Bear Radar

Style Underperformer:

• Large-Cap Growth -.5%
  

Sector Underperformers:

• 1) Disk Drives -1.7% 2) Steel -1.6% 3) Software -1.5%

Stocks Falling on Unusual Volume: 

• FOXA, FOX, JD, T, SPB, GH, INTA, UPWK, JKS, TWLO, EGBN, S, TMDX, HTHT, LMND, FSLR, NRIX, PDD, HFWA, VIPS, PERI, HPK, CARR, NSP, BJRI, STLA, AMPH, COIN, SMCI, AI and FGEN
  

Stocks With Unusual Put Option Activity:

• 1) GETY 2) FOXA 3) RILY 4) XLC 5) THO
  

Stocks With Most Negative News Mentions:

• 1) FOXA 2) BBBY 3) AI 4) SQM 5) DISH
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value unch.
  

Sector Outperformers:

• Oil Service +2.0% 2) Energy +1.3% 3) Shipping +1.2%

Stocks Rising on Unusual Volume:

• IDYA, FRC and ALB
  

Stocks With Unusual Call Option Activity:

• 1) FGEN 2) VIPS 3) DRS 4) ASX 5) PE

Stocks With Most Positive News Mentions:

• 1) IDYA 2) INAB 3) MDT 4) AMNF 5) OOMA
  

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: 

• (MMM)/1.60
• (ABB)/.47
• (ADM)/1.78
• (BIIB)/3.29
• (GLW)/.39
• (DHR)/2.26
• (DOW)/.37
• (FISV)/1.56
• (GE)/.14
• (HAL)/.67
• (JBLU)/-.38
• (KMB)/1.32
• (LH)/3.96
• (MCD)/2.34
• (NEE)/.73
• (NVS)/1.54
• (NTRS)/1.52
• (PCAR)/1.82
• (PEP)/1.39
• (PII)/1.71
• (PHM)/1.82
• (RTX)/1.13
• (SHW)/1.79
• (THC)/1.15
• (UPS)/2.21
• (VZ)/1.19
  

After the Close: 

• (GOOG)/1.07
• (BXP)/1.69
• (BYD)/1.54
• (CMG)/8.95
• (CB)/4.48
• (ILMN)/.03
• (JNPR)/.43
• (MANH)/.65
• (MSFT)/2.23
• (PACW)/.57
• (TXN)/1.81
• (V)/1.99
  

Economic Releases

8:30 am EST

• Philly Fed Non-Manufacturing Activity for April.
  

9:00 am EST

• The FHFA House Price Index MoM for February is estimated to fall -.2% versus a +.2% gain in January. 
• The S&P CoreLogic CS 20-City MoM SA for February is estimated to fall -.4% versus a -.43% decline in January.
  

10:00 am EST

• New Home Sales for March are estimated to fall to 633K versus 640K in February.
• Conference Board Consumer Confidence for April is estimated to fall to 104.0 versus 104.2 in March.
• The Richmond Fed Manufacturing Index for April is estimated to fall to -8 versus -5 in March.

10:30 am EST

• The Dallas Fed Services Activity Index for April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The 2Y T-Note auction and the weekly US retail sales reports could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -17.5% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 11.8 +2.1
  
• 5 Sectors Declining, 6 Sectors Rising
• 46.8% of Issues Advancing, 49.6% Declining
• 39 New 52-Week Highs, 19 New Lows
• 44.5%(+1.5%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 58.0 +3
  
• Bloomberg Global Risk-On/Risk-Off Index 56.6 -1.2%
  
• Russell 1000: Growth/Value 15,821.4 -.06%
• 1-Day Vix 9.3 -29.8%
  
• Vix 17.4 +3.5% 
  
• Total Put/Call .93 +4.4%
• TRIN/Arms 1.23 +14.9%
  

Monday Watch

Today's Headlines

Bloomberg:

• Anger in Europe After Chinese Diplomat Says Ex-Soviet States Not Sovereign
• Central Bankers See Above-Target Inflation as Biggest Risk.
• Macron’s Push to Get China’s Help on Ukraine Is Unraveling Fast.
• Riskiest Country Debt Left Out of Emerging-Market Renaissance.
• Europe’s High-Yield Currencies Dethroned by ECB Inflation Fight.
• Sudan Evacuations Push Ahead as Fragile Cease-Fire Falters.
• Russia’s Medvedev Says G-7 Export Ban to Trigger Grain Deal Exit. 
• Asian Stocks Are Mixed at Start of Data Heavy Week: Markets Wrap.
• McCarthy Says House Will Pass GOP Debt-Limit Bill This Week.
• Bed Bath & Beyond Has Stopped Paying Severance to Store Workers.
• Engaged Couples Issue Verdict on Bed Bath & Beyond.
• What’s Happening in EM: The Sovereign Bond Laggards (Podcast).
• SVB Still Seeing Outflows After First Citizens Takeover, FT Says.
• NBCUniversal CEO Shell Leaves After ‘Inappropriate Relationship’.
• Bonds in Trouble as $1 Trillion Liquidity Drains: Credit Weekly.
• Fed’s Next Rate Move May Crystallize With Coming Data: Eco Week. 
• Five Key Charts to Watch in Global Commodity Markets This Week.
• Your Sunday US Briefing: Biden vs Trump 2.0; Tech, Banking Earnings. 
• Tech Surge Sends Valuations to Extremes, but Traders Don’t Care.

Wall Street Journal:

• Leak of Government Secrets Adds Pressure to Overhaul Security Clearances.
• Tech Billionaires Bet on Fusion as Holy Grail for Business.
• Individual Investors Are Still Hungry for Stocks—While Shunning Risk.
• The Surprising Surge of Faith Among Young People.
• Subscription Price Creep Is Real. Our Guide to Pushing Back.
• First Republic Earnings to Shed Light on Depth of Bank Crisis.
• Amazon, Facebook, Google Headline Busy Earnings Week for Tech.

Fox News:

• Former Anheuser-Busch exec reacts to Bud Light's marketing VP taking leave of absence.
• Texas cattle found dead with tongues cut out with 'apparent precision'.
• Disneyland dragon bursts into flames during 'Fantasmic' show at the park.

CNBC:

• The bad loan term that’s back for banks trying to spot a recession.
• Bed Bath & Beyond files for bankruptcy protection after failed turnaround efforts.
• How HBO and Netflix have evolved away from each other in the past decade.

Zero Hedge: 

• Nashville Official Says School Shooter’s Manifesto Is 'Astronomically Dangerous'. 
• Republicans Help Democrats Advance Biden’s Judicial Nominees Amid Feinstein’s Absence.
• Tesla Market Share In California Tumbles To 59.6% From 72.7%.
• "We Scrambled, And Spoke With Well Over 100 Banks. Not One Will Provide Financing".
• Florida LGBT Group Cancels Pride Parade After City Says No Kids Allowed.
• Taibbi: News Blackout In Effect.
• TME Weekend: Boring for longer.
• Gov. Ivey Replaces Alabama Education Director Over 'Woke' Training Book.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Bovard: Spy Letter About Hunter Biden Shows How Dems Are Undermining Democracy.
• The Censorship Industrial Complex Is The Revolt Of The Elites.
• Chicago Employees Fired For Not Getting COVID-19 Vaccine Must Be Reinstated: Judge.
• Will We Ever Get Accountability?
• US Military Evacuates Embassy Staff From War-Torn Sudan.
• X-Date Could Hit As Soon As June: Latest Tax Data Puts Worst-Case Scenario In Play.
• Ukraine Official Demands Endless Streams Of Western Military Aid.
• Is Biden's Credit Score Screw Job On Mortgage Pricing Even Legal?
• Extinction Rebellion Founder Outed As Diesel-Using, Packaged-Fruit-Buying Hypocrite.
• Big Banks, Corporations Getting 90 Percent Of Biden’s Green Energy Credits: Congressional Study.
• New York's Democrat Mayor Says Migrant Crisis Has 'Destroyed' The City, Biden Admin Has 'Turned Back'.
• Should You Fear AI?
• PM Orbán Says US Cannot Push Hungary Into War, Rest Of Europe Be Wise To Follow His Policy.
• Needed: A 'Made In The USA' Policy Plus Energy Independence To Counter Inflation & The Rising National Debt.
• A Pyrrhic End To 130 Years Of Vicious Bad Money And Banking Crises.
• Banks Or Buddies - Where Do People Borrow Money From?
• Gun-Free Zones, Red Flag Laws Only Make Gun Crime Worse: Economist.
• US Tries To Blame Russia For Sudan "Deep State" War.
• "Entire Downtown Is Effectively Dead:" Baltimore City Descends Further Into Turmoil.
• First Smart Gun With Fingerprint Unlocking Hits The Market. 
• Anti-CRT Measures Adopted By 28 US States.
• Feds Have No Data On How Regulations Reduce Emissions: Audit Finds. 
• Bragg Drops Case Against Jordan, Allowing House GOP To Depose Ex-Manhattan Prosecutor.

