tag:blogger.com,1999:blog-64123812024-03-28T23:28:10.875-04:00BETWEEN THE HEDGESPortfolio Manager's Commentary on Investing and Trading in the U.S. Financial MarketsUnknownnoreply@blogger.comBlogger2864115tag:blogger.com,1999:blog-6412381.post-67724559023316486282024-03-28T15:43:00.002-04:002024-03-28T15:43:22.334-04:00Weekly Scoreboard*<p> </p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxCF6sMkljcpzMR8zIvuy-cWDZa7nbM4FmPc8r5YXVLPpH6z3PGruhI_lg6EOOOIceSag8y9h_FnIT27_dHITLHSnXfcrDho5H77lR0AuilOWWnwfVGHygxhHhgdCt_ySOmT3TIM46-3UobsRWyCoqZsU2L0LwF25SDFpuhwQ4aKl2WkY3z0mz/s384/spxweek.png" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="384" data-original-width="360" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxCF6sMkljcpzMR8zIvuy-cWDZa7nbM4FmPc8r5YXVLPpH6z3PGruhI_lg6EOOOIceSag8y9h_FnIT27_dHITLHSnXfcrDho5H77lR0AuilOWWnwfVGHygxhHhgdCt_ySOmT3TIM46-3UobsRWyCoqZsU2L0LwF25SDFpuhwQ4aKl2WkY3z0mz/s320/spxweek.png" width="300" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><b style="font-family: georgia;"><span style="font-size: medium;">S&P 500 5,260.8 +.3%</span></b></td></tr></tbody></table><div style="text-align: center;"><br /></div><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><b> </b></span></span></p><p><span style="font-size: small;"><span style="font-family: georgia;"><a href="https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update"><b>Weekly Market Wrap</b></a> by Edward Jones. <br /><br /></span></span> <span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Indices</span></span></span></span></span><br /></span></span>
</p><div dir="ltr" style="text-align: left;" trbidi="on"><div style="text-align: left;"><ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>DJIA <span>39,832.8 +.12</span>%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NASDAQ <span>16,396.8 +.01%</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Russell 2000 2,123.8 +1.2%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NYSE FANG+ 10,021.9 -.3% </span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Solactive Roundhill Meme Stock Index 449.3 +.3%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Goldman 50 Most Shorted <span><span>168.89<span> +1.3%</span></span></span> </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Wilshire 5000 <span>52,484.4 +.5%</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Russell 1000 Growth <span><span><span>3,399.47 -.4<span>%</span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Russell 1000 Value <span><span><span>1,767.3<span> +1.2<span>%</span></span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>S&P 500 Consumer Staples 815.1<span> +.40<span>%</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span>Bloomberg Cyclicals/Defensives Pair Index 143.0-4.7%<span> </span></span><span><br /></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NYSE Technology 4,807.9<span> -.8%</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Transports <span><span>16,251.0 +1.4%</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Utilities 882.6 +2.7%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Bloomberg European Bank/Financial Services 101.7 +1.1%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>MSCI Emerging Markets 41.2 +.1%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Credit Suisse AllHedge Long/Short Equity Index 208.3 +.34%</span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Credit Suisse AllHedge Equity Market Neutral Index 109.4</span></span></span></span></span></span><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span> +.25%</span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Sentiment/Internals</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NYSE Cumulative A/D Line 496,601 +.38%</span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">Nasdaq/NYSE Volume Ratio 9.4 -1.0%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Bloomberg New Highs-Lows Index 913 -887<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Crude Oil Commercial Bullish % Net Position <span>-35.2 -14.8%<span> </span></span></span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>CFTC Oil Net Speculative Position <span>277,757 +18.8%<span> </span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>CFTC Oil Total Open Interest <span>1,713,716 -.31%</span><span><span><span> </span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Total Put/Call 1.28 +40.8% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>OEX Put/Call 1.89 -12.2% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>ISE Sentiment<span> 127.0 -1.0 point<br /></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NYSE Arms .89 -24.4%<span> <br /></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span face=""><span face="">Bloomberg Global Risk-On/Risk-Off Index 67.2 -2.0% </span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span face=""><span face="">Bloomberg US Financial Conditions Index 1.12 -7.0 basis points<br /></span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span face=""><span face="">Bloomberg European Financial Conditions Index 1.0 -2.0 basis points</span></span> <br /></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Volatility(VIX) 12.9 +1.0%</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span face=""><span><span style="background-color: white;">DJIA Intraday % Swing .33 -53.5% </span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>CBOE S&P 500 3M Implied Correlation Index 15.0 +26.0%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>G7 Currency Volatility (VXY) <span>6.6 +2.3%<br /> </span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Emerging Markets Currency Volatility (EM-VXY) <span><span><span>6.5 +.9%</span></span></span> </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Smart Money Flow Index 16,137.0<span><span><span><span> +1.2%</span></span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span><span><span>NAAIM Exposure Index 103.9 +10.7<br /></span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>ICI Money Mkt Mutual Fund Assets $6.047 Trillionn/a</span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$1.867 Million </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>AAII % Bulls 50.0 +15.7% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>AAII % Bears <span><span>22.4 -17.7%</span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>CNN Fear & Greed Index 70.0 (<a href="https://www.cnn.com/markets/fear-and-greed"><b>Greed</b></a>) -2.0</span></span><b> </b></span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Futures Spot Prices</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>CRB Index <span>286.76 +.07%</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Crude Oil <span><span><span>83.0/bbl. +2.7</span></span><span>%</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Reformulated Gasoline <span>276.1 </span>+1.3%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Natural Gas <span><span>1.75 +3.3%</span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>Dutch TTF Nat Gas(European benchmark) 27.3 euros/megawatt-hour +3.6%<br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Heating Oil <span>261.6 -1.9% </span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span>Newcastle Coal 131.1 (1,000/metric ton) +4.9%<br /></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Gold 2,219.5 +1.9%</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Silver 24.81 +.57% <br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>S&P GSCI Industrial Metals Index 419.4 -1.5% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Copper 401.05 -1.3% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>US No. 1 Heavy Melt Scrap Steel 385.0 USD/Metric Tonne +.5%</span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span>China Iron Ore Spot 100.7 USD/Metric Tonne -6.7<complete id="goog_2085218084">%</complete></span></span></span><span><span><span><span><span> </span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>CME Lumber <span><span><span>585.5<span> -3.8%</span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>UBS-Bloomberg Agriculture 1,522.7 +.9%</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>US Gulf NOLA Potash Spot 312.50 USD/Short Ton -.8%<br /></span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Economy</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Atlanta Fed GDPNow 1Q Forecast +2.1% unch.<br /></span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>ECRI <a href="https://twitter.com/businesscycle/status/1773356873477230691"><b>Weekly Leading Economic Index Growth Rate</b></a> (graph)<br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>US Recession Within 3 Months Probability(3M/18M Forward Yld Curve Spread) 28.6% -.3 percentage point<br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>NY Fed Real-Time Weekly Economic Index 1.78 +20.3% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>US Economic Po<span>licy Un<span>cert<span>ainty Index 44.0 -40.9%</span></span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">S&P 500 Current Quarter EPS Growth Rate YoY</span></span></span></span><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">(<i>16 of 500 reporting</i>)</span></span></span></span><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"> +43.6% +2.9 percentage points</span></span></span></span><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span> </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>S&P
500 Blended Forward 12 Months Mean EPS Estimate 250.09 +.60: Growth
Rate +12.1% +.3 percentage point, P/E 21.0 unch.<br /></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>S&P 500 Current Year Estimated Profit Margin 12.84% +1.0 basis point<br /></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>NYSE FANG+ Current Quarter EPS Growth Rate YoY(<i>0 of 10 reporting</i>) n/a<br /></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 311.60 +.85: Growth Rate +29.7% +.4 percentage points, P/E 32.2 -.3</span></span></span></span></span></span></span></span><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span><br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Citi US Economic Surprise Index<span> 33.5</span> -2.9<span> points<span> </span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Citi Eurozone Economic Surprise Index 42.8 -3.9 points</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Citi Emerging Markets Economic Surprise Index 21.1<span> +2.9 points</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Fed
