Stocks Reversing Higher into Afternoon on Mideast War Resolution Hopes, Lower Long-Term Rates, Short-Covering, Tech/Biotech Sector Strength

Economic/Market Gauges:

• North American Investment Grade CDS Index 55.0 -1.7%
• BofA Private Credit Proxy Index 73.0 +.7% 
• Bloomberg US Securitized MBS/ABS/CMBS Avg. OAS .22 -1.0 basis point
• BofA Global Financial Stress Indicator .12 -4.0 basis points
• European Financial Sector CDS Index 63.8 +.1%
• Emerging Market CDS Index 162.3 -1.6%
• Israel Sovereign CDS 73.2 -.7% 
• Bloomberg Global Trade Policy Uncertainty Index .5 -.1
• US Morning Consult Daily Consume Sentiment Index 88.0 -.5

• Citi US Economic Surprise Index 11.7 -3.2

• Citi Eurozone Economic Surprise Index -21.5 -1.1

• Citi Emerging Markets Economic Surprise Index 38.5 -4.6
• S&P 500 Current Quarter EPS Growth Rate YoY(18 of 500 reporting) +66.5% -14.8 percentage points
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 338.15 +.73:  Growth Rate +21.8% +.3 percentage point, P/E 20.2 unch.
• S&P 500 Current Year Estimated Profit Margin 15.06% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(1 of 10 reporting) +690.0% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 802.76 +2.28: Growth Rate +101.8% +.6 percentage point, P/E 18.7 +.2 
• Bloomberg US Financial Conditions Index .76 unch.
• US Yield Curve 51.75 basis points (2s/10s) +1.0 basis point
• Bloomberg Industrial Metal Index 176.8 +1.8%
• Dutch TTF Nat Gas(European benchmark) 45.6 euros/megawatt-hour +4.5% 
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 20.4% -.1 percentage point
• US Atlanta Fed GDPNow Q1 Forecast +1.3% unch.
• US 10-Year T-Note Yield 4.30% -2.0 basis points
• 1-Year TIPS Spread 3.56 +11.0 basis points

• Highest target rate probability for June 17th FOMC meeting: 97.9% (+1.8 percentage points) chance of 3.5%-3.75%. Highest target rate probability for July 29th meeting: 91.7%(-2.4 percentage points) chance of 3.5%-3.75%. (current target rate is 3.5-3.75%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +942 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating +334 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/consumer discretionary/industrial/biotech sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value +.2%

Sector Underperformers:

• 1) Utilities -1.6% 2) Foods -1.2% 3) Airlines -.9%

Stocks Falling on Unusual Volume: 

• GIS, BLLN, BROS, LITE, AXTI, AWR, CWT, CAG, MPLT, ERAS, FAST, GFL and FBRX

Stocks With Unusual Put Option Activity:

• 1) EA 2) TECH 3) NUAI 4) NU 5) REPL

Stocks With Most Negative News Mentions:

• 1) REPL 2) FAST 3) GOSS 4) LULU 5) BBY

Sector ETFs With Most Negative Money Flow:

• 1) XLE 2) XLF 3) IGV 4) XLK 5) XLI

Charts:

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

Bull Radar

Style Outperformer:

• Mid-Cap Growth +1.6%

Sector Outperformers:

• 1) Software +5.1% 2) Cyber Security +3.4% 3) Computer Hardware +3.2%

Stocks Rising on Unusual Volume:

• RVMD, SYRE, OPTX, SGML, CAR, TSSI, LEG, LPTH, ANRO, CRDO, ORCL, BRZE, ADPT, MRLN, ALAB, FICO, LWLG, NOK, NET, CRWV, SNOW, SAIL,L NBIS, TEAM, SNEX, SION, GLOB, BEAM, GWRE, FORM, DELL, QLYS, AMPX, IDYA, AEBI, DOCN, AESI, MARA, PENG, NAVN, KMX, DBVT, AXON, AKAM, VEEV, JKS, SSSS, DXYZ, PLTR, TRMD, APPN, FSLY, OKTA, ZS, LC, VOR, CNM, ADSK, BAP, DLO, MANE, HPQ, FLY, WPP, BETR, ECVT, ASND, FLOC and JBIO

