Bear Radar

Style Underperformer:

• Mid-Cap Growth -1.1%
  

Sector Underperformers:

• 1) Gold & Silver -3.7% 2) Social Media -2.7% 3) Energy -2.6%

Stocks Falling on Unusual Volume: 

• CLB, PANW, BA, STLA, CNQ, QURE, PLTR, NNOX, BALL, VTLE, CROX, TM, ATAT, GPK, SMCI, PGEN, PLNT, NETI, AMCX, WB, RCEL, CSIQ, VRDN, HPK, ACLX, JKS, OVV, ABCM, ENVX, HPK, ENPH, OLN, SYM, MAG, EH, PDD, SEDG, DRD, UPST, CIVI, EDU, BILI, PKST, LMND and OPRA
  

Stocks With Unusual Put Option Activity:

• 1) FDX 2) HPE 3) SPCE 4) COHR 5) SMG
  

Stocks With Most Negative News Mentions:

• 1) EGIO 2) ACLX 3) EGIO 4) BYND 5) XPEV
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth -.6%
  

Sector Outperformers:

• Homebuilding +.8% 2) Gambling +.6% 3) Medical Equipment -.1%

Stocks Rising on Unusual Volume:

• DICE, VERA, LITE, VYGR, GNRC, HCC, CRNC and DNLI
  

Stocks With Unusual Call Option Activity:

• 1) DFLI 2) ORGN 3) GNRC 4) SPCE 5) BOTZ

Stocks With Most Positive News Mentions:

• 1) SRDX 2) SPCE 3) DICE 4) VERA 5) EVLO
  

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:

• (PDCO)/.70
• (WGO)/1.80
  

After the Close: 

• (KBH)/1.33
• (SCS)/.01
  

Economic Releases   

• None of note

Upcoming Splits 

• None of note
  

Other Potential Market Movers

• The Fed's Powell testifying to House, Fed's Mester speaking, weekly US retail sales reports, weekly MBA Mortgage Applications report, 20Y T-Bond auction, Canadian CPI report, JPMorgan Energy/Power/Renewables Conference and the (DLTR) investor conference could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Morning Market Internals

NYSE Composite Index:

• NYSE Volume Running +14.1% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 9.7 +4.9
  
• 11 Sectors Declining, 0 Sectors Rising
• 26.0% of Issues Advancing, 71.2% Declining
• 46 New 52-Week Highs, 8 New Lows
• 51.4%(-1.9%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 59.0 -9.0
  
• Bloomberg Global Risk-On/Risk-Off Index 61.9 -3.0%
  
• Russell 1000: Growth/Value 17,466.4 +.45%
• 1-Day Vix 8.8 -29.4%
  
• Vix 14.5 +18% 
  
• Total Put/Call .78 -32.8%
• TRIN/Arms 1.98 +117.7%
  

Tuesday Watch

Today's Headlines

Bloomberg:

• US-China Rift Eases After Blinken Trip, But Frictions Remain
• Xi Tells Blinken ‘Very Good’ That Progress Made on US-China Ties.
• Chinese Banks Disappoint With Modest Cut to Five-Year Rate.
• Yen Pressure Mounts With Trade-Weighted Gauge at Two-Decade Low.
• ECB’s Guindos Says Slowdown in Core Inflation May be Limited.
• RBA Frets Over Inflation Risk in ‘Finely Balanced’ Rate Call.
• Equities Fall as China Loan-Rate Cuts Underwhelm: Markets Wrap.
• Oil Drifts Lower on Concern Chinese Stimulus Will Fall Short.
• Treasury Yields Jump to Extend Global Bond Slide Before Powell.
• Staley Sought Business, Family Advice From Epstein, Emails Show.
• Aircraft Mega-Deals Have Industry Veterans Warning About a Bubble.
• California Puts a Price on Slavery’s Legacy and Draws a Blueprint for Reparations.
• Tropical Storm Bret Forms in Atlantic Headed for the Caribbean.
• A Zero-Day Flaw in Hacked MOVEit Software Was Exposed on Twitter.

Zero Hedge:

• China Says Xi, Blinken Meeting Was Just A "Courtesy", Castigates US For "Misperceptions".
• "We Are Restricting Freedom... For The Common Good": Irish Green Party Calls For Limiting Free Speech
• 10 Very Important Questions That We Should All Be Asking Right Now
• Trump 'Needs To Be Shot': Democratic Lawmaker Quickly Backpedals During On-Air Tirade.
• Ron Paul: We Need A Peace President.
• School Principal Quits Job To Homeschool Her 3 Kids On A 10-Acre Homestead: 'I Wanted To Raise Thinkers'.
• The Berkeley Files: Faculty Applicants Were Ranked On Their Support For DEI Policies And Practices.
• Global Markets Drop, US Futures Flat In Muted Holiday Trading.
• It is getting extremely extreme.
• Confidence In America Is Collapsing.
• Global Economic Surprise Plummets As Eurozone Enters Recession.
• Victor Davis Hanson: The Ukraine-American Gordian Knot.
• Vax-Pushing Debate Dodger Linked To 'Chimeric' Coronavirus Creation In Wuhan.
• Rand Paul: "Bill Gates Is Largest Funder Of Trying To Find Viruses In Caves And Bring Them To Big Cities".
• Key Events This Week: No Data Releases But Fed Speakers Galore Including Powell (Twice).
• "Extreme Greed": A "Prescient Signal Of A Durable Economy" Or A Giant Bull Trap
• Bazball.
• Disney Pixar Movie With Non-Binary Character And Woke Themes Bombs.
• China Has A Simple Solution To Its Soaring Youth Unemployment.
• Tearing Apart The Governing Consensus.
• The Utter Failure Of Merrick Garland: Turley.
• "No One's Going Short Here".
• Black Americans Support, US Majority Reject Reparations.
• Juneteenth Headlines Recap - Newsquawk Asia-Pac Market Open.

Wall Street Journal:

• I Paid for Free Speech at Arizona State. The university is firing me for organizing an event featuring Charlie Kirk and Dennis Prager. 
• Homeless Numbers Rise in U.S. Cities.
• Internal JPMorgan Report Provides New Details on Bank’s Ties to Jeffrey Epstein.
• Why Inflation Around the World Just Won’t Go Away.
• How Much America’s Biggest Companies Are Paying Their Workers.
• U.S. Becomes Transgender-Care Outlier as More in Europe Urge Caution.
• SVB Clients Who Lost Deposits Remain on the Hook for Loans.
• New Land Grab by Oil Giants Is Deep Underground.

CNBC:

• U.S. lawmakers to urge automakers to cut their reliance on China.
• China cuts two more key lending rates as economy sputters.

MarketWatch.com:

• Spotify’s Bill Simmons calls Prince Harry and Meghan Markle ‘grifters’ after podcast deal ends
• This incredible chart shows the close relationship between the S&P 500 and Fed liquidity
• Alibaba, other tech stocks drop as Goldman downgrades China growth forecast

NewsMax:

• FBI Taking Years Hunting for Trump Jan. 6 Ties.
• Giroir: GAO Report Proves Fauci 'Misleading'.
• Gays Against Groomers Rep: Dodgers' Actions 'Offensive'.
• Esper: China ‘Can’t Afford’ to Get on Our ‘Bad Side’.

Fox News:

• Dem slammed after accidentally saying Trump 'needs to be shot': 'Quite the Freudian slip'
• YouTube takes down interview with Democrat presidential candidate for 'misinformation'.

TheGatewayPundit.com:

• “We Do Not Support Taiwan Independence” – Tony Blinken Gives Green Light to Chicoms to Invade Taiwan (VIDEO).
• 28-Year-Old Rising MMA Star in ‘Peak Physical Condition’ Hospitalized After Cardiac Arrest.
• FOX NEWS IS GONE: Bret Baier Attacks Trump on Classified Documents But Defends Pence After He Lied About Holding the Documents Illegally at His Home (VIDEO).
• Kari Lake’s HIT SONG “81 Million Votes My Ass” Topping The Charts – Will Debut on Billboard’s Hot Singles Chart This Week.
  
• Here We Go: American Medical Association Claims BMI is “Racist” and Should Not Be Used Due to Its Origin in 19th Century White Body Standards
• Lindsey Graham Defends FBI, DOJ and the Two-Tiered Justice System – Accuses “Irresponsible” Republicans of Stoking Violence in Opposing Blatant DOJ Lawlessness.
• Several People Killed, Dozens Injured as Juneteenth Celebrations in North Carolina, Illinois, Missouri, Ohio and Washington Turn Bloody.
• Situation in Israel and Middle-East Deteriorating, Biden Asleep at the Wheel.
• NPR “Honors” Fathers By Celebrating Pregnant Dad Story.
• FLASHBACK: As TGP Previously Reported, Dr. Peter Hotez Received Millions of Dollars from Dr. Tony Fauci in Same Grant that Funded Chinese Communist Regime Scientists.
• Scale of Bidens’ Illegal Payment Scandal Triples Overnight.
• Halderman Report: Dominion Machines Can Be Defeated During Certification Testing and Can Spread Malware Throughout a County.
• TGP EXCLUSIVE: Limited Maricopa County 2022 Ballot Signature Review Shows Obviously Mismatched Signatures Accepted at Level One – VIEW RECORDS HERE.
• Vaccine Promoter Peter Hotez Cowers from Debating Robert Kennedy Jr. on COVID Vaccine Disaster – Responds to Elon Musk by Begging for Cash.

The Epoch Times:

• Xi Calling Bill Gates ‘An Old Friend’ Is Not a Compliment: Expert.
• South Korea Conducts Nationwide Probe Into Alleged Covert Chinese ‘Police Stations’.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 964,389 Reports(+1,106 from prior week) Through June 2nd, 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 -.75% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 111.75 -1.0 basis point.
  
• China Sovereign CDS 58.75 -2.5 basis points.
• China Iron Ore Spot 112.7 USD/Metric Tonne -1.0%.
  
• Bloomberg Emerging Markets Currency Index 45.3 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 64.3 +.4%.
• Bloomberg US Financial Conditions Index .20 -3.0 basis points. 
  
• Volatility Index(VIX) futures 16.6 +.6%. 
• Euro Stoxx 50 futures n/a.
• S&P 500 futures -.24%.
• NASDAQ 100 futures -.22%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial 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 week.

Today's Headlines

Bloomberg:

• Blinken Meets Top China Diplomat as Trip Sees Positive Start. 
• China’s Big-City Homeowners Cash Out as Wealth Dream Fades.
• Five Tools Europe Will Use to Counter China’s Geopolitical Rise.
• Melinda French Gates Says World Debt Woes Need Bold Action Now.
• Cancer Warnings on Beer, Wine in Ireland Spark Industry Alarm.
• Danone Pins Turnaround Hopes on AI. 
• China Tech, Yuan Fall as Stimulus Hopes Unanswered: Markets Wrap. 
• Oil Edges Lower as Investors Wait for Detail of China Stimulus.
• Five Key Charts to Watch in Global Commodity Markets This Week.
• The World’s Most Feared Investor Heads for Showdown Over Nickel.
• Musk Says Biden’s Call for More Taxes on Rich Won’t See ‘Action’.
• Christie Made Millions After Leaving New Jersey Office, NYT Says.
• Janus Henderson Sees Rising Threat of Credit Crunch as Fed Hikes.
• Top Stock Picker Scouts AI Fringes to Beat 97% of Peers.
• ‘The Flash,’ Pixar’s ‘Elemental’ Disappoint in Muted Box Office.

