Bear Radar

Style Underperformer:

• Large-Cap Value +.2%

Sector Underperformers:

• 1) Disk Drives -2.5% 2) Semis -1.5% 3) Energy -1.4%

Stocks Falling on Unusual Volume: 

• VNE, TIGR, CHRW, MOMO, IMMU, DO, OLED and NSP

Stocks With Unusual Put Option Activity:

• 1) EXAS 2) MNK 3) KAR 4) AET 5) ZNGA

Stocks With Most Negative News Mentions:

• 1) MOMO 2) OLED 3) INTC 4) SMLP 5) EIX

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +.6%

Sector Outperformers:

• 1) Banks +1.9% 2) I-Banks +1.5% 3) Social Media +1.2%

Stocks Rising on Unusual Volume:

• CYOU, GDI, SOHU, BE, DAVA, XENT, SNY, MDSO, BGG, NCNA, MIME, IR, PRO, ADBE, IGV, ZYME, UPWK, NSSC, PHG, CNOB, FIS, GLRE, MYOV, AZPN and TGT

Stocks With Unusual Call Option Activity:

• 1) FIS 2) LL 3) TGT 4) AMC 5) INTU

Stocks With Most Positive News Mentions:

• 1) SOHU 2) GES 3) CTB 4) L 5) ADBE

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -15.8% Below 100-Day Average
• 6 Sectors Rising, 5 Sectors Declining
• 61.2% of Issues Advancing, 35.4% Declining
• 113 New 52-Week Highs, 14 New Lows
• 58.4% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.0%
• Vix 12.9 +1.0%
• Total Put/Call .81 -2.4%
• TRIN/Arms 1.36 +60.0%

Monday Watch

Night Trading

• Asian indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 64.25 +.5 basis point.
• China Sovereign CDS 41.25 +1.25 basis points.
• Bloomberg Emerging Markets Currency Index 66.53 +.03%.
• FTSE 100 futures +.19%.
• S&P 500 futures +.02%.
• NASDAQ 100 futures +.01%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (AMG)/3.26
• (AWI)/.94
• (DO)/-.59
• (L)/.96
• (MDR)/.10
• (SOHU)/-1.47

After the Close:

• (AKS)/.14
• (GOOG)/10.26
• (BRKS)/.10
• (CGNX)/.16
• (ETH)/.18
• (MGM)/.23
• (NXPI)/1.55
• (OII)/-.45
• (SANM)/.74
• (THC)/.29(RIG)/-.31
• (VNO)/1.32
• (WDC)/.47
• (YUMC)/.55

Economic Releases

8:30 am EST

• Personal Income for March is estimated to rise +.4% versus a +.2% gain in February.
• Personal Spending for March is estimated to rise +.7%.
• The PCE Core MoM for March is estimated to rise +.1%.
  

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for April is estimated to rise to 10.1 versus 8.3 in March.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Industrial Production report could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to strengthen into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the week.

Weekly Outlook

• Wall St. Week Ahead by Reuters. 
• Weekly Market Outlook by Yahoo. (video)
• Stocks to Watch Next Week by Seeking Alpha.
• Weekly Economic Calendar by Briefing.com.

BOTTOM LINE: I expect US stocks to finish the week mixed as China trade deal hopes, diminishing global growth fears and earnings optimism offset technical selling, Brexit concerns and profit-taking. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 100% net long heading into the week.

Weekly Scoreboard*

S&P 500 2,954.32 +.84%

 
























The Weekly Wrap by Briefing.com.

 
Indices

• DJIA 26,507.76 -.35%

• NASDAQ 8,139.79 +1.37%

• Russell 2000 1,590.29 +1.36%

• S&P 500 High Beta 43.94 -.61%

• Goldman 50 Most Shorted 162.60 +.88%

• Wilshire 5000 30,245.76 +.87%

• Russell 1000 Growth 1,590.48 +1.40%

• Russell 1000 Value 1,246.05 +.30%

• S&P 500 Consumer Staples 585.26 -.16%

• MSCI Cyclicals-Defensives Spread 1,130.58 -.61%
  

• NYSE Technology 1,980.99 +1.09%

• Transports 10,880.40 -.98%

• Utilities 783.39 +1.55%

• Bloomberg European Bank/Financial Services 80.73 -2.5%

• MSCI Emerging Markets 43.91 -1.23%

• HFRX Equity Hedge 1,225.18 +.01%

• HFRX Equity Market Neutral 962.85 -.43%

Sentiment/Internals

• NYSE Cumulative A/D Line 352,606 +.07%

• Bloomberg New Highs-Lows Index 19 -5

• Bloomberg Crude Oil % Bulls 53.33 -1.6%

• CFTC Oil Net Speculative Position 515,258 -.27%

• CFTC Oil Total Open Interest 1,092,151 +3.48%

• Total Put/Call .83 -3.45%

• OEX Put/Call .92 -73.08%

• ISE Sentiment 113.0 +26.74%

• NYSE Arms .92 +9.30%

• Volatility(VIX) 12.7 +5.46%

• S&P 500 Implied Correlation 35.25 -1.22%

• G7 Currency Volatility (VXY) 5.90 +8.06%

• Emerging Markets Currency Volatility (EM-VXY) 8.19 -.97%

• Smart Money Flow Index 14,477.41 +1.70%

• ICI Money Mkt Mutual Fund Assets $3.050 Trillion +.23%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows +$3.993 Billion