Stocks With Unusual Call Option Activity:

• 1) TVTX 2) CZR 3) UMC 4) ERAS 5) DLO 

Stocks With Most Positive News Mentions:

• 1) ALMU 2) RVMD 3) TBRG 4) LEG 5) CRDO

Sector ETFs With Most Positive Money Flow:

• 1) SMH 2) DRAM 3) GRID 4) VDE 5) IXN

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:

• (ACI)/.43
• (BLK)/11.64
• (KMX)/.23
• (C)/2.63
• (JNJ)/2.68
• (JPM)/5.45
• (WFC)/1.58 

After the Close: 

• None of note

Economic Releases 

6:00 am EST

• The NFIB Small Business Optimism Index for March is estimated to fall to 97.9 versus 98.8 in February.  

8:30 am EST

• PPI Final Demand MoM for March is estimated to rise +1.1% versus a +.7% gain in Feb.
• PPI Ex Food & Energy MoM for March is estimated to rise +.4% versus a +.5% gain in Feb. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Barr speaking, Fed's Barkin speaking, Fed's Collins speaking, Fed's Goolsbee speaking, weekly US retail sales reports, ADP weekly employment change, IEA Monthly report, IMF Meetings, API weekly crude oil stock report, (MCO) annual meeting, (BK) annual meeting and the Needham Tech/Media/Telecom Conference 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 -18.6% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 14.7 +.8
• 4 Sectors Rising, 7 Sectors Declining
• 43.8% of Issues Advancing, 53.5% Declining 
• TRIN/Arms .72 -43.8%
• Non-Block Money Flow -$158.2M
  
• 45 New 52-Week Highs, 25 New Lows
• 54.2% (-.2%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 58.3 -2.8

Polymarket: 

• How long will the DHS shutdown last? 70+ days 68.0% +4.0 percentage points
• Will China invade Taiwan by end of 2026? 9.0% unch.
• Israel x Hezbollah ceasefire by April 30th 26.0% -23.0 percentage points 
• US Invades Iran before 2027 38.0% +8.0 percentage points
• Trump announces end of military operations against Iran by April 30th 30.0% -25.0 percentage points

Other:

• Bloomberg Global Risk-On/Risk-Off Index 111.3 +.6%
• Global Monitor Iran Instability Index 100.0 unch.
• Strait of Hormuz Oil Tanker Traffic Curtailed Estimate 93.0% -1.0 percentage point
• US High-Yield Tech Sector OAS Index 523.25 +14.25 basis points
• Bloomberg Cyclicals/Defensives Index 254.7 +.9%
• Morgan Stanley Growth vs Value Index 138.7 +1.1%
• CNN Fear & Greed Index 39.0 (FEAR) +3.0
• 1-Day Vix 10.9 -42.6%
  
• Vix 19.9 +3.7%
  
• Total Put/Call .85 +6.3%

Monday Watch

Around X:

• @Business   

• US forces will begin implementing a blockade of all maritime traffic entering and leaving Iranian ports on Monday at 10 a.m. New York time, the US Central Command said. 
• Who is Peter Magyar? Here's a look at the former Orban party insider who toppled the Hungarian leader. 
• Get up to speed on what's moving global markets.
• Here’s the latest news and analysis on the oil market.
• Here’s what you need to know to start your day.  

