Style Underperformer:
Sector Underperformers:
- 1) Coal -2.80% 2) Steel -1.70% 3) Oil Service -.95%
Stocks Falling on Unusual Volume:
- FST, STO, TOT, JASO, UBS, DB, TFM, GCO, SIG, TAHO, FNV, OXM, CPB, WDAY, WDC, STX, QIWI, PSO, AWR, NVS and MORN
Stocks With Unusual Put Option Activity:
- 1) ZNGA 2) VZ 3) BHI 4) WSM 5) ADT
Stocks With Most Negative News Mentions:
- 1) EOG 2) LH 3) TFM 4) WMT 5) JPM
Charts:
Style Outperformer:
Sector Outperformers:
- Homebuilders +2.51% 2) Biotech +1.68% 3) Airlines +1.56%
Stocks Rising on Unusual Volume:
- TSL, VOD, CRUS, GES, MEI, EGAN, LRN, VZ, NOAH, SEAS, YELP, Z, MNLX, DDD, EMES, PGTI, TASR, AFOP, PCYC, AMCX, NBIX, RPTP, MPWR and ZLC
Stocks With Unusual Call Option Activity:
- 1) VZ 2) GIS 3) DG 4) URBN 5) MDLZ
Stocks With Most Positive News Mentions:
- 1) PRGO 2) MHK 3) REGN 4) JNJ 5) MCD
Charts:
Night Trading
- Asian equity indices are -.25% to +1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 165.0 -10.0 basis points.
- Asia Pacific Sovereign CDS Index 132.75 -2.0 basis points.
- NASDAQ 100 futures +.04%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
8:30 am EST
- Initial Jobless Claims are estimated to fall to 332K versus 336K the prior week.
- Continuing Claims are estimated to fall to 2988K versus 2999K prior.
- 2Q GDP is estimated to rise +2.2% versus a prior estimate of a +1.7% gain.
- 2Q Personal Consumption is estimated to rise +1.7% versus a prior estimate of a +1.8% gain.
- 2Q GDP Price Index is estimated to rise +.7% versus a prior estimate of a +.7% gain.
- 2Q Core PCE is estimated to rise +.8% versus a prior estimate of a +.8% gain.
Upcoming Splits
Other Potential Market Movers
- The Fed's Bullard speaking, Fed's Lacker speaking, Italian 10Y bond auction, German CPI data, Japan inflation data, 7Y T-Note auction, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (LSTR) mid-quarter update could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted
by financial and technology shares in the region. I expect US
stocks to open modestly higher and to weaken into the afternoon,
finishing modestly lower. The Portfolio is 25% net long heading into
the day.
Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Mixed
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 16.39 -2.27%
- Euro/Yen Carry Return Index 135.89 +.28%
- Emerging Markets Currency Volatility(VXY) 12.32 +7.22%
- S&P 500 Implied Correlation 53.61 -1.72%
- ISE Sentiment Index 194.0 +133.73%
- Total Put/Call .77 -24.51%
Credit Investor Angst:
- North American Investment Grade CDS Index 82.90 -1.40%
- European Financial Sector CDS Index 148.92 -1.01%
- Western Europe Sovereign Debt CDS Index 85.50 -3.53%
- Emerging Market CDS Index 343.44 +.36%
- 2-Year Swap Spread 16.25 -2.0 bps
- 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.25 bp
Economic Gauges:
- 3-Month T-Bill Yield .03% unch.
- China Import Iron Ore Spot $138.50/Metric Tonne -.14%
- Citi US Economic Surprise Index 25.40 -.6 point
- Citi Emerging Markets Economic Surprise Index -23.0 unch.
- 10-Year TIPS Spread 2.17 unch.
Overseas Futures:
- Nikkei Futures: Indicating +58 open in Japan
- DAX Futures: Indicating -12 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/retail/tech sector longs and emerging markets shorts
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
- Market Exposure: 25% Net Long
Style Underperformer:
Sector Underperformers:
- 1) Airlines -.78% 2) Agriculture -.68% 3) Homebuilders -.63%
Stocks Falling on Unusual Volume:
- CPA, PTR, RYAAY, BIP, DY, JOY, AMAP, TASR, QIHU, GAS, DSW, TIF, QIWI, NWL, SAFM, DWRE, CLVS, CUK, CPA, BIP, ENV, MGA, RGS, SJM, LUX, JBHT and BITA
Stocks With Unusual Put Option Activity:
- 1) EPI 2) JOY 3) OVTI 4) TIF 5) CTSH
Stocks With Most Negative News Mentions:
- 1) SRCL 2) TST 3) PCG 4) ACN 5) MBI
Charts:
Style Outperformer:
Sector Outperformers:
- Gold & Silver +1.94% 2) Energy +1.86% 3) Oil Service +1.53%
Stocks Rising on Unusual Volume:
- CRUS, STO, TIVO, PNG, ZLC, EXPR, CHS, AVGO, AUXL and SDRL
Stocks With Unusual Call Option Activity:
- 1) TIF 2) LEAP 3) RPRX 4) USO 5) ZQK
Stocks With Most Positive News Mentions:
- 1) CRUS 2) TIVO 3) NOC 4) AVGO 5) TIF
Charts:
