Weekly Scoreboard*

S&P 500 4,327.8 +.45%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 33,670.3 +.79%

• NASDAQ 13,407.2 -.18%

• Russell 2000 1,719.71 -1.5%

• NYSE FANG+ 7,584.3 -.6% 
• Roundhill Meme Stock ETF 30.62 -2.8%
  

• Goldman 50 Most Shorted 125.8 -3.8%

• Wilshire 5000 42,973.3 +1.44%

• Russell 1000 Growth 2,740.89 +.28%

• Russell 1000 Value 1,480.22 +.43%

• S&P 500 Consumer Staples 705.78 +.18%

• MSCI Cyclicals-Defensives Spread 1,271.97 +.98%
  

• NYSE Technology 3,680.3 +2.2%

• Transports 14,699.4 -.73%

• Utilities 824.56 +3.1%

• Bloomberg European Bank/Financial Services 86.27 +.13%
  

• MSCI Emerging Markets 38.0 +.19%

• Credit Suisse AllHedge Long/Short Equity Index 190.70 -.15%

• Credit Suisse AllHedge Equity Market Neutral Index 103.79 +.71%

Sentiment/Internals

• NYSE Cumulative A/D Line 452,130 +.39%
• Nasdaq/NYSE Volume Ratio 8.0 +6.7%

• Bloomberg New Highs-Lows Index -512 +178
  

• Crude Oil Commercial Bullish % Net Position -39.7 +1.2%

• CFTC Oil Net Speculative Position 449,560 -.14%

• CFTC Oil Total Open Interest 1,787,495 +2.1%

• Total Put/Call 1.05 +6.1%

• OEX Put/Call 1.76 +16.2%

• ISE Sentiment 119.0 +20.0 points
  

• NYSE Arms .83 -9.4%
  
• Bloomberg Global Risk-On/Risk-Off Index 69.1 -3.8%
• Bloomberg US Financial Conditions Index -.02 -15.0 basis points
  
• Bloomberg European Financial Conditions Index -.07 +6.0 basis points
  

• Volatility(VIX) 19.3 +9.3%
• DJIA Intraday % Swing 1.21% -50.0%

• CBOE S&P 500 3M Implied Correlation Index 26.4+1.1%

• G7 Currency Volatility (VXY) 8.1 +.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 8.5 -3.5%

• Smart Money Flow Index 12,401.9 +5.2%
• NAAIM Exposure Index  45.8 +9.6
  

• ICI Money Mkt Mutual Fund Assets $5.706 Trillion -.03%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$1.549 Million

• AAII % Bulls 40.0 +32.9%

• AAII % Bears 36.5 -12.3%

Futures Spot Prices

• CRB Index 283.97 +3.4%

• Crude Oil 87.6/bbl. +5.7%

• Reformulated Gasoline 226.0 +3.11%

• Natural Gas 3.22 -3.5%
• Dutch TTF Nat Gas(European benchmark) 53.98 euros/megawatt-hour +42.1%
  

• Heating Oil 320.80 +10.4% 
• Newcastle Coal 147.5 (1,000/metric ton) +6.2%
  

• Gold 1,928.2 +5.2%
• Silver 22.69 +5.1%
  

• S&P GSCI Industrial Metals Index 400.8 -1.0%

• Copper 357.14 -1.7%

• US No. 1 Heavy Melt Scrap Steel 367.0 USD/Metric Tonne -.54%

• China Iron Ore Spot 114.5 USD/Metric Tonne +1.7%

• CME Lumber  503.5 +2.0%

• UBS-Bloomberg Agriculture 1,580.7 +1.15%
• US Gulf NOLA Potash Spot 347.5 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow 2Q Forecast +5.15% +29.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate (graph)
  
• US Recession Within 3 Months Probability(3M/18M Forward Yld Curve Spread) 25.2% +.9 percentage point
  

• NY Fed Real-Time Weekly Economic Index 2.14 +28.1%

• US Economic Policy Uncertainty Index 257.29 +183.3%
• S&P 500 Current Quarter EPS Growth Rate YoY(32 of 500 reporting) +14.3% +10.9 percentage points

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 239.98 -.03:  Growth Rate +9.2% unch., P/E 18.1 +.4
  
• S&P 500 Current Year Estimated Profit Margin 12.18% -2.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 267.10 +1.77: Growth Rate +57.6% -2.4 percentage points, P/E 28.5 +.4
  