• @Zerohedge

• Why Is China's Embassy In D.C. Hardening Security Perimeter With Barbed Wire?
• Massachusetts Dems Advance Bill To Limit How Far You Can Drive In Your Own Car.
• *IRAN SAYS IT WON’T ALLOW US BLOCKADE OF HORMUZ STRAIT.
• Orbán Concedes: 16-Year Fidesz Rule Collapses In Historic Hungarian Landslide.
• Decades-Long Study Blows Up Narrative That 'Gender Reassignment' Prevents Suicide.
• Goldman Picks Through The Ashes After The De-Rating Of Secular Growth Stocks.
• NEW: An urgent phone call from Saudi Crown Prince MBS changed Trump’s decision at the last minute: President Trump had intended to declare a complete ceasefire and end the fighting against Iran in exchange for the immediate opening of the Strait of Hormuz. However, a tense phone call with Saudi Crown Prince Mohammed bin Salman dramatically changed the plan. According to White House sources, bin Salman begged Trump not to stop the war:
• Following claims earlier today by U.S. President Donald J. Trump that the United Kingdom and other countries will send minesweepers to the Middle East to assist in reopening the Strait of Hormuz, the British Government has announced that it is trying to bring together a “wide coalition” with France and others to ensure freedom of navigation through the waterway near Iran...
• President Trump Faces Renewed Backlash As Trump-Linked Tokens Crash.
• A U.S. official details the U.S. "red lines" in the talks with Iran: Ending all uranium enrichment. Dismantle all major nuclear enrichment facilities (which are mostly destroyed). Retrieve highly enriched uranium. Accept a broader peace, security and de-escalation framework that includes regional allies. End funding for terrorist proxies Hamas, Hezbollah, and the Houthis. Fully open the Strait of Hormuz, charging no tolls for passage. One gap in the talks was the amount of Iranian frozen funds that will be released, per source with knowledge.
• Breaking: The Iranian delegation held a detailed round of talks with Pakistan’s top leadership, led by Asim Munir, on Sunday ahead of their departure from Islamabad, as diplomatic efforts gathered pace. Diplomatic sources indicate momentum is building for the next phase, with US-Iran talks likely to resume in the coming days under Pakistan’s facilitation — either in Islamabad or at an alternate venue in Europe— following the latest round of negotiations that ended without a deal but left the door open for continued engagement.
• FAA Greenlights Laser Sentry Guns To Combat Attack Drones In U.S. Airspace.
• Top, Bottom 20 Hedge funds YTD (HSBC weekly). (table)    
• *TRUMP: OIL PRICE DECLINE WILL HAPPEN EVENTUALLY. *TRUMP: OIL PRICE DECLINE MIGHT NOT HAPPEN INITIALLY. *TRUMP: FRANKLY, GAS PRICE HASN'T GONE UP AS MUCH AS I THOUGHT. *TRUMP: STOCK MARKET HASN'T GONE DOWN VERY MUCH AT ALL AFTER WAR.  
• Sick Behavior From Financial Psychopaths.
• *TRUMP ON FURTHER DESTRUCTING IRAN: I WILL IF THEY DON'T GIVE UP. *TRUMP ON POTENTIAL FUTURE IRAN TALKS: I WANT EVERYTHING. *TRUMP ON IRAN: THEY HAVEN'T LEFT BARGAINING TABLE.  
• *IRAN WARNS RETALIATION FOR ANY 'WRONG MOVE' IN HORMUZ: TASNIM.
• *TRUMP: YDAY MEETING W/ IRAN WAS GOOD EXCEPT FOR NUCLEAR ISSUE. *TRUMP: BLOCKADE TO BE AT 'HIGHER' LEVEL THAN ON VENEZUELA.
• Trump Begins Blockade Of Hormuz Strait, Says Iran "Will Not Be Allowed To Profit From Extortion".
• BREAKING: Israel's army chief has ordered forces to prepare for a possible resumption of war on Iran says Israeli media, citing military sources.
• London Mayor Sadiq Khan Calls For A Government Social Media 'Disinformation' Unit.
• 'No Deal': Vance Leaves Islamabad As Iran Talks Stall Over Nukes; US Starts Mine-Clearing Hormuz.

• @CNBC 

• Asia markets set for mixed open as oil surges after U.S. moves to blockade Iran ports.
• Dow futures drop 450 points after Trump announces Strait of Hormuz blockade as talks fail: Live updates. 
• Dow futures drop 450 points after Trump announces Strait of Hormuz blockade as talks fail: Live updates.
• Earnings playbook: JPMorgan Chase and Netflix kick off the reporting season.

