Bull Radar

Style Outperformer:

• Large-Cap Growth -.70%

Sector Outperformers:

• 1) Drugs -.50% 2) Telecom -.55% 3) Utilities -.56%

Stocks Rising on Unusual Volume:

• BKE, ZUMZ, BPT, P, SRPT, VC and AH
  

Stocks With Unusual Call Option Activity:

• 1) TIVO 2) SRPT 3) P 4) GIS 5) EXEL
  

Stocks With Most Positive News Mentions:

• 1) TJX 2) TGT 3) COST 4) LLY 5) EBAY
  

Charts:

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

Thursday Watch

Night Trading

• Asian equity indices are -1.25% to -.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 151.50 -.5 basis point.
• Asia Pacific Sovereign CDS Index 127.50 +.75 basis point.
  
• FTSE-100 futures -.37%.
  
• S&P 500 futures -.40%.
  
• NASDAQ 100 futures -.31%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (CIEN)/-.02
• (TD)/1.84
• (ESL)/1.11
• (OVTI)/.22
• (ZUMZ)/.13
  

Economic Releases
8:30 am EST

• Personal Income for July is estimated to rise +.3% versus a +.5% gain in June.
• Personal Spending for July is estimated to rise +.5% versus unch. in June.
• The PCE Core for July is estimated to rise +.1% versus a +.2% gain in June.
• Initial Jobless Claims are estimated to fall to 370K versus 372K the prior week.
• Continuing Claims are estimated to fall to 3307K versus 3317K prior.
  

11:00 am EST

• The Kansas City Fed Manufacturing Activity Index for August is estimated to fall to 3.0 versus 5.0 in July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Italian 10Y Bond auction, Germany Unemployment Rate, Japan PMI data, ICSC Chain Store Sales report for August, 7Y T-Note auction, weekly Bloomberg Consumer Comfort Index and the weekly EIA natural gas inventory report could also impact trading today.
  

BOTTOM LINE: Asian indices are 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 50% net long heading into the day.

Stocks Slightly Higher into Final Hour on Global Central Bank Stimulus/Action Hopes, Short-Covering, Lower Energy Prices

Broad Market Tone:

• Advance/Decline Line: Higher
  
• Sector Performance: Mixed
  
• Volume: Light
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 16.79 +1.82%
  
• ISE Sentiment Index 115.0 -8.0%
  
• Total Put/Call 1.03 +22.62%
  
• NYSE Arms 1.14 -27.70%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 100.67 bps -.51%
  
• European Financial Sector CDS Index 244.19 bps -.87%
  
• Western Europe Sovereign Debt CDS Index 232.47 -.31%
  
• Emerging Market CDS Index 247.99 +1.72%
  
• 2-Year Swap Spread 17.5 +.75 basis point
  
• TED Spread 32.5 -.25 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -30.5 unch.
  

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
  
• Yield Curve 138.0 +2 basis points
  
• China Import Iron Ore Spot $90.30/Metric Tonne -4.75%
  
• Citi US Economic Surprise Index -3.90 +3.0 points
  
• 10-Year TIPS Spread 2.31 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +7 open in Japan
• DAX Futures: Indicating +1 open in Germany
  

Portfolio:

• Higher: On gains in my Retail/Tech/Medical sector longs and Emerging Markets shorts
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short, then covered some of them
  
• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth +.02%

Sector Underperformers:

• 1) Steel -3.02% 2) Oil Tankers -2.21% 3) Coal -1.70%

Stocks Falling on Unusual Volume:

• SLT, GDP, SZYM, SPN, CLF, CLMT, BIDU, FTE, TFM, STMP, CIEN, FSLR, SCHN, VRTX, HAIN and DY
  

Stocks With Unusual Put Option Activity:

• 1) COP 2) VALE 3) APKT 4) KSS 5) NSM
  

Stocks With Most Negative News Mentions:

• 1) MOV 2) C 3) JOY 4) SO 5) VIAB
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value -.14%

Sector Outperformers:

• 1) HMOs +.95% 2) Medical Equipment +.32% 3) Telecom +.31%

Stocks Rising on Unusual Volume:

• YELP, WLP, ANGI, MCP, SXL, JOSB, MAKO and SEE
  

Stocks With Unusual Call Option Activity:

• 1) HTZ 2) ERY 3) WLP 4) MAKO 5) HNZ
  

Stocks With Most Positive News Mentions:

• 1) T 2) ANGI 3) GCO 4) CYBX 5) TCAP
  

Charts:

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

Wednesday Watch

Night Trading

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 152.0 +2.0 basis points.
• Asia Pacific Sovereign CDS Index 126.75 +1.5 basis points.
  
• FTSE-100 futures -.05%.
  
• S&P 500 futures +.07%.
  
• NASDAQ 100 futures +.11%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (HNZ)/.81
• (GCO)/.25
• (JOY)/1.89
• (TFM)/.27
• (BF/B)/.63
• (P)/-.03
• (JOSB)/.72

Economic Releases
8:30 am EST

• Preliminary 2Q GDP is estimated to rise +1.7% versus a prior estimate of a +1.5% gain.
• Preliminary 2Q Personal Consumption is estimated to rise +1.5% versus a prior estimate of a +1.5% gain.
• Preliminary 2Q GDP Price Index is estimated to rise +1.6% versus a prior estimate of a +1.6% gain.
• Preliminary 2Q Core PCE is estimated to rise +1.8% versus a prior estimate of a +1.8% gain.
  

10:00 am EST

• Pending Home Sales for July are estimated to rise +1.0% versus a -1.4% decline in June.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,750,000 barrels versus a -5,412,000 barrel decline the prior week. Distillate supplies are estimated to rise by +200,000 barrels versus a +992,000 barrel gain the prior week. Gasoline inventories are estimated to fall by -1,450,000 barrels versus a -962,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.3% versus a -1.4% decline the prior week.
  

2:00 pm EST

• Fed's Beige Book
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Italian Retail Sales/Consumer Confidence reports, Germany inflation data, 5Y T-Note auction, weekly MBA mortgage applications report and the (HMY) investor day could also impact trading today.
  

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