Weekly Scoreboard*

S&P 500 3,285.39 -1.60%

 

 

 

The Weekly Wrap by Briefing.com.  

Indices

• DJIA 27,075.10 -2.59%

• NASDAQ 10,867.60 +.16%

• Russell 2000 1,471.22 -4.65%

• S&P 500 High Beta 40.58 -7.3%

• Goldman 50 Most Shorted 168.56 -4.2%

• Wilshire 5000 33,498.06 -1.67%

• Russell 1000 Growth 2,127.59 +.28%

• Russell 1000 Value 1,145.81 -3.57%

• S&P 500 Consumer Staples 646.11 -1.03%

• MSCI Cyclicals-Defensives Spread 1,295.41 +.92%
  

• NYSE Technology 3,016.85 -.44%

• Transports 11,262.31 -1.62%

• Utilities 804.09 +.41%

• Bloomberg European Bank/Financial Services 43.87 -8.0%

• MSCI Emerging Markets 42.90 -4.24%

• HFRX Equity Hedge 1,225.26 -.47%

• HFRX Equity Market Neutral 889.04 -1.17%

Sentiment/Internals

• NYSE Cumulative A/D Line 412,741 -1.65%

• Bloomberg New Highs-Lows Index -247 -372

• Crude Oil Commercial Bullish % Net Position -42.99 +5.43%

• CFTC Oil Net Speculative Position 449,744 +.08%

• CFTC Oil Total Open Interest 2,108,987 +3.05%

• Total Put/Call .90 -5.4%

• OEX Put/Call 1.40 -13.2%

• ISE Sentiment 97.0 -15.0 points

• NYSE Arms 1.63 +154.6% 
• Bloomberg Global Risk-On/Risk-Off Index 40.0 -139.0 points
  

• Volatility(VIX) 26.87 -5.75%

• S&P 500 Implied Correlation 57.71 +11.4%

• G7 Currency Volatility (VXY) 8.82 +1.26%
  

• Emerging Markets Currency Volatility (EM-VXY) 12.17 +7.7%

• Smart Money Flow Index 14,465.93 -1.83%

• ICI Money Mkt Mutual Fund Assets $4.414 Trillion -.05%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows +$9.266 Million

• AAII % Bulls 24.9 -22.3%

• AAII % Bears 46.0 +13.9%

Futures Spot Prices

• CRB Index 148.33 -2.09%

• Crude Oil 40.12 -1.78%

• Reformulated Gasoline 120.82 -2.18%

• Natural Gas 2.25 +7.58%

• Heating Oil 112.03 -2.97%

• Gold 1,857.20 -4.77%

• Bloomberg Base Metals Index 180.22 -4.1%

• Copper 296.70 -4.4%

• US No. 1 Heavy Melt Scrap Steel 295.0 USD/Metric Tonne -.34%

• China Iron Ore Spot 113.80 USD/Metric Tonne -1.95%

• Lumber 607.60 +5.01%

• UBS-Bloomberg Agriculture 876.85 -2.14%

Economy

• Atlanta Fed GDPNow Forecast +32.0% unch.
  

• ECRI Weekly Leading Economic Index Growth Rate 3.0% +.7 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 100.0% unch.

• NY Fed Real-Time Weekly Economic Index -4.5 +23.9%

• US Economic Policy Uncertainty Index 258.9 +37.7%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 155.88 +.33%

• Citi US Economic Surprise Index 170.4 -2.1 points

• Citi Eurozone Economic Surprise Index 47.8 -21.9 points

• Citi Emerging Markets Economic Surprise Index 50.5 +.2 point

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate hike on 11/5

• US Dollar Index 94.70 +1.79%

• MSCI Emerging Markets Currency Index 1,626.79 -1.39%

• Bitcoin/USD 10,666.17 -2.2%

• Euro/Yen Carry Return Index 127.22 -.88%

• Yield Curve 54.0 -.5 basis point
  

• 10-Year US Treasury Yield .66% -3.0 basis points

• Federal Reserve's Balance Sheet $7.053 Trillion +.41%

• U.S. Sovereign Debt Credit Default Swap 18.0 +.25%

• Illinois Municipal Debt Credit Default Swap 329.78 +7.5%
  

• Italian/German 10Y Yld Spread 142.0 -2.0 basis points
  

• China Sovereign Debt Credit Default Swap 51.0 +41.1% (new series)
  