• AAII % Bulls 33.5 -10.8%

• AAII % Bears 20.2 -7.6%

Futures Spot Prices

• CRB Index 184.66 -1.54%

• Crude Oil 62.96 -2.06%

• Reformulated Gasoline 208.83 +.14%

• Natural Gas 2.57 +3.01%

• Heating Oil 204.23 -1.91%

• Gold 1,288.70 +.96%

• Bloomberg Base Metals Index 185.31 -.49%

• Copper 288.55 -1.06%

• US No. 1 Heavy Melt Scrap Steel 309.50 USD/Metric Tonne -1.12%

• China Iron Ore Spot 91.35 USD/Metric Tonne +1.01%

• Lumber 347.90 +4.42%

• UBS-Bloomberg Agriculture 873.82 -.84%

Economy

• Atlanta Fed GDPNow Forecast +2.67% -10.0 basis points

• ECRI Weekly Leading Economic Index Growth Rate 1.4% +20.0 basis points
• Bloomberg US Recession Probability Next 12 Months 25.0% unch.

• Philly Fed ADS Real-Time Business Conditions Index -.1934 -2.38%

• US Economic Policy Uncertainty Index 133.61 +71.1%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 173.21 +.43%

• Citi US Economic Surprise Index -57.10 +2.1 points

• Citi Eurozone Economic Surprise Index -39.0 -4.3 points

• Citi Emerging Markets Economic Surprise Index -4.80 -10.4 points

• Fed Fund Futures imply 97.4% chance of no change, 2.6% chance of 25 basis point cut on 5/1

• US Dollar Index 98.0 +.52%

• MSCI Emerging Markets Currency Index 1,635.19 -.89%

• Bitcoin/USD 5,076.19 -3.36%

• Euro/Yen Carry Return Index 129.34 -1.05%

• Yield Curve 21.75 +3.75 basis points
  

• 10-Year US Treasury Yield 2.51%-5.0 basis points

• Federal Reserve's Balance Sheet $3.890 Trillion -.09%

• U.S. Sovereign Debt Credit Default Swap 16.0 +13.76%

• Illinois Municipal Debt Credit Default Swap 178.52 -.02%

• Italian/German 10Y Yld Spread 260.5 +2.75 basis points

• China Sovereign Debt Credit Default Swap 41.72 +3.45%
  

• Emerging Markets Sovereign Debt CDS Index 73.80 +9.86%
  

• Israel Sovereign Debt Credit Default Swap 67.03 -.76%

• South Korea Sovereign Debt Credit Default Swap 31.86 +1.41%

• Russia Sovereign Debt Credit Default Swap 127.01 -2.80%

• iBoxx Offshore RMB China Corporate High Yield Index 161.84 +.27%

• 10-Year TIPS Spread 1.97% +2.0 basis point

• TED Spread 17.75 -2.25 basis points

• 2-Year Swap Spread 10.5 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.75 +.5 basis point

• N. America Investment Grade Credit Default Swap Index 57.34 +.59%
  

• America Energy Sector High-Yield Credit Default Swap Index 446.0 -2.15%

• European Financial Sector Credit Default Swap Index 71.44 +5.22%
  

• Emerging Markets Credit Default Swap Index 194.29 +8.74%
  

• CMBS AAA Super Senior 10-Year Treasury Spread to Swaps 180.0 unch.
  

• M1 Money Supply $3.800 Trillion +1.89%

• Commercial Paper Outstanding 1,066.40 -1.4%

• 4-Week Moving Average of Jobless Claims 206,000 +4,750

• Continuing Claims Unemployment Rate 1.2% unch.
  

• Average 30-Year Mortgage Rate 4.20% +3.0 basis points

• Weekly Mortgage Applications 425.60 -7.28%

• Bloomberg Consumer Comfort 60.8 +.5 point

• Weekly Retail Sales +5.50% +50.0 basis points

• Nationwide Gas $2.84/gallon +.03/gallon

• Baltic Dry Index 869.0 +13.3%

• China (Export) Containerized Freight Index 801.28 +.19%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.

• Rail Freight Carloads 264,130 -1.21%

Best Performing Style

• Small-Cap Growth +2.2%

Worst Performing Style

• Large-Cap Value +.4%

Leading Sectors

• Healthcare Providers +6.4%

• Coal +4.6%

• Software +4.1%

• Internet +3.8%

• Education +3.8%

Lagging Sectors

• Homebuilding -2.3% 

• Steel -3.6%

• Oil Service -3.6%

• Computer Hardware -4.7%

• Disk Drives -6.2%

Weekly High-Volume Stock Gainers (1)

• ERY

Weekly High-Volume Stock Losers (12)

• FDX, KEYS, CRC, WWE, BOOM, FIX, TGT, WDC, NVDA, TSLA, INTC and BGG

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change