Bear Radar

Style Underperformer:

• Small-Cap Growth -.4%

Sector Underperformers:

• 1) Airlines -1.4% 2) Alt Energy -1.1% 3) Steel -1.0%

Stocks Falling on Unusual Volume: 

• PRVB, DDOG, RH and BBIO

Stocks With Unusual Put Option Activity:

• 1) ADMS 2) UAA 3) ACB 4) SQM 5) RMHB

Stocks With Most Negative News Mentions:

• 1) SPPI 2) SBPH 3) QGEN 4) MMSI 5) NAV

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +.3%

Sector Outperformers:

• 1) Social  Media +.7% 2) Retail +.7% 3) Telecom +.5%

Stocks Rising on Unusual Volume:

• RAD, FLXN, FBM, TXG, WCC, INMD, PGNY, KRG and AXE

Stocks With Unusual Call Option Activity:

• 1) XLB 2) XLK 3) XLP 4) TDOC 5) AMZN

Stocks With Most Positive News Mentions:

• 1) PT 2) AQMS 3) FLXN 4) BW 5) AMRS

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running -31.3% Below 100-Day Average
• 9 Sectors Rising, 2 Sectors Declining
• 49.2% of Issues Advancing, 47.2% Declining
• 153 New 52-Week Highs, 2 New Lows
• 65.6% of Issues Above 200-day Moving Average
• Average 14-Day RSI 52.1%
• Vix 13.2 +4.3%
• Total Put/Call .88 +11.4%
• TRIN/Arms 1.39 +84.4%

Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 53.0 unch.

• China Sovereign CDS 32.0 +.75 basis point.

• Bloomberg Emerging Markets Currency Index  66.45 +.01%.
• FTSE 100 futures n/a.

• S&P 500 futures +.08%.

• NASDAQ 100 futures +.18%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• None of note

After the Close:

• None of note

Economic Releases 

• None of note

Upcoming Splits

• None of note

Other Potential Market Movers

• The UK House Price Index could also impact trading today.

Market Hours

Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are slightly higher, boosted by technology and industrial 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.

Stocks Higher into Final Hour on Economic Optimism, Oil Gain, Technical Buying, Tech/Financial Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.6 -.24%

• Euro/Yen Carry Return Index 126.38 +.37%

• Emerging Markets Currency Volatility(VXY) 66.46 +.11%

• S&P 500 Implied Correlation 41.94 -.31%

• ISE Sentiment Index 69.0 -24
  

• Total Put/Call .80 -1.23%

• NYSE Arms .82 -24.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 44.31 -.68%
  

• America Energy Sector High-Yield CDS Index 548.0 +.15%

• European Financial Sector CDS Index 53.15 -.18%

• Italian/German 10Y Yld Spread 167.25 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 52.90 -.16%
  

• Emerging Market CDS Index 179.73 -1.46%
  

• iBoxx Offshore RMB China Corporate High Yield Index 167.07 -.14%

• 2-Year Swap Spread 8.25 +.5 basis point

• TED Spread 38.75 +2.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -13.0 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 66.45 +.09%
• 3-Month T-Bill Yield 1.57% +1.0 basis point

• Yield Curve .28 +1.0 basis point

• China Iron Ore Spot 89.30 USD/Metric Tonne -.29%

• Citi US Economic Surprise Index -9.3 +1.1 points

• Citi Eurozone Economic Surprise Index 27.50 +2.0 points

• Citi Emerging Markets Economic Surprise Index -16.7 -.6 basis point

• 10-Year TIPS Spread 1.76 unch.
• 6.1% chance of Fed rate cut at March 18th meeting, 13.2% chance of cut at April 29th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +21 open in Japan 
• China A50 Futures: Indicating +28 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/retail sector longs

• Disclosed Trades: None

• Market Exposure: 100% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Growth -.1%

Sector Underperformers:

• 1) Homebuilding -.7% 2) Airlines -.5% 3) Medical Equipment -.5%

Stocks Falling on Unusual Volume: 

• SPCE

Stocks With Unusual Put Option Activity:

• 1) CTL 2) SPPI 3) RAD 4) IMMU 5) BBBY

Stocks With Most Negative News Mentions:

• 1) SPPI 2) SBPH 3) QGEN 4) MMSI 5) NAV

Charts:

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