• Brazil Sovereign Debt Credit Default Swap 251.75 +24.3%
  

• Israel Sovereign Debt Credit Default Swap 57.76 +8.6%

• South Korea Sovereign Debt Credit Default Swap 28.28 +22.5%

• Russia Sovereign Debt Credit Default Swap 130.87 +25.3%

• iBoxx Offshore RMB China Corporate High Yield Index 178.16 +.11%

• 10-Year TIPS Spread 1.58% -9.0 basis points

• TED Spread 14.25 -.25 basis point

• 2-Year Swap Spread 9.25 +1.0 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 -1.75 basis points

• N. America Investment Grade Credit Default Swap Index 59.75 -15.96%
  

• America Energy Sector High-Yield Credit Default Swap Index 507.0 +5.95%

• European Financial Sector Credit Default Swap Index 81.89 +32.8%
  

• Emerging Markets Credit Default Swap Index 241.16 +34.1%
  

• MBS 5/10 Treasury Spread 94.75 -.75 basis point
• Markit CMBX BBB-6 66.31 -1.03%

• M1 Money Supply $5.574 Trillion +3.2%

• Commercial Paper Outstanding 985.5 +.2%

• 4-Week Moving Average of Jobless Claims 878,250 -3.86%

• Continuing Claims Unemployment Rate 8.6% unch.
  

• Average 30-Year Mortgage Rate 2.90% +3.0 basis points

• Weekly Mortgage Applications 808.50 +6.77%

• Bloomberg Consumer Comfort 49.8 +2.1 points

• Weekly Retail Sales +.1% +70.0 basis points

• Nationwide Gas $2.19/gallon +.01/gallon

• Baltic Dry Index 1,605.0 +23.8%

• China (Export) Containerized Freight Index 1,007.44 +2.23%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 17.5 -12.5%
• Truckstop.com Market Demand Index 104.31 +8.2%

• Rail Freight Carloads 295,269 +13.3%

Best Performing Style

• Mid-Cap Growth +.4%

Worst Performing Style

• Small-Cap Value -6.2%

Leading Sectors

• Software +2.4%

• Internet +1.8%

• Utilities +.4%

• Semis +.2%

• Education unch.

Lagging Sectors

• Banks -7.4% 

• Steel -8.6%

• Airlines -9.0%

• Energy -9.5%

• Oil Service -17.6%

Weekly High-Volume Stock Gainers (10)

• ZI, PTON, NTRA, MDB, ZM, SGMS, SLP, NLS, EXAS and OMI
  

Weekly High-Volume Stock Losers (5)

• COWN, OXY, SLB, APA and RETA
  

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

 

Stocks Rising into Afternoon on Vacccine Hopes, Short-Covering, Technical Buying, Gaming/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 27.09 -5.0%
• Bloomberg Global Risk On/Risk Off Index 25.0 +34.0 points

• Euro/Yen Carry Return Index 127.21 -.2%

• Emerging Markets Currency Volatility(VXY) 12.17 +.08%

• S&P 500 Implied Correlation 58.44 -1.27%

• ISE Sentiment Index 97.0 +3.2 points
  

• Total Put/Call .87 -13.0%

• NYSE Arms 1.51 +137.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 59.41 +2.11%
  

• US Energy High-Yield OAS 887.99 +.69%

• European Financial Sector CDS Index 81.64 +2.56%

• Italian/German 10Y Yld Spread 142.0 +2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 78.75 +2.46%
  

• Emerging Market CDS Index 239.98 -.86%
  

• iBoxx Offshore RMB China Corporate High Yield Index 178.16 -.07%

• 2-Year Swap Spread 9.25 unch.

• TED Spread 14.25 +.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 -1.5 basis points
  
• MBS  5/10 Treasury Spread  94.5 -.5 basis point
  
• IHS Markit CMBX BBB- 6 66.25 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 59.10 -.51%
• 3-Month T-Bill Yield .09% unch.