NewsMax:

• Mark Morgan: 'Tsunami' Coming With Title 42 Lift.
• Taibbi: Jail Time Threat Chilling, Crazy.

TheGatewayPundit.com: 

• Kenneth Joseph Thomas a Veteran and Father of Four Did Not Enter US Capitol, Did Not Attack Police, Faces 30 Years in Prison.
• Elderly Woman Convicted for Spitting at Black Lives Matter Activist During Violent ‘Summer of Love’ — Could Serve 90 Days in Prison.
• AOC Calls for Government Ban on Tucker Carlson and FOX News Hosts for “Inciting Violence”.
• After Disastrous Debates in 2020, Democrats Have Decided to Not Hold Presidential Debates in 2024.
• Bush, Obama And Clinton Partner With Corporations, and Soros’-Funded NGO To Fly Migrants Into US Interior.
• EXCLUSIVE: U.S. Mayors Team Up with Anti-Defamation League to Assault Free Speech.
• Lawsuit Filed Against DOJ For Records on Appointees Installed in the Department to Advance Biden’s Radical Agenda.
• Get Woke, Go Broke: Bed Bath & Beyond Files for Bankruptcy – Company Threw Conservatives Under the Bus and Dropped MyPillow Products.
• Mueller “Pitbull” Andrew Weissmann Believes FOX Should Now Be Under Government Control.
• Why Is the Western Media Ignoring the U.S. Role in Sudan?
• Bill Maher Asks Why Black Celebrities Don’t Speak Out Against Black Crimes Like in Chicago and New York (VIDEO).
• Rep. Nancy Mace: We Found SEVERAL MORE Biden Family Members Involved, More Shell Companies, and Sources of Funds Unknown (VIDEO).
• HORROR: Woman Kidnapped Right Off New York City Street and Carried Away in Minivan (VIDEO).
• Judge Rules Chicago Employees Fired For Not Getting Vax Must Be Reinstated, Repaid For Lost Wages And Benefits.
• Fetterman Admits He Was ‘Not the Kind of Senator’ Pennsylvania Deserved While He Was Hospitalized for Depression.
• “It’s a Settlement That Never Should Have Happened…Something Else Had to Have Been Involved.” – Harvard Professor and Attorney Dershowitz on FOX Settlement with Dominion.

The Epoch Times:

• Sentencing of US Residents’ Family Over Faith Reveals ‘True Nature of the CCP’: Congressman.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 953,415 Reports(+1,831 from prior week) Through April 14th, 2023.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading

• Asian indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 127.75 +.75 basis point
  
• China Sovereign CDS 72.75 +.25 basis point.
• China Iron Ore Spot 105.9 USD/Metric Tonne -2.1%
  
• Bloomberg Emerging Markets Currency Index 47.6 unch.
• Bloomberg Global Risk-On/Risk Off Index 57.8 +.9%.
• Bloomberg US Financial Conditions Index .01 -4.0 basis points. 
  
• Volatility Index(VIX) futures 19.6 +1.0%. 
• Euro Stoxx 50 futures +.05%.
• S&P 500 futures -.22%.
• NASDAQ 100 futures -.25%.