Zero Hedge:

• US National Debt Hits All-Time High Of $32 Trillion.
• Climate Authoritarianism: WEF Wants 75% Fewer Private Car Owners By 2050.
• Hedge Fund CIO: Only Thing Worse Than Pausing Prematurely Is Having A Fed Chair Who Lacks Decisiveness And Determination.
• At Least 20 Shot, 1 Fatally, In "Illegal Street Takeover" Near Chicago.
• Armed ATF & IRS Agents Hit Montana Gun Store With "Soviet-Style Intimidation Raid".
• China Withholds Cremation Data From Late 2022 After Ditching "Zero Covid" Policy.
• Opposing Critical Race Theory Doesn't Make You A "White Supremacist".
• FBI Groomed Developmentally Challenged 16-Year-Old To Become A Terrorist, Then Arrested Him.
• Taliban & China Discuss Banking Cooperation.
• As Blinken Floats "Israel Status" Plan For Ukraine, US Drifts Into Next Forever War.
• Bear Markets: How Deep Is Your Loss?
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Liberals Voice 'Sense Of Betrayal' After Muslim-Ruled MI City Bans Pride Flags.
• Biden Baffles US Audience, Closing Speech With 'God Save The Queen'
• People 'Up To Date' With COVID-19 Vaccines More Likely To Be Infected: Study.
• Goldman: The Nasdaq Is Off To Its Best Start Ever, But Folks Are As Long As They Have Been All Year
• 'Double-Talking' Vaccine Scientist Refuses To Debate RFK Jr. Despite $1.5 Million Charity Pot.
• Race-Baiting Dems, Media Fall Silent After Black Subway 'Hero' Kills Crazed Man In NYC.
• Spotify Exec Calls Prince Harry & Megan "F**king Grifters" After Split With Company.
• Zelensky Slams Trump For Saying He Would End The War In Ukraine.
• State Department's Narrative Control Unit Letting 'Highly Ideological Activists' Decide Discourse.
• Iran Continues Making Inroads In Latin America Among 'Anti-Imperialists' .
• Family Groups And LGBT Activist Uniting Against Bill That Could Make Pedophiles A Protected Class.
• Lies, Damn Lies, And UFOs: Deciphering The Truth Hidden Amid Decades Of Propaganda.
• Oscars' New Diversity Rules Rob Winners Of Authentic Achievement, Say Critics.
• Mississippi Becomes Ground Zero In National Fight Over Ballot Harvesting.
• Hartnett: "Us Bears Have Been Wrong, But It Feels Like A Combo Of 2000 And 2008: Big Rally Before Big Collapse".
• TME Weekend: Some might say...
• California's War Against Prosperity.
• Suicide & Homicide Rates Among Young Americans At Decade High.
• Congress Restricts Funding Of Chinese, Russian Labs, But Loopholes Remain.

Wall Street Journal:

• Reparations Are No More Than a Dream of Privilege. Black Americans tragically turned our focus from rights and laws to identity politics and victimization.
• Lots of Hiring, Not So Much Working.
• McCarthy’s Next Trick: Averting a Government Shutdown.
• Boomers Got Hooked on Stocks. Now They Can’t Let Go.
• Celebrities Use AI to Take Control of Their Own Images.
• Latest China Test for Western Firms: Consumers Switching to Homegrown Labels.
• How Today’s Teens Get More Financial Firepower Than Past Generations.
• China’s Small Businesses Are Hit Hard as Economic Recovery Falters.
• New Grads Have No Idea How to Behave in the Office.

Barron's:

• Had bullish commentary on (FCX), (WMG) and (UMGNF).

CNBC:

• A.I. human-voice clones are coming for the Amazon, Apple, Google audiobook.
• Blinken meets Chinese Foreign Minister Qin Gang on high-stakes diplomatic trip to Beijing.
• Elon Musk says Tesla’s market cap is directly tied to whether it solves autonomous driving.

MarketWatch.com:

• Washington may be looking at another fiscal crisis: a government shutdown.
• MarketWatch weekly recession gauge drifts lower.
• Are Americans starting to buy more stuff? FedEx’s results will have part of the answer.
• Small-cap stocks have been trouncing their larger peers. These are the top recommendations.

NewsMax:

• Trump: 'Fake Indictment' a Cover-Up for Biden Bribery.
• Pence Vows to 'Clean House' at DOJ on 'Day One'.
• Trump Leads Biden by 6, Even After Indictment.
• Top Prosecutor in Trump Case Had Unethical Past, Court Records Show.

Fox News:  

• Social media galvanized by massive crowd protesting Dodgers honoring drag 'nuns'.
• WATCH: Biden makes bold claim about China's 'embarrassing' spy craft that wasn't 'intentional'.
• Oscars voters rip into ‘ridiculous’ new diversity rules for Best Picture.
• Biden put on notice as Republican reveals next steps in 'family influence-peddling' probe.
• Move over Bud Light, there’s now a new top-selling beer in America.
• American ally sounds alarm over Soros' son's controversial political priorities.

TheGatewayPundit.com:

• Vaccine Promoter Peter Hotez Cowers from Debating Robert Kennedy Jr. on COVID Vaccine Disaster – Responds to Elon Musk by Begging for Cash. 
• Disney’s New Ultra-Woke Kids Movie Featuring ‘Nonbinary’ Character Bombs at the Box Office. 
• AMC Cancels Showings of Documentary Showcasing People Who Regret Sex Change Procedures After Transgender Activists Complain. 
• Biographer Claims an Exodus is Coming on Fox News: Tucker Carlson’s Team is Growing Bigger.
• Former NYC Top Cop Bratton Slams City’s Vending Machines for Drug Addicts.
• Here is former Tucker Carlson Producer Alexander McCaskill Who Was Forced Out by the Women in Charge of FOX After He Labeled Biden a “Wannabe Dictator” on Chyron.
• MLB Legend Curt Schilling Shreds Dodgers for Anti-Christian Stunt: ‘Billionaires Can’t Do Math’.
• Majority of Registered Voters Believe Trump Indictment is Election Interference, According to Harvard Poll.
• Georgia’s Brad Raffensperger Knowingly Ran Vulnerable Voting Machines During His 2022 Reelection – Hid Damning Report from the Public and Won’t Secure the Machines for 2024.
• President Trump Calls for the 20 Republicans Who Voted with Democrats in Supporting Adam Schiff to Be Primaried.
• Feds Quietly Drop 5 Charges Against SBF in Multi-Billion Dollar FTX Scam Including Allegation He Bribed Chinese – SBF Is the Democrat Party’s Second Largest Donor.
• It Begins: 20 Heavily Armed IRS and ATF Agents Raid Great Falls Gun Store, Seize Firearm Purchase Records.
• President Trump Responds to Tucker Carlson’s Barnburner Twitter Episode “Wannabe Dictator” (VIDEO).
• Laughlin Air Force Base to Host “Pride Parade” With “Parade Route Around Base Housing”.
• WOW! Fetterman Speaks Complete Gibberish as He Introduces Joe Biden in Philly (VIDEO).
• Obama-Appointed Judge Rules Utah City Must Allow All-Ages Drag Show in Public Park.
• Barack Obama Proposes “Digital Fingerprints” to Help the Regime Combat What They Deem as Online “Misinformation”.
• WATCH: Conservative Star Dan Bongino Reveals a “Weird” Incident Occurred While Criticizing the Soros Family on His Show.
• DISGUSTING. Major League Baseball and LA Dodgers Honor Demonic Sisters of Perpetual Indulgence on Home Field Before Game (VIDEO).
• Tucker Carlson Lawyer Harmeet Dhillon Stops Appearing on FOX News, Urges Republican Lawmakers to do the Same.

The Epoch Times:

• Chinese Regime Announces Strategic Partnership With Palestinian Authority
• Reviving Engagement With China ‘Counterproductive and Dangerous’: Rep. Gallagher
• Apple Music and iTunes Take Down Pro-Democratic Song After Hong Kong DOJ Applied for an Injunction to Ban the Song.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 964,389 Reports(+1,106 from prior week) Through June 2nd, 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.