• Yield Curve 54.0 +.5 basis point
  

• China Iron Ore Spot 113.80 USD/Metric Tonne +.54%

• Citi US Economic Surprise Index 170.4 -1.2 points

• Citi Eurozone Economic Surprise Index 47.80 +2.1 points

• Citi Emerging Markets Economic Surprise Index 50.5 +1.1 points

• 10-Year TIPS Spread 1.58 -1.0 basis point
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -120 open in Japan 
• China A50 Futures: Indicating -82 open in China

• DAX Futures: Indicating +24 open in Germany

Portfolio:

• Higher: On gains in my tech/industrial/biotech/medical sector longs and emerging market shorts
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Value +.2%

Sector Underperformers:

• 1) Oil Service -2.2% 2) Energy -1.3% 3) Gold & Silver -1.2%

Stocks Falling on Unusual Volume: 

• GTHX, COWN, CNX, OXY, SLB, APA and RETA
  

Stocks With Unusual Put Option Activity:

• 1) RAD 2) COST 3) BLNK 4) EWW 5) HYG
  

Stocks With Most Negative News Mentions:

• 1) UTI 2) AGR 3) FLDM 4) IMKTA  5) GOOG
  

Charts:

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

Bull Radar

Style Outperformer:

• Mid-Cap Growth +.9%

Sector Outperformers:

• 1) Gaming +3.1% 2) Alt Energy +2.8% 3) Healthcare Providers +1.5%

Stocks Rising on Unusual Volume:

• AIR, ZI, DPHC, PTON, PENN, HGEN, SBE, NTRA, SGMS, SSP and IP
  

Stocks With Unusual Call Option Activity:

• 1) GNUS 2) IP 3) EXAS 4) PAGP 5) AA

Stocks With Most Positive News Mentions:

• 1) NVAX 2) BOXL 3) NCLH 4) ENDP 5) GIS

Charts:

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

 

Morning Market Internals

NYSE Composite Index:

• Volume Running -19.1% Below 100-Day Average
• 6 Sectors Rising, 5 Sectors Declining
• 52.9% of Issues Advancing, 44.3% Declining
• 10 New 52-Week Highs, 19 New Lows
• 35.2% of Issues Above 200-day Moving Average
• Average 14-Day RSI 37.7% 
• Bloomberg Global Risk-On/Risk-Off Index -59.0 -50.0 points
• Vix 28.4 -.5%
• Total Put/Call .82 -18.0%
• TRIN/Arms 1.69 +164.0%

 

Friday Watch

Evening Headlines

Bloomberg:  

• Australia to Loosen Lending Laws to Boost Flow of Credit.
• London Loses Allure for Jobseekers as Covid Hits City Businesses.  
• Korea Consumer Confidence Retreats on New Virus Wave, Curbs.
• India’s Animal Spirits Stabilize as Virus Rages Across Economy.
• Covid Death Toll Nears 1 Million, But Real Number May Be Double.   
• Worsening Virus Trends Are Raising Alarms for Stock Investors. 
• Asia Looks Set for Modest Stock Gains; Dollar Dips: Markets Wrap. Asian stocks looked set for tentative gains after a volatile U.S. session as investors weighed the chances of a new stimulus package against an uptick in global coronavirus cases. The dollar slipped. Futures in Japan, Hong Kong and Australia pointed to a modest rise. S&P 500 contracts climbed. Earlier, the benchmark pared most of an earlier rally as optimism faded that Congress would reach a spending deal with the White House. Sentiment had pushed shares higher on news that Treasury Secretary Steven Mnuchin and the Democratic House leader were open to fresh talks. But a report that Speaker Nancy Pelosi’s fresh overture deviated only slightly from previous offers sparked concern that the two sides would remain far apart. Treasuries were little changed. Elsewhere, Chinese assets will be in focus Friday after FTSE Russell said the country’s debt would be added to its flagship World Government Bond Index. The offshore yuan ticked higher. Oil dipped. S&P 500 futures rose 0.3% as of 7:20 a.m. Tokyo time. The S&P 500 advanced 0.3% on Thursday. Futures on Japan’s Nikkei 225 rose 0.4%. Hang Seng futures earlier gained 0.5%. Futures on Australia’s S&P/ASX 200 Index added 0.1%.
• Oil Rally Stutters as Demand Concerns Offset Stimulus Optimism.
• Pay Cuts Become Permanent for Many Americans During Pandemic.
• Pac-12 Resumes Football, Capping Big Conferences’ Return.

Wall Street Journal:

• India Seeks Naval Edge as China Penetrates Indian Ocean.
• Palantir Expected to Be Valued at Nearly $22 Billion in Trading Debut.
• Woke Science Is an Experiment Certain to Fail.
• High Jobless Claims Suggest Slowing in Labor’s Recovery.
• California’s Ban on New Gas Cars Further Upends Auto Industry.