Fund Futures imply 7.1%(-4.6 percentage points) chance of -25.0 basis
point cut to 5.0-5.25%, 92.9%(+4.6 percentage points) chance of no
change,<span> 0.0%(unch.) </span>chance of +25.0 basis point hike to 5.5-5.75% on 5/1<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>US Dollar Index <span>104.5 +.5%</span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>MSCI Emerging Markets Currency Index 1,724.5 -.44%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Bitcoin/USD 70,901.3 +9.1% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Euro/Yen Carry Return Index 1<span><span>77.4 -.66%<br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Yield Curve(2s/10s) -42.5<span> <span>-4.5 basis points<span><span><br /></span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>10-Year US Treasury Yield 4.20% -2.0 basis points<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Federal Reserve's Balance Sheet $7.478 Trillion n/a <br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Federal Reserve's Discount Window Usage $2.172 Billion n/a</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Federal Reserve's Bank Term Funding Program $150.183 Billion n/a<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>U.S. Sovereign Debt Credit Default Swap <span><span>39.6 +2.6% <br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Illinois Municipal Debt Credit Default Swap <span>188.2 -.9%<i><br /></i></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span style="background-color: white;">Italian/German 10Y Yld Spread 138.0 +6.0 basis points<br /></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span style="background-color: white;">UK Sovereign Debt Credit Default Swap 27.2 -8.9%<br /></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>China Sovereign Debt Credit Default Sw</span></span></span></span>ap 70.7 +4.9%<span><span><span><span><i><br /></i></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Brazil Sovereign Debt Credit Default Swap 137.4 +3.3%<i><br /></i></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Israel Sovereign Debt Credit Default Swap<span> <span><span>118.15 -1.5%</span></span></span> </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span>South Korea</span> Sovereign Debt Credit Default Swap <span>38.2 +5.9%</span></span></span></span></span></span></span></li></ul><ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span face=""><span><span style="background-color: white;">China Corp. High-Yield Bond USD ETF(KHYB) 24.7 unch.</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span face=""><span><span style="background-color: white;">China High-Yield Real Estate Total Return Index 90.9 +1.2% <br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span style="font-family: georgia;"><span>Atlanta Fed Low Skill Wage Growth Tracker YoY +5.6% unch.<br /></span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span style="font-family: georgia;"><span>Zillow US All Homes Rent Index YoY +3.5% unch.</span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span style="font-family: georgia;"><span>US Urban Consumers Food CPI YoY +2.2% unch.<br /></span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span style="font-family: georgia;"><span>CPI Core Services Ex-Shelter YoY +4.5% unch.<br /></span></span></span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span style="font-family: georgia;"><span>Cleveland Fed Inflation Nowcast Core PCE YoY +2.78% unch.: CPI YoY +3.41% +4.0 basis points</span></span></span> <br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>1-Year TIPS Spread 3.96% -12.0 basis points<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span face=""><span><span style="background-color: white;">Treasury Repo 3M T-Bill Spread 3.25 basis points -3.25 basis points</span></span></span></span> <br /></li><li>2-Year SOFR Swap Spread -8.25 +2.5 basis points<br /></li></ul><ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>3-Month EUR/USD Cross-Currency Basis Swap -4.5 -1.0 basis point<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>N. America Investment Grade Credit Default Swap Index <span><span><span>51.5 +1.2%<i><br /></i></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>America Energy Sector High-Yield Credit Default Swap Index <span><span>125.0 -7.8</span></span>% </span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-size: small;"><span face=""><span><span style="background-color: white;">Bloomberg TRACE # Distressed Bonds Traded 287.0 -3.0</span></span></span></span> <br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>European Financial Sector Credit Default Swap Index <span>63.1 +1.2</span>%</span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Deutsche Bank Subordinated 5Y Credit Default Swap 184.8 -1.3%</span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Emerging Markets Credit Default Swap Index 168.5 +1.2%<i><br /></i></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>MBS 5/10 Treasury Spread 139.0 -2.0 basis points <br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Bloomberg CMBS Investment Grade Bbb Average OAS 785.0 unch.<br /></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span face=""><span><span style="background-color: white;">Avg. Auto ABS OAS .61 -1.0 basis point<br /></span></span></span></span></span></span></li><span style="font-size: small;"><span style="font-family: georgia;">