• Citi US Economic Surprise Index 51.2 -8.5 points

• Citi Eurozone Economic Surprise Index -42.5 +.8 point

• Citi Emerging Markets Economic Surprise Index 18.4 +2.9 points

• Fed Fund Futures imply 0.0%(-0.0 percentage points) chance of -25.0 basis point cut to 5.0-5.25%, 89.1%(+16.2 percentage points) chance of no change, 10.9%(-16.2 percentage points) chance of +25.0 basis point hike to 5.5-5.75% on 11/1
  

• US Dollar Index 106.65 +.5%

• MSCI Emerging Markets Currency Index 1,671.1 +.59%
  

• Bitcoin/USD 26,746.2 -4.1%

• Euro/Yen Carry Return Index 167.4 -.51%
  

• Yield Curve(2s/10s) -43.0 -11.75 basis points
  

• 10-Year US Treasury Yield 4.62% -15.0 basis points
  

• Federal Reserve's Balance Sheet $7.916 Trillion -.04% 
• Federal Reserve's Discount Window Usage $2.626 Billion -24.8%
  

• U.S. Sovereign Debt Credit Default Swap 47.3 +5.3%
  

• Illinois Municipal Debt Credit Default Swap 207.60 +1.49%
  

• Italian/German 10Y Yld Spread 204.0 +1.0 basis point
  
• UK Sovereign Debt Credit Default Swap 31.88 -.42%
  

• China Sovereign Debt Credit Default Swap 82.86 -6.6%
  

• Brazil Sovereign Debt Credit Default Swap 184.96 -3.9%
  

• Israel Sovereign Debt Credit Default Swap 123.68 +109.3%

• South Korea Sovereign Debt Credit Default Swap 37.69 -2.1%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.8 +.51%
• China High-Yield Real Estate Total Return Index 73.9 -1.7%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +6.0% +10.0 basis points
  
• Zillow US All Homes Rent Index YoY +3.2% -10.0 basis points
  
• US Urban Consumers Food CPI YoY +3.7% -60.0 basis points
  
• CPI Core Services Ex-Shelter YoY +3.7% -40.0 basis points
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +3.70% -3.0 basis points: CPI YoY +3.42% -27.0 basis points
  
• 10-Year TIPS Spread 2.34% +3.0 basis points
  

• TED Spread 17.5 +.75 basis point
  
• 2-Year SOFR Swap Spread -11.0 -1.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -28.25 unch.
  

• N. America Investment Grade Credit Default Swap Index 76.72 +.8%
  

• America Energy Sector High-Yield Credit Default Swap Index 195.0 -4.8% 
• Bloomberg TRACE # Distressed Bonds Traded 356.0 -27.0
  

• European Financial Sector Credit Default Swap Index 96.91 -3.4%
• Deutsche Bank Subordinated 5Y Credit Default Swap 300.95 -8.4%

• Emerging Markets Credit Default Swap Index 236.81 +1.6%
  

• MBS 5/10 Treasury Spread 185.0 +8.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 912.0 +2.0 basis points
• Avg. Auto ABS OAS .85 +1.0 basis point
  

• M2 Money Supply YoY % Change -3.7% unch.
  

• Commercial Paper Outstanding 1,209.6 +.7%

• 4-Week Moving Average of Jobless Claims 209,250 +.2%
  

• Continuing Claims Unemployment Rate 1.1% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 50.1 +.8%
  

• Average 30-Year Fixed Home Mortgage Rate 7.80% -6.0 basis points
  

• Weekly Mortgage Applications 179,300 +.62%

• Weekly Retail Sales +4.0% +10.0 basis points
  
• OpenTable US Seated Diners % Change YoY -5.0% -3.0 percentage points
  
• Box Office Weekly Gross $107.5M +28.4%
  

• Nationwide Gas $3.63/gallon -.12/gallon

• Baltic Dry Index 1,935.0 +.31%

• China (Export) Containerized Freight Index 819.97 -3.75%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 32.5 +22.2%
• Truckstop.com Market Demand Index 42.9 -3.3%

• Rail Freight Carloads 265,449 +.49%
• TSA Total Traveler Throughput 2,695,875 +21.0%
  

Best Performing Style

• Large-Cap Value +.4%
  

Worst Performing Style

• Small-Cap Growth -2.3%

Leading Sectors

• Gold & Silver +7.1%

• Oil Service +7.1%
• Energy +6.3%
  

• Defense +5.0%
  

• Telecom +3.1%
  

Lagging Sectors

• I-Banking -1.8%
  

• AI/Robotics -1.8%
  

• Digital Health -3.3%

• Airlines -4.3%
  

• Medical Equipment -5.2%
  

Weekly High-Volume Stock Gainers (10)