Fox News:

• This city in 'nanny state' CA is 1st to ban 'unhealthy' food at checkout.
• Louisville small business owner pushes back reopening after rioters smash store window.
  

CNBC.com:

• Trump to sign executive orders to protect preexisting conditions, seek end to surprise medical bills.
• Sanofi not cutting corners for its coronavirus vaccine despite acceleration: CEO.
• Cramer says Nvidia is a buy, cites ‘unstoppable’ potential of Arm acquisition.
• Biden’s child tax-credit plan is a big clue that his agenda could be more progressive than thought.
• Amazon’s newest Ring gadget is a flying security camera drone.
  

MarketWatch.com:      

• Mark Cuban wants the government to give every American a check for $1,000 every two weeks.
  
• Target to focus on fulfilling digital orders from stores, contactless options this holiday season.

Zero Hedge:    

• "Confirmed" Has Become A Meaningless Word In Mainstream News Reporting.
• Wisconsin Authorities Investigate Absentee Ballots Found In Ditch, As FBI Probes Discarded Pro-Trump Ballots In PA.
• Seoul Outraged After North Korean Soldiers Shoot & Burn Body Of "Defector" At Sea.
• Third Arab Nation Will Reach Peace Deal With Israel In Next 2 Days: US Envoy.
• Lawsuit Accuses Ray Dalio Of "Devaluing Women", "Abuses Of Wealth And Power".
• With Ginsburg's Death, Cue The Last Stand Of American Marxists.
• Kyle Rittenhouse's Legal Team Bolsters 'Self-Defense' Case In New Viral Footage.
• Top Twenty Lessons Learned In 2020.
• Novavax Launches 'Phase 3' COVID-19 Vaccine Trials As UK, France Post Record Numbers: Live Updates.
• Ohio Mom Tased & Arrested At Middle School Football Game For Not Wearing Mask.
• Brainard Wants To Be Next Fed Chair, But Biden Has Pegged Her To Head The Treasury: Report.
• Stocks Pump'n'Dump As Stimulus Hopes (& The Dollar) Slump.

Business Insider:     

• The 7 biggest announcements from Amazon's blockbuster event, from a mini drone that can fly around your home to a cloud gaming service.

The Epoch Times:

• China’s Post-Pandemic Recovery Has Severe Regional Imbalances—Survey.
• Netizens Suspect China Reports All New Coronavirus Cases as ‘Imported’.
  

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 77.25 +1.75 basis points.

• China Sovereign CDS 49.25 +3.0 basis points.

• Bloomberg Emerging Markets Currency Index 59.41 unch.
• Bloomberg Global Risk-On/Risk Off Index -31.0 -22.0 points.
• Volatility Index(VIX) futures 31.95 -.85%
• FTSE 100 futures +.58%.

• S&P 500 futures +.39%.

• NASDAQ 100 futures +.43%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Durable Goods Orders for Aug. is estimated to rise +1.3% versus a +11.4% gain in July.
• Durables Ex Transports for Aug. is estimated to rise +1.1% versus a +26% gain in July.
• Cap Goods Orders Non-Defense Ex-Air for Aug. is estimated to rise +1.0% versus a +1.9% gain in July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Evans speaking, Fed's Williams speaking, Canadian budget and the Wells Fargo Advertising Summit could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

Stocks Reversing Higher into Final Hour on US Economic Data, Oil Gain, Short-Covering, Metals & Mining/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 28.3 -.8%
• Bloomberg Global Risk On/Risk Off Index 9.0 -17.0 points

• Euro/Yen Carry Return Index 127.54 +.14%

• Emerging Markets Currency Volatility(VXY) 12.3 +2.3%

• S&P 500 Implied Correlation 58.6 -3.8%

• ISE Sentiment Index 94.0 -31.0 points
  

• Total Put/Call 1.02 +14.6%

• NYSE Arms .49 -57.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 58.10 +2.27%
  

• US Energy High-Yield OAS 879.41 +1.89%

• European Financial Sector CDS Index 79.60 +3.5%

• Italian/German 10Y Yld Spread 140.0 +4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 77.31 +5.79%
  

• Emerging Market CDS Index 241.45 -2.92%
  

• iBoxx Offshore RMB China Corporate High Yield Index 178.29 unch.