</span></span></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>M2 Money Supply YoY % Change -1.7% +30.0 basis points<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Commercial Paper Outstanding $1,329.1B n/a </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>4-Week Moving Average of Jobless Claims 211,000<span> -.35%<br /></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Continuing Claims Unemployment Rate 1.2% unch.<br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span><span>Kastle Back-to-Work Barometer(entries in secured buildings) 51.3 +1.5%<i><br /></i></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Average 30-Year Fixed Home Mortgage Rate 7.2% +8.0 basis points<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Weekly Mortgage Applications <span><span>196,800 -.71%</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Weekly Retail Sales +3.4% +20.0 basis points<br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>OpenTable US Seated Diners % Change YoY -5.0% -1.0 percentage point<br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Box Office Weekly Gross $126.8M -26.5%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Nationwide Gas $<span>3.54</span>/gallon +.01/gallon </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Baltic Dry Index <span>1,845.0 -17.6%</span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Drewry World Container Freight Index $2,929.0/40 ft Box -2.7% <br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>China (Export) Containerized Freight Index 1,244.8 n/a </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 42.5 -10.5%<br /></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Truckstop.com Market Demand Index 56.1 +3.3% </span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">
</span></span><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Rail Freight Carloads 255,316 +.12%</span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>TSA Total Traveler Throughput 2,456,768 -10.1% <br /></span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Best Performing Style</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li>Small-Cap Value +1.3%<br /></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Worst Performing Style</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"> Large-Cap Growth -.5%</span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Leading Sectors</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span>Gold & Silver +5.2%</span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span>Airlines +3.3%</span></span></span></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Alt Energy +2.7%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Utilities +2.5%<br /></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;">Homebuilders +2.5%<br /></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Lagging Sectors</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;">Shipping -.8%<br /></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span>AI/Robotics -1.3%<br /></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Software -1.7%</span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span>Road & Rail -1.7%</span></span><br /></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span>Electric Vehicles -2.7%<br /></span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Weekly High-Volume Stock Gainers</span> <span style="font-weight: bold;">(34)</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;">CELC,
RH, HUT, ALT, SRRK, GH, TH, SA, VRNT, EL, INO, NVCR, FOXF, PRKS, MAG,
DV, EXAS, CRNX, EHC, ARHS, EC, MHO, CENX, TECK, MARA, VERX, SPRY, PAAS,
WBA, ETRN, EQT, LSEA and BIP<br /></span></span></li></ul>
</div>
<div>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Weekly High-Volume Stock Losers</span> <span style="font-weight: bold;">(12)</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;">SNN, JEF, CXM, SHLS, MODV, CCL, GME, ATAT, CC, BRZE and MLKN<br /></span></span></li></ul><div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">ETFs</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li style="font-weight: bold;"><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><a href="http://finviz.com/screener.ashx?v=211&f=geo_usa,ind_exchangetradedfund,sh_avgvol_o200,sh_curvol_o100,sh_price_o10,sh_relvol_o1,ta_change_u1,ta_perf_1wup&ft=4&o=-change">High-Volume Gainers</a></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li style="font-weight: bold;"><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><a href="http://finviz.com/screener.ashx?v=211&f=geo_usa,ind_exchangetradedfund,sh_avgvol_o200,sh_curvol_o100,sh_price_o10,sh_relvol_o1,ta_change_d1,ta_perf_1wdown&ft=4&o=-change">High-Volume Losers</a></span></span></span></span></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-weight: bold;">Stocks</span></span></span></span></span></span></span></div>