Morning Preview Links

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

Today's Headlines

Bloomberg:

• China Chips’ Market-Beating Rally at Risk as US Tensions Flare.
• China’s Xi Pledges Support for Innovative Firms Amid US Rivalry.
• ECB’s Stournaras Says Rates Have Reached Close to Maximum.
• At Least Nine Lawmakers Sold Bank Stocks During Turmoil, FT Says.
• Bond Traders Wait for Calm to Shatter With Fed ‘Breaking Stuff’.
• Market Stampede Turns Favorite Defensive Trades Into Danger Zone.
• Morgan Stanley’s Seth Carpenter Makes the Case for Soft Landing.
• IPO Market Shows Signs of Life Even as Recession Fears Persist.
• Better-Than-Feared Earnings Has Analysts Rethinking Projections.
• US Presidential Hopefuls Rally Against a Digital Dollar Ahead of 2024 Elections.  
  
• Biden Plans to Slash Planet-Warming Pollution from Power Plants.
• Charting the Global Economy: China to Power World’s Growth.
• Bonds in Trouble as $1 Trillion Liquidity Drains: Credit Weekly.
• Fed’s Next Rate Move May Crystallize With Coming Data: Eco Week.

Wall Street Journal:

• Americans Escaping Pricey Cities Bring Higher Housing Costs, Inflation With Them.
• Supreme Court Lets Abortion Pill Stay on the Market.
• Pepsi’s New Diet: More Chips and Soda.
• Debt-Ceiling Standoff Warps Treasury Trading.
• In 24 Hours, Musk Reignited His Reputation for Risk.
• How Life Insurance Agents Beat Back a Tech Onslaught.
• It’s Coachella’s Most Lavish Party. It Wants to Get Even Bigger.
• Transgender Medicaid Coverage Drives Widening Partisan Gap Between States.

Barron's:

• Had bullish commentary on (NVDA), (QCOM), (MU), (AMBA), (EXPE) and (TJX).

Fox News:

• Biden administration preparing major crackdown on power plants that fuel nation's grid.
• Legendary NBA coach says he hasn't watched league much since social justice statements.

CNBC:

• Alphabet CEO Sundar Pichai’s compensation topped $200 million in 2022.
• How A.I.-powered robots are changing retail.
• ChatGPT and generative A.I. are already changing the way we book trips and travel.

Zero Hedge:  

• Despite Relentless Propaganda, Climate Change Skepticism Is Growing; New Polls Show.
• Bud Light Marketing Executive Goes On Leave After Disastrous Trans-TikTok Stunt.
• The Tower For Twitter? UK Minister Calls For Jailing Social Media Bosses Who Do Not Censor Speech.
• US Debt: Visualizing The $31.4 Trillion Owed In 2023.
• Airman's Leaks Started Just 48 Hours After Russia Invaded Ukraine.
• The Real Reason Behind China’s $10 Billion Offer To Taliban For Lithium.
• FBI Blocking Release Of Nashville Trans Shooter's Manifesto.
• Senator Demands Answers From Government On COVID-19 Vaccine Injury Compensation.
• Biden Impeachment? Top Republican Says IRS Whistleblower, Chinese 'Collusion' And Hunter Laptop Letter Hoax "Tip Of The Iceberg".
• Hartnett: Central Banks Are Giving Up On Rate Hikes, "Locking In" Structurally Higher Inflation.
• "Buy Now, Pay Later" Mania Sends Americans Deeper Into 'Black Hole' Of Debt.
• "Fairly Severe" Corporate Credit Crunch Is "Harbinger Of More Stress To Come".
• Unvaccinated, Terminally-Ill Alberta Woman Denied Transplant Despite Proof Of COVID Natural Immunity.
• Why Colorado Is Topping The Charts In Violent Crime.
• Court Filing Suggests Troubling CIA Links To Two 9/11 Hijackers.
• Civil Rights Complaint Filed Against Anheuser-Busch For Racist And Sexist Hiring.
• Moscow Boots 20 German Diplomats In Tit-for-Tat Mass Expulsion.
• Most Business Leaders Prefer Working With Millennials Over 'Discipline Lacking' GenZers.
• Extremes Get More Extreme, But Everything's Fine.
• G7 Allies Consider Outright Ban Of All Exports To Russia.
• US Expediting Abrams Delivery To Ukraine, Tanks To Arrive In Germany: SecDef Austin.
• Feds Now Eyeing Multiple Felony Charges Against Hunter Biden; IRS Whistleblower Story Grows Legs.
• Boredom persists, but downside convexity is back. 
• Blinken Busted: Played Central Role In Discrediting Hunter Biden Laptop Story As Election Loomed.
• New Wave Of Inflation-Driven Strikes Cripples German Air, Rail, Bus Transportation.