• @Barron's 

• Had bullish commentary on (UPS) and (CP).

• @MarioNawful

• Remember credit default swaps? The thing that blew up the world in 2008? They were so dangerous regulators spent years trying to rein them in. Wall Street just brought them back for a new sector. S&P Dow Jones is launching a credit default swap index tied to 25 North American financial firms, including giants like Blackstone, Ares Capital and Apollo. Major banks start selling it next week. Here's why it matters: private credit has been on shaky ground... 
• BREAKING: Iran releases a blistering statement after 21 hours of talks collapse in Islamabad: "The American enemy, which is vile, wicked and dishonest, attempted to achieve on the negotiating table what it could not achieve through war. Iran has decided to reject these terms and continue the sacred defense of its fatherland by any means necessary, military or diplomatic." That's the IRGC calling the United States "vile, wicked and dishonest" minutes after Vance boarded Air Force Two. They say the U.S. demanded Iran hand over enriched uranium and give up sovereignty over the Strait of Hormuz. Iran said no to both. This statement wasn't written after the talks failed. This was written before they started.
• Lebanon was the deal-breaker nobody is talking about enough... The nuclear issue and Hormuz get the headlines. But according to sources inside the talks, a critical breakdown came over Lebanon. The U.S. offered to convince Israel to stop strikes in Beirut first, then "gradually expand" the pause to southern Lebanon and the rest of the country. Iran wanted an immediate, full ceasefire across all of Lebanon. They couldn't bridge that gap. This is the pattern playing out exactly as predicted throughout this war. 
• Netanyahu from South Lebanon: "The war in Lebanon will continue." Ok.... and what about the Iran ceasefire? Who's calling the shots?? 
• Russia is now protecting its oil with warships... this isn't going to end well. Fed up with other countries taking its shadow tankers, Putin's Northern Fleet destroyer Severomorsk is now patrolling off the coasts of Denmark and Germany. (video)

• @TheSCIF

• Electronic thermostat in the Savannah, GA election was picking up WIFI signal from the electronic vote tabulation machines and sending the results to CHINA. The 2020 election was STOLEN. (video)
• Tina Peters is in prison for preserving records, that the state wiped, proving the 2020 election was stolen. - State deletion of election records in Mesa County, CO - 36 wireless internet devices connected to election - Evidence of manipulated votes from preserved records Free Tina Peters! (video) 

• @WallStreetApes

• North Carolina Hospitals have deployed these telepresence robots These allow doctors to interact remotely with patients. A real human doctor is operating this remotely and speaking with patients Yes, this is real. This is so dystopian North Carolina hospitals deployed these to combat doctor burnout and staffing shortages at some locations. (video)

• @visegrad24

• A boat with around a dozen armed men onboard just attacked a cargo vessel near the Bab al-Mandeb Strait in the Red Sea. The attack failed as they couldn’t board the ship. Looks like the Houthis are starting attacks to close the Strait and the route through the Suez Canal. (map)

• @Watcherguru

• JUST IN: President Trump threatens 50% tariff on China if it sends weapons to Iran.
• JUST IN: Saudi Arabia fully restores East-West oil pipeline, bypassing the Strait of Hormuz and pumping 7,000,000 barrels per day. 

• @PeterSweden7

• This should be headline news EVERYWHERE. A Pfizer insider who was former head of toxicology in Europe has just come out and said something that many "conspiracy theorists" suspected. He estimates that 20 000 to 60 000 people in Germany have died from the c*vid vaccine. This was said at a parliamentary enquiry commission in Germany. So why isn't this massive news being reported everywhere? Is the mainstream media that has recieved millions in funding from Bill Gates deliberately covering this up...

• @WallStreetMav

• Sulfuric acid is needed in leaching of copper, uranium, nickel, zinc, and cobalt from oxide and sulfide ores. 72% of silver is produced as a by-product of other metals. China is the largest exporter of sulfuric acid in the world. China just halted exports of sulfuric acid.