<ul style="text-align: left;"><li style="font-weight: bold;"><span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><a href="http://finviz.com/screener.ashx?v=211&f=cap_smallover,geo_usa,sh_avgvol_o200,sh_curvol_o100,sh_price_o10,sh_relvol_o1.5,ta_change_u3,ta_perf_1wup&ft=4&o=-change">High-Volume Gainers</a></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-size: small;"><span style="font-family: georgia;"><a href="https://finviz.com/screener.ashx?v=211&f=cap_smallover,geo_usa,sh_avgvol_o200,sh_curvol_o100,sh_price_o10,sh_relvol_o1.5,ta_change_d3,ta_perf_1wdown&ft=4&o=-change"><span><span><span><span><span style="font-weight: bold;">High-Volume Los</span><span style="font-weight: bold;">ers</span></span></span></span></span></a></span></span></li></ul>
<div style="text-align: left;">
<span style="font-size: small;"><span style="font-family: georgia;"><span><span><span><span><span style="font-style: italic; font-weight: bold;">*5-Day Change</span></span></span></span></span><br /></span></span></div></div></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6412381.post-17505976822659398462024-03-28T12:07:00.002-04:002024-03-28T12:07:50.923-04:00Monday's Earnings/Economic Releases of Note; Market Movers<p><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span face=""><b>Earnings of Note</b><i><b> </b></i></span></span><br /></span></span></span></span></span></span></span></span>
<span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span face=""><i>Company/Estimate </i></span></span></span></span></span></span></span></span></span></span></p><div style="text-align: left;"><div style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span><span><span face=""><i><b><span><span><span><i>Before the Open:</i></span></span></span></b></i></span></span></span></span></span></span></span></span></span></span></span></span> <ul style="text-align: left;"><li style="text-align: left;"><span style="font-size: small;"><span style="font-family: georgia;">None of note<br /></span></span></li></ul></div><div style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span><b><i><span><span><span>After the Close:</span></span></span></i></b></span></span></span></span></span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span> </span></span></div><div style="text-align: left;"><ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;">(PVH)/3.53</span></li></ul></div><span style="font-family: georgia; font-size: small;"><span><b>Economic Releases</b></span></span></div><div style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span><b><i>10:00 am EST</i></b></span></span></div><ul style="text-align: left;"><li style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span>Construction Spending MoM for Feb. is estimated to rise +.6% versus a -.2% decline in Jan.</span></span></li><li style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span>ISM Manufacturing for March is estimated to rise to 48.6 versus 47.8 in Feb.</span></span></li><li style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span>ISM Prices Paid for March is estimated to rise to 53.2 versus 52.5 in Feb. </span></span><span style="font-size: small;"><span style="font-family: georgia;"><br /></span></span></li></ul><div style="text-align: left;"><p style="text-align: left;"><span style="font-family: georgia; font-size: small;"><b>Upcoming Splits </b></span></p><ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;">None of note</span><span style="font-size: small;"><span style="font-family: georgia;"><br /></span></span></li></ul><div style="text-align: left;"><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span face=""><b>Other Potential Market Movers</b></span></span></span></span></span></span></span></span></span></span></div><ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span face="">The</span></span></span></span></span></span></span></span><span><span><span><span><span><span><span><span face=""> Atlanta Fed GDPNow Q1 update and the (JNPR) shareholders meeting could
also impact global trading on Monday.</span></span></span></span></span></span></span></span></span></span></li></ul><span style="font-family: georgia; font-size: small;"><span>
<span><span><span><span><span><span><span><span face=""><b>US Equity Market Hours</b></span></span><br /></span></span></span></span></span></span></span></span><ul style="text-align: left;"><li>
<span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span><span face=""><i>9:30 am - 4:00 pm EST</i></span></span></span></span></span></span></span></span></span></span></li></ul></div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6412381.post-12357941393852998492024-03-28T11:42:00.004-04:002024-03-28T11:42:26.756-04:00Morning Market Internals<p><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face=""><b>NYSE Composite Index:</b></span></span></span></span></span></span>
</p><div dir="ltr" style="text-align: left;" trbidi="on"><div dir="ltr" style="text-align: left;" trbidi="on"><ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">Volume Running -17.7%<i><b> Below</b></i> 100-Day Average </span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">Nasdaq/NYSE Volume Ratio 10.7 +.7<br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">2 Sectors Declining, 9 Sectors Rising</span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">73.1% of Issues Advancing, 25.0% Declining </span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">TRIN/Arms 1.13 +61.4% <br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">Non-Block Money Flow +$218.6M</span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face=""> <br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">301 New 52-Week Highs, 7 New Lows</span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span face=""><span face="">65.3% (+1.5%) of <a href="https://www.barchart.com/stocks/quotes/$MMTH/technical-chart?plot=AREA&volume=0&data=WO&density=X&pricesOn=1&asPctChange=0&logscale=0&indicators=EXPMA(20);EXPMA(100)&sym=$MMTH&grid=1&height=625&studyheight=100"><b>Issues Above 200-day Moving Average</b></a></span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span face=""><span face=""><b><a href="http://www.indexindicators.com/charts/nyse-vs-nyse-stocks-avg-14d-rsi-params-3y-x-x-x/">Average 14-Day RSI</a></b> 71.0 +5.0<br /></span></span></span></span></span></span></span></span></span></span></li></ul><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span face=""><span face=""><b>Other:</b></span></span></span></span></span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span><br /></span></span><ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span>Bloomberg Global Risk-On/Risk-Off Index 67.5 -.8%</span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span>Bloomberg Cyclicals/Defensives Pair Index 143.0 +.14%<br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">Russell 1000: Growth/Value 18,841.3 -.45%</span></span></span></span></span></span></li><li style="border: medium; color: black; margin: 0px 0px 0.25em; padding: 0.25em 0px; text-indent: 0px;"><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span>CNN Fear & Greed Index 71.0 (<a href="https://www.cnn.com/markets/fear-and-greed"><b>Greed</b></a>) +3.0<br /></span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">1-Day Vix 8.2 -12.9%<br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face=""><b><a href="https://www.barchart.com/stocks/quotes/$VIX">Vix</a></b> 13.0 +1.5%<br /></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face=""><b><a href="https://www.barchart.com/stocks/quotes/$CPC">Total Put/Call</a></b> .93 -8.8% </span></span></span></span></span></span></li></ul>
</div></div><span style="font-family: georgia; font-size: small;"><span><span><span>
</span></span></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6412381.post-24303026656556575052024-03-27T21:30:00.000-04:002024-03-27T21:30:05.519-04:00Thursday Watch<p><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face=""><b>Night Trading</b> </span></span><br /></span></span></span></span></span></span>
</p><div style="text-align: left;">
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">Asian equity indices are -.25% to +.5% on average.</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">Asia Ex-Japan Investment Grade CDS Index 102.75 -.25 basis point. </span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">China Sovereign CDS 71.0 unch.<br /></span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span><span face=""><span>China Iron Ore Spot 101.6 USD/Metric Tonne +.2%.</span></span></span></span><span><span><span><span> </span></span></span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">Bloomberg Emerging Markets Currency Index 39.6 -.05%. </span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">Bloomberg Global Risk-On/Risk Off Index 68.7 +1.1%. </span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face=""><span><span face="">Volatility Index(VIX) futures 14.1 -.11%. </span></span></span></span></span></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">Euro Stoxx 50 futures +.4%</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">S&P 500 futures -.02%.</span></span></span></span></span></span></span></span></li></ul>
<ul style="text-align: left;"><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">NASDAQ 100 futures -.01%. <b> </b></span></span></span></span></span></span></span></span></li></ul>
</div>
<span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face=""><b><a href="http://hedgefundmgr.blogspot.com/2010/03/morning-preview.html">Morning Preview Links</a></b><b> </b></span></span><br /></span></span></span></span></span></span>
<span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face=""><br /></span></span></span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face=""><b>BOTTOM LINE:</b>
Asian indices are mostly higher, boosted by financial</span></span></span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span face="">
and commodity 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.</span></span></span></span></span></span></span></span>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6412381.post-84285336609017504272024-03-27T15:17:00.003-04:002024-03-27T15:17:41.821-04:00Stocks Modestly Higher into Final Hour on Lower Long-Term Rates, Quarter-End Rotation, Short-Covering, Financial/Consumer Discretionary Sector Strength<p><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span style="font-weight: bold;">Broad Equity Market Tone:</span></span></span></span></span>
</p><div dir="ltr" style="text-align: left;" trbidi="on"><ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Advance/Decline Line: Substantially Higher<b><br /></b></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Sector Performance: Most Sectors Rising<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Volume: Around Average </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Market Leading Stocks: Outperforming<br /></span></span></span></span></li></ul>
<div style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<div style="margin: 0px;">
<span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span style="font-weight: bold;">Equity Investor Angst:</span></span></span></span></span></div>
</div>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Volatility(VIX) 12.8 -3.0% </span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">DJIA Intraday % Swing .38 +13.4%<br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span face=""><span><span style="background-color: white;">Bloomberg Global Risk On/Risk Off Index 67.8 +1.7% </span></span></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Euro/Yen Carry Return Index 177.8 -.2% </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Emerging Markets Currency Volatility(VXY) 6.4 +1.4% </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">CBOE S&P 500 Implied Correlation Index 12.6 +2.8% </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">ISE Sentiment Index 131.0 -32.0<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Total Put/Call 1.0 unch.</span></span><span><span style="background-color: white;"> </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">NYSE Arms .92 -13.2% <br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face="">NYSE Non-Block Money Flow +$325.3M</span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span><span><span><span face=""><span face=""> </span></span></span></span></span></span><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><br /></span></span></span></span></li></ul>
<div style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<div style="margin: 0px;">
<span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span style="font-weight: bold;">Credit Investor Angst:</span></span></span></span></span></div>
</div>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">North American Investment Grade CDS Index 52.2 -1.9%<i><br /></i></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">US Energy High-Yield OAS 284.4 +.5%</span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Bloomberg TRACE # Distressed Bonds Traded 286 +2<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">European Financial Sector CDS Index 64.1 -1.1%<b><br /></b></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Deutsche Bank Subordinated 5Y Credit Default Swap 188.2 -.25%<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Italian/German 10Y Yld Spread 132.0 basis points +2.0 basis points<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face="">Asia Ex-Japan Investment Grade CDS Index 103.4 +.04%<b><br /></b></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Emerging Market CDS Index<span class="Apple-converted-space"> 169.2 -.41%<br /></span></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span class="Apple-converted-space">Israel Sovereign CDS 117.6 +.3%</span></span></span><i><b><br /></b></i></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">China Corp. High-Yield Bond USD ETF(KHYB) 24.7 +.3% </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">2-Year SOFR Swap Spread -7.75 basis points -.25 basis point<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Treasury Repo 3M T-Bill Spread 5.5 basis points -.75 basis point<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">3-Month EUR/USD Cross-Currency Basis Swap -4.5 -.5 basis point<br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">MBS 5/10 Treasury Spread 136.0 -1.0 basis point<br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Bloomberg CMBS Investment Grade Bbb Average OAS 785.0 unch.<br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Avg. Auto ABS OAS 60.0 -1.0 basis point<br /></span></span></span></span></li></ul>
<div style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<div style="margin: 0px;">
<span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span style="font-weight: bold;">Economic Gauges:</span></span></span></span></span></div>
</div>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Bloomberg Emerging Markets Currency Index<span class="Apple-converted-space"> </span>39.7 -.09% </span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">3-Month T-Bill Yield 5.36% unch.<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span>China Iron Ore Spot 102.0 USD/Metric Tonne +.7%</span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><span><span><span><span><span><span>Dutch TTF Nat Gas(European benchmark) 27.7 euros/megawatt-hour +2.1%</span></span></span></span></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Citi US Economic Surprise Index 30.7 -.3 point </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Citi Eurozone Economic Surprise Index 41.8 -2.1 points </span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Citi Emerging Markets Economic Surprise Index 17.7 +.4 point </span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><b>S&P 500 Current Quarter EPS Growth Rate YoY</b></span></span></span></span><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><b>(<i>15 of 500 reporting</i>)</b></span></span></span></span><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><b> +47.7% +7.5 percentage points<br /></b></span></span></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>S&P 500 Blended Forward 12 Months Mean EPS Estimate 250.04 +.19: Growth Rate +12.0% unch., P/E 20.9 unch.<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>S&P 500 Current Year Estimated Profit Margin 12.84% unch.<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>NYSE FANG+ Current Quarter EPS Growth Rate YoY(<i>0 of 10 reporting</i>) +n/a<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 311.64 +.29: Growth Rate +29.7% +.1 percentage point, P/E 32.1 -.6<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>Bloomberg US Financial Conditions Index 1.11 -2.0 basis points<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>Bloomberg Euro-Zone Financial Conditions Index 1.05 -2.0 basis points<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span face=""><span><span style="background-color: white;">US Yield Curve -37.75 basis points (2s/10s) -1.25 basis points<br /></span></span></span></span></b></span></span></li><li><span style="font-size: small;"><span style="font-family: georgia;"><b><span><span><span><span><span><span>US Atlanta Fed 1Q GDPNow Forecast +2.1% unch.<br /></span></span></span></span></span></span></b></span></span></li><li><span style="font-family: georgia; font-size: small;"><span><b><span><span><span><span><span><span>US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 56.7% +.7 percentage point<br /></span></span></span></span></span></span></b></span></span></li><span style="font-size: small;"><span style="font-family: georgia;"><b>
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</b></span></span><li><span style="font-family: georgia; font-size: small;"><b>Cleveland Fed Inflation Nowcast Core PCE YoY +2.78% unch.: CPI YoY +3.41% unch.</b></span><span style="font-size: small;"><span style="font-family: georgia;"><br /></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><b>10-Year TIPS Spread 2.31 -1.0 basis point</b><br /></span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span>Highest target rate probability for <b>June 12th FOMC meeting: 63.5%(-.3 percentage point) chance of 5.0%-5.25%. </b></span></span><span style="font-family: georgia; font-size: small;"><span><span><span>Highest target rate probability for</span></span> </span></span><span style="font-family: georgia; font-size: small;"><span><span><span><b>July 31st meeting:</b> </span></span><b>48.1%(-1.0 percentage point) chance of 5.0%-5.25%</b>. <br /></span></span></li></ul>
<div style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><div style="margin: 0px;"><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span style="font-weight: bold;">Overseas Futures:</span></span></span></span></span></div>
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<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Nikkei 225 Futures: Indicating -332 open in Japan </span></span></span></span></li><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">China A50 Futures: Indicating +20 open in China</span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">DAX Futures: Indicating +270 open in Germany</span></span></span></span></li></ul>
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<span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><b>Portfolio:</b> </span></span></span></span></div>
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<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;"><span class="Apple-converted-space">Slightly Higher: </span>On gains in my consumer discretionary/financial/industrial/transport sector longs <br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Disclosed Trades: None<br /></span></span></span></span></li></ul>
<ul style="color: black; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;"><li><span style="font-family: georgia; font-size: small;"><span face=""><span><span style="background-color: white;">Market Exposure: 75% Net Long<br /></span></span></span></span></li></ul>
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