MarketWatch.com:  

• Why the stock market is so frustrating right now.
• Biden’s EPA moves closer to first-ever restrictions on greenhouse gases from power plants: reports.
• Andy Beal, America’s richest banker, makes a massive bond bet on inflation.
• ‘Home flippers aren’t reaping the gains they used to’: Investors are losing money selling houses — particularly those out West.

NewsMax:

• Sen. Johnson: Biden, Media Election Meddling Worse Than Russia.
• Chang: Chinese Migrants Enriching Cartels.
• Trump: A Biden Debate Radical Dems' 'Worst Nightmare'.

TheGatewayPundit.com:

• Under Biden “Communist China…is Running this Country…Into Destruction” – Former US Rep. and Current Dean Michele Bachmann. 
• “There’s No Free Pass Here” – John Kerry Puts Oil and Gas Industry on Notice (VIDEO).
• New Zealand’s Strongest Man to Compete in Women’s Powerlifting Contest to Protest Allowing Transgender Biological Men to Compete.
• WSJ: Jeffrey Epstein’s Ties to JPMorgan Chase & Co. Deeper than Bank Has Acknowledged.
• BREAKING: 60 Minutes Interview Will Attempt to Make Ray Epps “A Victim” Despite Admitting In Text Message To Nephew He “orchestrated it” [VIDEO].
• As Bed, Bath & Beyond Nears Bankruptcy, Conservatives Remember What They Did To MyPillow — “Our Money Is Our Voice”.
• Man Who Identifies as Transgender Exposes Penis to Four Freshman Girls in Wisconsin High School Locker Room.
• NC Volleyball Player Speaks Out after Trans Player Spiked Her in the Face Causing Concussion, Major Neck Injury, and Learning Disability (VIDEO).
• Whose Side Are They On? Republican Senators Help Dems Advance Biden’s Judicial Nominees.
• BREAKING: Controversial Konnech Company Dismisses ALL CHARGES Against Catherine Engelbrecht and Gregg Phillips After Links to China Exposed – True the Vote Evaluates Options to Hold Company Accountable.
• President Trump Tells General Michael Flynn “Stay in Good Health, Mike, and Get Ready” (VIDEO).
• “There Must Be Some Accountability Here” – Elon Musk Responds to Reports that Secretary of State Blinken Organized Intel Letter Defaming Hunter Laptop Story as Russian Disinformation.
• Deagel Population Forecast Sees Nearly 70 Percent Fewer Americans by 2025.
• Athletics Deserting Far Left Oakland, CA for New Home in Las Vegas (VIDEO).

The Epoch Times: 

• IN-DEPTH: Reshoring US Industry from China Requires Defense-Driven Innovation, Economist Says.

Twitter:

• @LoveWorld_Peopl - NEW YORK : INSANE SCENES FROM THE STREETS OF NEW YORK CITY ! (video)
• @Xx17965797N - HPV Vaccine Mandate to Attend College.
• @CBKNEWS121 - According to the conversations I had with President #Trump, he will return to #Twitter soon.
• @The_Real_Fly - Illegal aliens who are LGBTQ may not be detained anymore under Democrats' new bill as they qualify as "vulnerable persons" — Fox
• @zerohedge - *US YOUTH SUICIDE ATTEMPTS BY POISONING UP 30%, CDC SAYS.
• @aginnt - Not a single Democrat voted to defend female athletics.
• @247ChinaNews - Michael Dell, the billionaire founder and chief executive of one of the world’s biggest computing groups, is “intently focused” on buying components from outside China due to growing concern over supply-chain disruptions.
• @amuse - Alleged Chinese Operative Arrested By FBI For Opening ‘Secret Police Stations’ Attended Ritzy Dem Events.
• @IGSquawk - Weekend markets update: Weekend markets update: #DAX 15882 -0.06% #DOW 33782 +0.01% #NASDAQ 12977 +0.00% #FTSE 7913 +0.04% #HANGSENG 20003 +0.01% #GBPUSD 12444 +0.01% #EURUSD 10989 +0.00% #USDJPY 13413 +0.01%.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 953,415 Reports(+1,831 from prior week) Through April 14th, 2023. 

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.