• @AaronRDay

• TEXAS LEADS THE NATION IN TECHNOCRACY. The "freedom state" just scored number one on our new ranking system. This isn't about innovation or jobs. 1/ We measured 7 dimensions of government-corporate control. Surveillance infrastructure, digital ID systems, data partnerships, civil liberties erosion. Texas dominated nearly every category.... (list)

• @HormuzLetter  

• WATCH: Iran has released footage of yesterday’s IRGC Navy confrontation with US destroyers in the Strait of Hormuz, ordering the US ships to “alter course and go back to the Indian Ocean immediately” or be “targeted,” and issuing a “last warning” before threatening to open fire. The IRGC also broadcast a warning to all vessels in the Oman Sea to stay more than 10 miles away from any warship. The release preceded President Trump’s announcement of a US Navy blockade of the strait by roughly two hours. (video)

• @legitgov

• Missing nuclear official becomes TENTH person tied to dark pattern surrounding U.S. secrets --Another person with links to America’s nuclear secrets has gone missing as the disturbing list of deaths and disappearances in recent years continues to grow. Steven Garcia, 48, vanished without a trace on August 28, 2025. He was last seen leaving his Albuquerque, New Mexico home on foot, carrying only a handgun. (pic)

• @FinanceLancelot

• BREAKING: Iran says that if Trump carries out his Strait of Hormuz blockade on April 13th, Iran will respond by taking control of the Bab el-Mandeb Strait to the Red Sea with the Houthis. This would cut off another 12% of global energy supply, bringing the total shortfall to 32%.

• @TheIranWatcher

• “Tehran has turned into a barracks for foreign militias under IRGC command.” Here is a first-hand account of what’s happening right now inside Tehran. What follows describes a city that is no longer functioning normally, but operating under heavy militarization and systemic breakdown... (list)

• @ClashReport

• Netanyahu asked Jerusalem Court to postpone his corruption trial testimony for at least two weeks, citing classified security and diplomatic reasons linked to current “dramatic events.” Netanyahu has been on trial since 2020 on fraud, breach of trust, and bribery charges.

• @BabakTaghvaee1

• BREAKING: On the order of U.S. President Trump, all ships that have paid tolls to, or have been permitted by, the Islamic regime of Iran to pass through the Strait of Hormuz will be sunk by the U.S. Navy once they attempt to enter or exit the Persian Gulf. For this purpose, two Arleigh Burke-class destroyers of the U.S. Navy—USS Michael Murphy (DDG-112) and USS Frank E. Petersen Jr. (DDG-121)—are now positioned near the Strait of Hormuz and are tasked with confronting any commercial vessel attempting to enter or leave. The Iranian Navy warned these ships when they tried to pass through the Hormuz Strait. (video)

• @BRICSinfo

• JUST IN: Turkey says Israeli Prime Minister Netanyahu's "current objective is to undermine ongoing peace negotiations." "Failing this, he risks being tried in his own country and is likely to be sentenced to imprisonment."
• JUST IN: Turkish President Erdogan threatens military action against Israel, The Telegraph reports. "Just as we entered Libya and Karabakh, we can enter Israel." 

• @JRobFromMN

• The Eric Swalwell situation is a Prime example of how effective and ruthless the Democrat Party is. Eric was infiltrated by a Chinese Spy in his rise to power. No Problem. Eric has been an awful person both policy wise AND on a personal level,(as the latest allegations seem to validate), for 13 years in Congress. No Problem. Eric Decides to Run for Governor in CA and now with all of the Democrats in the Primary, his presence will likely cost Democrats the Governors Office with their goofy Primary System. Once he is no longer an asset for them, open up the closet and watch the skeletons they ignored for decades fall out. The Speed and effectiveness is astounding...the politicians and the media ruin the dude in a day. None of this is new, none of this is "shocking", they decided he is no longer useful and they curb stomped him. There is a lesson there for everyone on the left, but I don't think they will see it.

• @TheChiefNerd

• JASON: “All the Jewish-Americans I talk to say Netanyahu is causing — with his actions in Gaza, Lebanon, Iran — he's gone too far, and it's causing the anti-Semitism we're experiencing.” (video)

• @LeadingReport

• Idaho Gov. Brad Little has signed a bill into law prohibiting any government entity from requiring individuals to “obtain, maintain, present, or use digital identification.”

