Bull Radar

Style Outperformer:

• Large-Cap Value -2.7%

Sector Outperformers:

• 1) Education -.7% 2) Shipping -1.5% 3) Utilities -1.5%

Stocks Rising on Unusual Volume:

• ICPT, UDMY, LPG, EPAM, TREE, VSTO, WCC, BKNG, ALB, OGN, SBRA, MNTV, BAND, K, TRIP, NVST and TWTR
  

Stocks With Unusual Call Option Activity:

• 1) QUAD 2) BKI 3) LPI 4) W 5) TMF

Stocks With Most Positive News Mentions:

• 1) AXGN 2) ALB 3) WCC 4) BKNG 5) K
  

Charts:

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

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running +11.0% Above 100-Day Average 
• 11 Sectors Declining, 0 Sectors Rising
• 9.7% of Issues Advancing, 87.7% Declining
• 49 New 52-Week Highs, 262 New Lows
• 31.9% of Issues Above 200-day Moving Average
• Average 14-Day RSI 40.2% 
• Bloomberg Global Risk-On/Risk-Off Index 4,039.0 -414.0 points
• Russell 1000: Growth/Value 15,426 -2.0%
  
• Vix 31.7 +41.6%
• Total Put/Call 1.09 +4.8%
• TRIN/Arms 2.68 +445.80%

Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 120.5 -2.5 basis points. 

• China Sovereign CDS  75.25 -3.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 52.9 -.07%. 
• Bloomberg Global Risk-On/Risk Off Index 4,449.0 -5.0 points.
• Volatility Index(VIX) futures 27.2 +.8%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.17%.

• NASDAQ 100 futures -.15%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ADT)/.11
• (APD)/2.37
• (BUD)/.62
• (APTV)/.61
• (MT)/3.06
• (AAWW)/2.57
• (BDX)/2.95
• (BERY)/1.79
• (CCJ)/-.01
• (CAH)/1.52
• (CTXS)/1.17
• (COP)/3.22
• (DDOG)/.11
• (D)/1.17
• (DKNG)/-1.20
• (HBI)/.28
• (ICE)/1.42
• (K)/.93
• (PZZA)/.94
• (PH)/4.65
• (PENN)/.45
• (PWR)/1.25
• (RCL)/-4.48
• (SHOP)/.67
• (SWI)/.22
• (TRMB)/.67
• (VSTO)/1.80
• (W)/-1.53
• (ZTS)/1.22
  

After the Close:

• (Y)/15.90
• (MDRX)/.19
• (BILL)/-.16
• (SQ)/.20
• (NET)/.00
• (CGNX)/.39
• (ED)/1.48
• (DASH)/-.04
• (EOG)/3.69
• (ILMN)/.89
• (PODD)/.24
• (LYV)/-.77
• (MTZ)/-.11
• (MCK)/6.04
• (MELI)/1.41
• (MNST)/.61
• (NWSA)/.15
• (SHAK)/-.23
• (OLED)/1.02
• (YELP)/.34
• (ZG)/.27
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for April.
  

8:30 am EST

• Non-Farm Productivity for 1Q is estimated to fall -5.3% versus a +6.6% gain in 4Q.
• Unit Labor Costs for 1Q is estimated to rise +10.0% versus a +.9% gain in 1Q.
• Initial Jobless Claims for last week are estimated at 180K versus 180K the prior week.
• Continuing Claims are estimated to fall to 1400K versus 1408K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Bank of England rate decision, German Factory Orders and the weekly EIA natural gas inventory report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by financial and technology 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.

Bear Radar

Style Underperformer:

• Mid-Cap Growth -.4%

Sector Underperformers:

• 1) Gambling -4.4% 2) Steel -1.9% 3) Airlines -1.9%

Stocks Falling on Unusual Volume: 

• FRPT, CZR, FRSH, UBER, IDXX, BGFV, SWKS, ALKT, PTLO, HLF, AKAM, SPR, BFAM, WK, SPT, RRR, DENN, KYMR, LL, EAT, RVLV, BCOR, ANDE, LYFT and TUP
  

Stocks With Unusual Put Option Activity:

• 1) IGT 2) SWKS 3) FIS 4) TRIP 5) THO
  

Stocks With Most Negative News Mentions:

• 1) LYFT 2) CLVS 3) RVLV 4) AMRX 5) JHG
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value +.3%

Sector Outperformers:

• 1) Disk Drives +2.7% 2) Oil Service +2.1% 3) Restaurants +1.8%

Stocks Rising on Unusual Volume:

• TMDX, SMCI, LTHM, ATEN, CHGG, GNRC, SCI, DK, IMXI, SBUX, LITE, PAYC, OMI, ACHC, MASI, AYX, FRGE, EVER, EXPI, ALB, EXR, CWH, GRBK, MWA, ABNB, AMD and WING
  

Stocks With Unusual Call Option Activity:

• 1) CL 2) NOG 3) LYV 4) WTI 5) EMB

Stocks With Most Positive News Mentions:

• 1) LTHM 2) SMCI 3) SUP 4) TMDX 5) GNRC
  

Charts:

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

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -7.2% Below 100-Day Average 
• 5 Sectors Declining, 6 Sectors Rising
• 34.8% of Issues Advancing, 61.0% Declining
• 31 New 52-Week Highs, 269 New Lows
• 30.1% of Issues Above 200-day Moving Average
• Average 14-Day RSI 38.1% 
• Bloomberg Global Risk-On/Risk-Off Index 4,198.0 +8.0 points
• Russell 1000: Growth/Value 15,487 -1.1%
  
• Vix 28.7 -1.9%
• Total Put/Call .97 -6.7%
• TRIN/Arms .91 +30.0%