim woman in a mosque with ties to 9/11, and by an imam with Hamas links. Mills allegedly converted to Islam to marry his Iraqi wife, AND ALSO voted WITH Democrats to block censuring Ilhan Omar in 2025! WHY DOES
  @POTUS @realDonaldTrump ENDORSE THE BIGGEST RINO SWAMPERS? 

• @DC_Draino

• Even CNN is telling @LeaderJohnThune that Voter ID is beloved by both sides, yet he keeps refusing to pass it. At this point there is only 1 feasible reason he doesn’t want Voter ID: He wants Democrats to win the midterms so they will impeach President Trump. Like the true Mitch McConnell underling he is. (video)

• @WallStreetApes

• I just fact checked this, it’s true. “The day before Jeffrey Epstein died, there was a DOJ document announcing his death. Do you understand what I just said to you? Jeffrey Epstein was found dead on August 10th of 2019. Newly released DOJ documents show that they had a draft announcement already made on August 9th of 2019 announcing his death. Guys, I wish this were a joke or conspiracy theory, but it's not”. Drafts dated August 9, 2019, the day before his body was discovered detailed Jeffrey Epstein was found dead. Some early drafts omit any cause of death, instead they say he was found unresponsive and pronounced dead. (Again, this is a day before he was found dead) “I think we're getting to the point where we may need to remove every single member of our government, like every f*cking one of them.” (video)

• @TonySeruga

• The Clintons are daring Congress to blink again. And my sources tell me Congress probably will. Did you see Bill Clinton’s latest outburst? Complaining that he won’t be “used as a prop in a closed-door kangaroo court”? I’ve seen this same reflex he’s used for thirty years whenever accountability gets a little too close for comfort. Feign offense. Question legitimacy. Stall. Delay. Threaten chaos. Then dare the system to do what it almost never does: Enforce consequences against a CIA protected Clinton. This is about raw power and its use… and the Clintons’ belief that the rules are for other people.

• @paulsperry_

• BREAKING: Georgia election watchdog Garland Favorito of Atlanta-based http://VoterGA.org just told me that the FBI raid of Fulton County's ballot warehouse will show that "Fulton certified [mostly Biden] votes for which they have no ballots. There are 17,852 certified votes for which they have no digital ballot images and likely no ballots." In 2020, Biden's margin over Trump in Georgia was a narrow 11,779 votes.

• @EricLDaugh

• REP. CHIP ROY JUST LAID OUT THE GAME PLAN! Force Senate Democrats into a STANDING FILIBUSTER so the SAVE America Act can get passed. These are EXISTING rules — and if we outlast them, it can be passed with 50 votes + JD Vance! "Go ahead and tell the American people why you don't support common sense legislation!" No more Zombie Filibuster, SEND IT TO PRESIDENT TRUMP. (video)
• REP. LISA MCCLAIN GOES ABSOLUTELY NUCLEAR: "They m*rder, they s*xually assault young women, minors. And what do Democrats want to do!? 'Let's RELEASE them and CELEBRATE the people who are R*PING YOUR CHILDREN!'" (video) 

• @ElonMusk

• For those fools/liars who say it is racist to require ID to vote (it obviously is not), why do majority Black countries require ID to vote? (list)

• @P_McCulloughMD

• The Next Plandemic: 3,625 Biolabs, Nipah Virus Patents, and Self-Amplifying mRNA Injections. The same architects of the last plandemic are priming the world for the next one — the inevitable consequence of a world that never held them accountable.

• @WallStMav

• Republicans threw the UN a $3.1 billion lifeline to keep importing migrants, blocking deportations, and attacking free speech and the second amendment. (video)

• @MatrixMysteries

• Tucker Carlson had an episode PROVING the skies are being sprayed with aluminum and chemicals. A former EPA head backs it. RFK Jr confirms it. There needs to be a federal ban in all 50 states. (video)

• @RepLuna

• Could it be that the same senators who oppose the SAVE America Act also benefit from it not passing? (map)

• @KariLake

• Pretty soon EVERY fake news outlet will be looking for a diversionary stories so they don’t have to cover election fraud and massive government corruption.

Night Trading 

• Asian equity indices are unch. to +1.0% on average. 
• Asia Ex-Japan Investment Grade CDS Index 65.25 +.5 basis point.
• China Sovereign CDS 42.25 +.5 basis point.
• China Iron Ore Spot 100.3 USD/Metric Tonne +.3%. 
• Gold 5,090.1 USD/t oz. -.16%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.96 -.09%.
• Bloomberg Emerging Markets Currency Index 36.33 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 102.6 -.6%.
• US 10-Year Yield 4.18% unch.
• Japan 30-Year Yield 3.41% -10.0 basis points. 
• Volatility Index(VIX) futures 19.5 +.3%.
• Euro Stoxx 50 futures +.58%. 
• S&P 500 futures +.19%.
• NASDAQ 100 futures +.05%.

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 75% net long heading into the day.

Stocks Slightly Lower into Final Hour on Higher Long-Term Rates, Diminished Fed Rate-Cut Odds, Technical Selling, Financial/Airline Sector Weakness

Economic/Market Gauges:

• North American Investment Grade CDS Index 50.3 -.4%
• Bloomberg US Securitized MBS/ABS/CMBS Avg. OAS .20 unch.
• BofA Global Financial Stress Indicator -.12 -1.0 basis point
• European Financial Sector CDS Index 53.9 +1.0%
• Emerging Market CDS Index 125.5 -.01%
• Bloomberg Global Trade Policy Uncertainty Index 1.5 -.4

• Citi US Economic Surprise Index 38.5 +4.1 points

• Citi Eurozone Economic Surprise Index 26.8 +.3 point

• Citi Emerging Markets Economic Surprise Index 34.2 +.6 point
• S&P 500 Current Quarter EPS Growth Rate YoY(333 of 500 reporting) +13.0% -.2 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 317.94 +.29:  Growth Rate +18.1% +.1 percentage point, P/E 21.8 -.1
• S&P 500 Current Year Estimated Profit Margin 12.52% -6.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +19.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 502.18 +.70: Growth Rate +22.2% +.2 percentage point, P/E 29.0 -.6
• Bloomberg US Financial Conditions Index .73 -5.0 basis points
• US Yield Curve 66.0 basis points (2s/10s) -3.0 basis points 
• Bloomberg Industrial Metal Index 171.6 +.9% 
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 28.8% +.1 percentage point
• US Atlanta Fed GDPNow Q4 Forecast +3.7% unch.
• US 10-Year T-Note Yield 4.17% +3.0 basis points
• 1-Year TIPS Spread 3.43 +4.0 basis points

• Highest target rate probability for April 29th FOMC meeting: 78.5% (+20.1 percentage points) chance of 3.5%-3.75%. Highest target rate probability for June 17th meeting: 48.1%(-.9 percentage point) chance of 3.25%-3.5%. (current target rate is 3.5-3.75%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +620 open in Japan 
• China A50 Futures: Indicating -23 open in China

• DAX Futures: Indicating +150 open in Germany

Portfolio:

• Higher: On gains in my tech/industrial/biotech sector longs and index hedges
• Disclosed Trades: None
• Market Exposure: 75% Net Long