• @allenanalysis

• MAJOR BREAKING: The woman accusing Eric Swalwell of rape just sat down with CNN. In her own words: “I went to the bathroom. I don’t remember anything after that.” “I can see flashes of that evening. Him on top of me. Me pushing him off. Him grabbing me. It was a lot more aggressive.” She says he refused to stop. This is the leading Democratic candidate for California governor. CNN Investigates corroborated her account with medical records, text messages sent the same week, and interviews with her partner, mother, and two friends. Swalwell’s response was to send her a cease-and-desist letter the day after CNN contacted his campaign. One of his own staffers quit immediately after CNN sent questions to his office. (video)

• @HealthRanger

• The helium collapse accelerates. All mass spec labs are about to go dark. Medical imaging, too, for those instruments that use helium. My lab has a 1-year supply of helium in place, because I saw this coming and ordered my analysts to stock up in early March. Apparently we got the last available "extra" helium in the supply chain. Now it's scarcity and, soon, panic.

• @NicHulscher

• Nokia's CEO says that by 2030 "smartphones will be IMPLANTED DIRECTLY INTO OUR BODIES" as 6G becomes fully operational. President Trump just signed a Memorandum to accelerate 6G deployment, with a stated goal to "operate implantable technologies." This should concern everyone. (video)

• @BrianEastwoodx

• Trump endorses Republicans sponsoring mass amnesty. (list)

• @redpillb0t

• Stanley Kubrick didn't die of a heart attack. They k*lled him days after finishing "Eyes Wide Shut", a movie that shows the exact pedophile parties Epstein ran. Masked rich people, secret passwords, dark rituals, it's all there. Kubrick knew too much. The big orgy scene isn't made up, it's based on real elite parties at mansions like the Rotschilds estate used in the film. Blindfolds, robes, young girls traded like toys, just like Epstein's island. Kubrick 24 extra minutes naming names and showing faces. Studio bosses screamed at him: "You can't release this!" Four days later, he's dead.

• @WideAwake_Media

• Tucker Carlson believes America is "moving toward one of two endpoints". "One is a totalitarian society, where... you have to obey, because you've got programmable digital currency and universal surveillance." "Or, we're going to have a revolution." "The current course won't work because it's a lie. If you tell people they own the government, they're in charge, they rule through the representatives in this democratic republic... and you don't deliver on it, they go crazy. They go totally crazy." "If you tell people they can't say what they think, and their vote doesn't matter, how many options have you left for them?" (video)

• @KellyLMcCarty

• Remember when Lindsey Graham said J6ers should be sh0t in the h3ad? Listen for yourself: (video)

• @Bitcoin_Teddy

• Prepare for the most jaw-dropping 4 minutes and 21 seconds you will watch this year. Nicole Shanahan — ex-wife of Google co-founder Sergey Brin, former running mate of RFK Jr., and a woman who personally signed nine-figure philanthropy checks — went full whistleblower on the entire Silicon Valley “tech wife mafia” and how they were used. Her exact words: (video)

Night Trading

• Asian indices are -1.0% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 76.75 +.25 basis point.
• China Sovereign CDS 45.5 +.5 basis point.
• China Iron Ore Spot 103.4 USD/Metric Tonne -.13%.
• Crude Oil 104.40/bbl. +8.1%
• Gold 4,744.7 USD/t oz. -.91% 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.63 +.26%. 
  
• Bloomberg Emerging Markets Currency Index 35.69 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 111.6 +.9%.
• US 10-Year Yield 4.35% +3.0 basis point. 
• Japan 30-Year Yield 3.69% +5.0 basis points. 
• Volatility Index(VIX) futures 22.2 +2.7%. 
• Euro Stoxx 50 futures -1.4%.
• S&P 500 futures -.74%.
• NASDAQ 100 futures -.81%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly lower, weighed down by transportation and consumer discretionary shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% Net Long heading into the week.