• 2-Year Swap Spread 9.25 +.5 basis point

• TED Spread 13.5 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.5 basis point
  
• MBS  5/10 Treasury Spread  95.0 unch.
  
• IHS Markit CMBX BBB- 6 66.5 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 59.43 +.34%
• 3-Month T-Bill Yield .09% unch.

• Yield Curve 53.5 unch.
  

• China Iron Ore Spot 112.90 USD/Metric Tonne +.51%

• Citi US Economic Surprise Index 171.6 +7.4 points

• Citi Eurozone Economic Surprise Index 45.70 -1.6 points

• Citi Emerging Markets Economic Surprise Index 49.4 -.3 point

• 10-Year TIPS Spread 1.59 -3.0 basis points
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -17 open in Japan 
• China A50 Futures: Indicating -134 open in China

• DAX Futures: Indicating -42 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/industrial/consumer staple sector longs
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth -.9%

Sector Underperformers:

• 1) Shipping -1.0% 2) Biotech -.9% 3) Medical Equipment -.7%

Stocks Falling on Unusual Volume: 

• CNK, PTON, XBIT, RC, VRM, SWTX, SSYS, NKLA, ROKU, SPAQ, RCII, ZGNX, MITK, OLN, PLUG, TWTR, NKLA, EDIT, ACAD, ODT, APPS, SHLL, ALBO, DMYT, RPRX, ZM, LCA, ATNX, PENN, GRAF, MRNS, KMX, FMCI and RAD
  

Stocks With Unusual Put Option Activity:

• 1) ITB 2) ASHR 3) ET 4) EMB 5) YUM
  

Stocks With Most Negative News Mentions:

• 1) PENN 2) SSYS 3) NKLA 4) VXRT  5) COTY
  

Charts:

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

 

Bull Radar

Style Outperformer:

• SMall-Cap Value +1.8%

Sector Outperformers:

• 1) Gold & Silver +4.2% 2) Tobacco +3.1% 3) Homebuilding +2.5%

Stocks Rising on Unusual Volume:

• OMI, EXAS, MEI, SSP, JEF, DRI, JBL, SBE, ACEL, IVZ and AJRD
  

Stocks With Unusual Call Option Activity:

• 1) SKX 2) EXAS 3) TCO 4) KMX 5) SEAS

Stocks With Most Positive News Mentions:

• 1) OMI 2) AR 3) DRI 4) MEI 5) BBBY

Charts:

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

 

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running +7.7% Above 100-Day Average
• 6 Sectors Rising, 5 Sectors Declining
• 36.5% of Issues Advancing, 60.6% Declining
• 2 New 52-Week Highs, 67 New Lows
• 35.9% of Issues Above 200-day Moving Average
• Average 14-Day RSI 37.6% 
• Bloomberg Global Risk-On/Risk-Off Index -11.0 -38.0 points
• Vix 28.5 -.31%
• Total Put/Call 1.07 +20.2%
• TRIN/Arms .49 -55.3%

 

Thursday Watch

Night Trading 

• Asian equity indices are -1.5% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.5 +.75 basis point.

• China Sovereign CDS 46.25 +1.0 basis point.

• Bloomberg Emerging Markets Currency Index 59.22 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 23.0 -3.0 points.
• Volatility Index(VIX) futures 32.5 +.08%
• FTSE 100 futures -.94%.

• S&P 500 futures -.21%.

• NASDAQ 100 futures -.45%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ACN)/1.73
• (BB)/.02
• (KMX)/1.07
• (DRI)/.05
• (FDS)/2.53
• (JBL)/.67
• (RAD)/.14
  

After the Close:

• (AIR)/-.05
• (COST)/2.80
• (JEF)/.34
• (SCHL)/-1.74
• (MTN)/-3.53
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 840K versus 860K the prior week.
• Continuing Claims are estimated to fall to 12300K versus 12628K prior.
  

10:00 am EST

• New Home Sales for Aug. is estimated to fall to 890K versus 901K in July.
  

11:00 am EST

• Kansas City Fed Manufacturing Activity for Sept. is estimated at 14.0 versus 14.0 in Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Kaplan speaking, Fed's Bostic speaking, Fed's Barkin speaking, Fed's Evans speaking, Fed's Bullard speaking, Germany IFO Guidance, weekly Bloomberg Consumer Comfort Index, $50B 7Y T-Note auction, weekly EIA natural gas inventory report, (MIK) investor day and the (BAM) investor day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.