• RVMD, VSAT, DG, PGR, CHEF, AVAV, DRS, OFIX, PXD and WFC
  

Weekly High-Volume Stock Losers (19)

• PNC, GPRE, EVRI, AMLX, HRL, BIP, PERI, MEOH, NVT, MBLY, INMD, IDYA, STRL, WCC, SAVA, TARS, BDC, HRMY and SGH
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Reversing Lower into Afternoon on Mid-East Regional War Worries, Rising US Consumer Inflation Fears, Oil Surge, Tech/Regional Bank Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 19.9 +19.4%
• DJIA Intraday % Swing 1.08% +73.3%
  
• Bloomberg Global Risk On/Risk Off Index 68.3 -5.3%

• Euro/Yen Carry Return Index 167.3 -.4%

• Emerging Markets Currency Volatility(VXY) 8.5 -.9%

• CBOE S&P 500 Implied Correlation Index 27.7 +16.8% 

• ISE Sentiment Index 108.0 +18.0 points
  

• Total Put/Call .97 -9.4%

• NYSE Arms .85 -25.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 76.1 +2.1%
  

• US Energy High-Yield OAS 356.05 +.43%
• Bloomberg TRACE # Distressed Bonds Traded 356 +18
  

• European Financial Sector CDS Index 98.02 +3.9% 
• Deutsche Bank Subordinated 5Y Credit Default Swap 300.95 +.95%
  

• Italian/German 10Y Yld Spread 204.0 basis points +6.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 125.99 +1.12%
  

• Emerging Market CDS Index 237.54 +4.1%
• Israel Sovereign CDS 123.68 +11.4%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.89 unch.

• 2-Year SOFR Swap Spread -11.25 basis points -.5 basis point
  

• TED Spread 17.5 basis points +1.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -28.25 -1.75 basis points
  
• MBS  5/10 Treasury Spread 185.0 +3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 912.0 -2.0 basis points
  
• Avg. Auto ABS OAS 85.0 -2.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 41.2 -.18%
• 3-Month T-Bill Yield 5.48% -2.0 basis points
  

• China Iron Ore Spot 114.7 USD/Metric Tonne  +.31%
• Dutch TTF Nat Gas(European benchmark) 54.0 euros/megawatt-hour +1.9%

• Citi US Economic Surprise Index 51.2 -4.7 points

• Citi Eurozone Economic Surprise Index -42.5 -3.8 points

• Citi Emerging Markets Economic Surprise Index 19.4 +2.5 points
• S&P 500 Current Quarter EPS Growth Rate YoY(32 of 500 reporting) +14.3% +8.5 percentage points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 239.98 -.04:  Growth Rate +9.2% unch., P/E 18.1 -.1
  
• S&P 500 Current Year Estimated Profit Margin 12.18% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 267.10 +.14: Growth Rate +57.6% +.1 percentage point, P/E 28.5 -.8
  
• Bloomberg US Financial Conditions Index -.03 -19.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index -.07 unch.
  
• US Yield Curve -43.0 basis points (2s/10s) -6.0 basis points
  
• US Atlanta Fed 2Q GDPNow Forecast +5.15% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +3.70% unch.: CPI YoY +3.42% unch.
  
• 10-Year TIPS Spread 2.35 +1.0 basis point
  
• Highest target rate probability for Dec. 13th FOMC meeting: 68.5%(+4.0 percentage points) chance of 5.25%-5.5%. Highest target rate probability for Jan. 31st meeting: 68.5%(+5.7 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -161 open in Japan 
• China A50 Futures: Indicating -41 open in China

• DAX Futures: Indicating +78 open in Germany

Portfolio:

• Slightly Higher:  On gains in my commodity sector longs, index hedges and emerging market shorts
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 25% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Growth -.9%
  

Sector Underperformers:

• 1) Semis -2.3% 2) Internet -1.8% 3) Gambling -1.7%

Stocks Falling on Unusual Volume: 

• GPRE, AMLX, BA, BIP, PNC, JD, SPHR, HRL, PERI, UCTT, MEOH, MORF, INMD, WCC, STRL, IDYA, TARS, SAVA, BDC, HRMY and SGH
  

Stocks With Unusual Put Option Activity:

• 1) GRAB 2) MBLY 3) JPM 4) SAVA 5) TAL
  

Stocks With Most Negative News Mentions:

• 1) SGH 2) BDC 3) HRMY 4) SAVA 5) PATH
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value +.3%
  

Sector Outperformers:

• 1) Gold & Silver +4.4% 2) Energy +2.4% 3) Oil Service +2.4%

Stocks Rising on Unusual Volume:

• RVMD, GRPN, VSAT, DG, PGR, TNDM, AVAV, CHEF, JPM and PXD
  

Stocks With Unusual Call Option Activity:

• 1) XP 2) IHI 3) PBR/A 4) JPM 5) GFI

Stocks With Most Positive News Mentions:

• 1) PSQH 2) CMTL 3) FRCB 4) PGR 5) IMVT
  

Charts:

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

Monday's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (SCHW)/.75

After the Close: 

• (ELS)/.72
  

Economic Releases  

8:30 am EST:

• Empire Manufacturing for Oct. is estimated to fall to -6.0 versus 1.9 in Sept.
  

Upcoming Splits 

• None of note
  

Other Potential Market Movers

• The Japan Industrial Production report, (JEF) investor meeting and the (SCHW) fall business udpate could also impact global on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• NYSE Volume Running -8.9% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 8.7 -.7
  
• 7 Sectors Declining, 4 Sectors Rising
• 43.7% of Issues Advancing, 53.4% Declining
• 17 New 52-Week Highs, 86 New Lows
• 33.5%(+.3%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 42.0 -3
  
• Bloomberg Global Risk-On/Risk-Off Index 69.1 -4.3%
  
• Russell 1000: Growth/Value 18,186.5 -.64%
  
• 1-Day Vix 16.5 +11.0%
  
• Vix 18.8 +12.8%
  
• Total Put/Call .85 -20.6%
• TRIN/Arms .85 -24.1%
  

Friday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 125.75 -1.25 basis points.

• China Sovereign CDS 83.25 +.25 basis point.
  
• China Iron Ore Spot 113.3 USD/Metric Tonne -1.1%.

• Bloomberg Emerging Markets Currency Index 41.2 -.10%
• Bloomberg Global Risk-On/Risk Off Index 73.6 +2.0%. 
• Bloomberg US Financial Conditions Index .09 -7.0 basis points.
  
• Volatility Index(VIX) futures 17.6 -.8%.
• Euro Stoxx 50 futures -.09%.

• S&P 500 futures +.11%.

• NASDAQ 100 futures +.14%.  

Morning Preview Links

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

Stocks Reverse Lower into Close on Surging Long-Term Rates, Rising Fed Rate-Hike Odds, Technical Selling, Consumer Discretionary/Alt Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 18.0 +12.1%
• DJIA Intraday % Swing .62% -9.5%
  
• Bloomberg Global Risk On/Risk Off Index 70.5 -.14%

• Euro/Yen Carry Return Index 167.9 -.4%

• Emerging Markets Currency Volatility(VXY) 8.6 -1.2%

• CBOE S&P 500 Implied Correlation Index 246.2 +15.0% 

• ISE Sentiment Index 81.0 -37.0 points
  

• Total Put/Call 1.01 -19.8%

• NYSE Arms 1.39 +13.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 74.5 +1.1%
  

• US Energy High-Yield OAS 356.41 +.72%
• Bloomberg TRACE # Distressed Bonds Traded 338 unch.
  

• European Financial Sector CDS Index 94.4 -1.4% 
• Deutsche Bank Subordinated 5Y Credit Default Swap 298.1 -1.2%
  

• Italian/German 10Y Yld Spread 198.0 basis points +3.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 124.5 -2.9%
  

• Emerging Market CDS Index 231.3 +2.6%
• Israel Sovereign CDS 111.0 +10.0%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.89 unch.

• 2-Year SOFR Swap Spread -10.75 basis points -.25 basis point
  

• TED Spread 16.0 basis points -2.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -26.5 unch.
  
• MBS  5/10 Treasury Spread 182.0 +3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 914.0 +1.0 basis point
  
• Avg. Auto ABS OAS 87.0 +1.0 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 41.3 -.3%
• 3-Month T-Bill Yield 5.50% unch.
  

• China Iron Ore Spot 113.1 USD/Metric Tonne  -1.3%
• Dutch TTF Nat Gas(European benchmark) 53.0 euros/megawatt-hour +15.0%

• Citi US Economic Surprise Index 55.9 +.5 point

• Citi Eurozone Economic Surprise Index -38.7 +.3 point

• Citi Emerging Markets Economic Surprise Index 16.9 +3.4 points
• S&P 500 Current Quarter EPS Growth Rate YoY(25 of 500 reporting) +5.8% +.9 percentage point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 240.02 -.02:  Growth Rate +9.2% unch., P/E 18.2 unch.
  
• S&P 500 Current Year Estimated Profit Margin 12.18% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 266.96 +.20: Growth Rate +57.5% +.1 percentage point, P/E 29.3 +.4
  
• Bloomberg US Financial Conditions Index .18 +5.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index -.07 +13.0 basis points
  
• US Yield Curve -37.0 basis points (2s/10s) +4.75 basis points
  
• US Atlanta Fed 2Q GDPNow Forecast +5.15% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +3.70% -3.0 basis points: CPI YoY +3.42% -27.0 basis points
  
• 10-Year TIPS Spread 2.34 +2.0 basis points
  
• Highest target rate probability for Dec. 13th FOMC meeting: 65.6%(-6.2 percentage points) chance of 5.25%-5.5%. Highest target rate probability for Jan. 31st meeting: 64.2%(-5.7 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -204 open in Japan 
• China A50 Futures: Indicating -115 open in China

• DAX Futures: Indicating +69 open in Germany

Portfolio:

• Slightly Higher:  On gains in my commodity sector longs, index hedges and emerging market shorts
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 50% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Growth -2.6%
  

Sector Underperformers:

• 1) Homebuilding -5.7% 2) Digital Health -4.2% 3) Gambling -3.8%

Stocks Falling on Unusual Volume: 

• CSGS, AES, DVA, BSX, DAVA, DXCM, OCSL, FR, RCM, AAL, BTI, MKC, FLO, PETQ, KDP, COLD, MDGL, JELD, TEAM, UFPI, CYTK, NARI, VTYX, INFY, GMAB, QDEL, PEN, ES, THC, NEP, LW, INSP, JD, QTRX, UTZ, CMC, HRL, AMR, NTRA and INMD
  

Stocks With Unusual Put Option Activity:

• 1) BAX 2) XME 3) DVA 4) MANU 5) MUB
  

Stocks With Most Negative News Mentions:

• 1) TPST 2) HRL 3) INMD 4) EVA 5) BIRK
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth -.6%
  

Sector Outperformers:

• 1) Homebuilding -5.4% 2) Digital Health -3.8% 3) Alt Energy -3.3%

Stocks Rising on Unusual Volume:

• AMAM, VSAT, FAST, WBA, ACHC and VMW
  

Stocks With Unusual Call Option Activity:

• 1) BAX 2) LYV 3) THC 4) MASI 5) PRGO

Stocks With Most Positive News Mentions:

• 1) FAST 2) TUP 3) LL 4) OPRX 5) SRRK
  

Charts:

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

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (BLK)/8.34
• (C)/1.23
• (JPM)/3.95
• (PNC)/3.10
• (UNH)6.33
• (PGR)/1.72
• (WFC)/1.24
  

After the Close: 

• None of note
  

Economic Releases  

8:30 am EST:

• The Import Price Index MoM for Sept. is estimated to rise +.5% versus a +.5% gain in Aug.
• The Import Price Index ex Petrol MoM for Sept. is estimated to fall -.1% versus unch. in Aug.
• The Export Price Index MoM for Sept. is estimated to rise +.5% versus a +1.3% gain in Aug.
  

10:00 am EST

• Univ. of Mich. Consumer Sentiment for Oct. is estimated to fall to 67.0 versus 68.1 in Sept.
• Univ. of Mich. 1-Y Inflation Expectations for Oct. is estimated at +3.2% versus +3.2% in Sept.
  

Upcoming Splits 

• None of note
  

Other Potential Market Movers

• The Eurozone CPI report could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• NYSE Volume Running +4.0% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 9.4 +.8
  
• 9 Sectors Declining, 2 Sectors Rising
• 23.2% of Issues Advancing, 74.1% Declining
• 30 New 52-Week Highs, 92 New Lows
• 34.6%(-5.9%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 45.0 unch.
  
• Bloomberg Global Risk-On/Risk-Off Index 72.1 +2.1%
  
• Russell 1000: Growth/Value 18,398.2 +1.0%
  
• 1-Day Vix 11.7 -251%
  
• Vix 15.8 -2.0%
  
• Total Put/Call .92 -27.0%
• TRIN/Arms .97 -20.5%
  

Thursday Watch

Night Trading 

• Asian equity indices are unch. to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 127.0 -.75 basis point.

• China Sovereign CDS 83.0 +.25 basis point.
  
• China Iron Ore Spot 112.8 USD/Metric Tonne +.27%.

• Bloomberg Emerging Markets Currency Index 41.30 -.02%
• Bloomberg Global Risk-On/Risk Off Index 72.1 +2.1%. 
• Bloomberg US Financial Conditions Index .15 +2.0 basis points.
  
• Volatility Index(VIX) futures 17.2 -1.1%.
• Euro Stoxx 50 futures +.24%.

• S&P 500 futures +.20%.

• NASDAQ 100 futures +.22%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.