Bull Radar

Style Outperformer:

• Large-Cap Growth +.5%
  

Sector Outperformers:

• 1) Airlines +2.4% 2) Computer Services +1.9% 3) Utilities +1.2%

Stocks Rising on Unusual Volume:

• PRTA, OMER, MESO, OKLO, SOC, DRI, INOD, GPCR, BYRN, VKTX, TRIP, ACN, EVH, DOCS, BILL, CAMT, GEV, JWN, PLTR, GDYN, NEOG, FDS, STRL, RDY, NEOG, BCAX, WING and MRVL
  

Stocks With Unusual Call Option Activity:

• 1) BTI 2) NGD 3) FBTC 4) MESO 5) KMX

Stocks With Most Positive News Mentions:

• 1) OMER 2) DRI 3) GGSM 4) PRTA 5) SOC
  

Sector ETFs With Most Positive Money Flow:

• 1) SMH 2) XLY 3) KOMP 4) XAR 5) XSD
  

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:

• (CCL)/.08
• (WGO)/.19
  

After the Close: 

• None of note
  

Economic Releases

8:30 am EST

• Personal Income for Nov. is estimated to rise +.4% versus a +.6% gain in Oct.
• Personal Spending for Nov. is estimated to rise +.3% versus a +.1% gain in Oct.
• The Core PCE Price Index MoM for Nov. is estimated to rise +.2% versus a +.3% gain in Oct.

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment readings for Dec.
  

11:00 am EST

• The Kansas City Fed Services Activity Index for Dec.
  

Upcoming Splits

• (TSCO) 5-for-1

Other Potential Market Movers

• The Fed's Daly speaking, government funding deadline, Atlanta Fed GDPNow Q4 update, Dallas Fed PCE for Nov., weekly CFTC speculative positioning reports, weekly Baker Hughes rig count, weekly EIA natural gas inventory report and the (GNRC) mgmt meeting with CLKing 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 +28.4% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 12.3 -7.1
  
• 5 Sectors Declining, 6 Sectors Rising
• 36.7% of Issues Advancing, 61.8% Declining 
• TRIN/Arms .78 +33.6%
  
• Non-Block Money Flow -$92.8M
  
• 13 New 52-Week Highs, 228 New Lows
• 51.4% (+.04%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 22.0 -12.0
  

Other:

• Bloomberg Global Risk-On/Risk-Off Index 64.3 +6.4%
• Bloomberg Cyclicals/Defensives Index 251.3 -.06%
  
• Russell 1000: Growth/Value 22,029.2 +.45%
• CNN Fear & Greed Index 27.0 (FEAR) -6.0
  
• 1-Day Vix 22.4 -51.0%
  
• Vix 23.8 -13.8%
  
• Total Put/Call 1.0 +20.5%

Thursday Watch

Night Trading 

• Asian equity indices are -1.75% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 76.0 +3.25 basis points.

• China Sovereign CDS 65.75 +3.0 basis points.
  
• China Iron Ore Spot 101.60 USD/Metric Tonne -1.1%

• Bloomberg Emerging Markets Currency Index 37.1 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 60.5 +.02%.
• Volatility Index(VIX) futures 18.9 -4.6%.
• Euro Stoxx 50 futures -1.41%

• S&P 500 futures +.22%.

• NASDAQ 100 futures +.14%.  

Morning Preview Links

BOTTOM LINE: Asian indices are lower, weighed down by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the day.

Stocks Close Substantially Lower on Powell's Post-Election Hawkishness, Another Massively Irresponsible US Government Spending Bill, Surging Long-Term Rates, Consumer Discretionary/Financial Sector Weakness

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 37.1 -.54%
• 3-Month T-Bill Yield 4.34% +3.0 basis points
  

• China Iron Ore Spot 102.4 USD/Metric Tonne -.3%
• Dutch TTF Nat Gas(European benchmark) 41.0 euros/megawatt-hour -2.5%

• Citi US Economic Surprise Index 9.5 +.5 point
  

• Citi Eurozone Economic Surprise Index -8.7 +1.2 points

• Citi Emerging Markets Economic Surprise Index -2.6 +.3 point
• S&P 500 Current Quarter EPS Growth Rate YoY(6 of 500 reporting) +7.9% -1.8 percentage points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 271.28 +.04:  Growth Rate +13.7% +.1 percentage point, P/E 22.4 +.1
  
• S&P 500 Current Year Estimated Profit Margin 12.55% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 386.36 +.26: Growth Rate +23.2% +.1 percentage point, P/E 35.3 -.1
  
• Bloomberg US Financial Conditions Index .79 -8.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index .97 unch.
  
• US Yield Curve 13.0 basis points (2s/10s) -1.5 basis points
  
• US Atlanta Fed Q4 GDPNow Forecast +3.33% unch.
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 28.3% +1.8 percentage points
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.97% unch.: CPI YoY +2.86% unch.
  
• 10-Year TIPS Spread 2.32 +1.0 basis point
  
• Highest target rate probability for Jan. 29th FOMC meeting: 90.3% (+8.7 percentage points) chance of 4.25%-4.5%. Highest target rate probability for March 19th meeting: 56.0%(+16.0 percentage points) chance of 4.0%-4.25%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +178 open in Japan 
• China A50 Futures: Indicating -100 open in China

• DAX Futures: Indicating -253 open in Germany

Portfolio:

• Lower:  On losses in my tech/industrial/financial/consumer discretionary/utility sector longs
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
  

Market Exposure: Moved to 25% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Value -1.9%
  

Sector Underperformers:

• 1) Cyber Security -3.2% 2) Gold & Silver -3.1% 3) Video Gaming -3.0%

Stocks Falling on Unusual Volume: 

• NX, RBRK, HMC, AFRM, YY, GIS, BLD, AMPH, TTC, ZS, ASAN, KROS, TEM, MNDY, XP, HEI, NU, SERV, VKTX, GPCR, GRAL and HSAI
  

Stocks With Unusual Put Option Activity:

• 1) CRVS 2) RSP 3) MP 4) QUBT 5) KULR
  

Stocks With Most Negative News Mentions:

• 1) HEI 2) GIS 3) KYTX 4) SYM 5) MRNA
  

Sector ETFs With Most Negative Money Flow:

• 1) IGV 2) XLY 3) KRE 4) ARKK 5) XLI

Charts:

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