Bear Radar

 Style Underperformer:

• Mid-Cap Growth -1.4%

Sector Underperformers:

• 1) Gaming -4.9% 2) Alt Energy -2.9% 3) Digital Health -2.3%

Stocks Falling on Unusual Volume: 

• CDLX, RLAY, NSIT, OM, CVI, IIVI, EQT, CVNA, DCPH, IONS, TPTX, CTSH, UBER, TWLO, CAH, ACCD, PENN, LESL, DNMR, UPLD, AVYA, FOUR, RKT, DFIN, RGS, ETSY, LOPE, CENX, AHCO, RDFN, AVNW, LPI, TXG, USCR, QUOT, FSLY and PCT
  

Stocks With Unusual Put Option Activity:

• 1) K 2) KR 3) XRT 4) ETSY 5) ARKK
  

Stocks With Most Negative News Mentions:

• 1) FSLY 2) QUOT 3) PINS 4) FLNT 5) GOEV
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value +.3%

Sector Outperformers:

• 1) Gold & Silver +4.7% 2) Steel +2.0% 3) Telecom +1.2%

Stocks Rising on Unusual Volume:

• LQDT, AVID, BCRX, CCRN, WW, HOME, SBH, GOLF, NMRK, BGFV, WCC, K, MRCY, AXGN, SCU, RUN, TEN, NUS, PZZA, ELY, RARE, LL, PETQ, ZNGA, ECOM, BLDR, CLI, LUMN, HLF, AERI, ANF, GIS, LAND, COMM, FRT, CRY, SSSS, ESPR, AAN, CF and ASO
  

Stocks With Unusual Call Option Activity:

• 1) HOME 2) JNPR 3) BGFV 4) RDFN 5) K

Stocks With Most Positive News Mentions:

• 1) W 2) PZZA 3) REGN 4) FOXA 5) COST
  

Charts:

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

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -5.7% Below 100-Day Average 
• 9 Sectors Rising, 2 Sectors Declining
• 39.4% of Issues Advancing, 55.9% Declining
• 324 New 52-Week Highs, 25 New Lows
• 87.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 54.3%
  
• Bloomberg Global Risk-On/Risk-Off Index 3,159.0 +27.0 points
• Vix 19.0 -1.0%
• Total Put/Call .87 +2.4%
• TRIN/Arms .83 +2.5%

Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 79.75 +.25 basis point.

• China Sovereign CDS 37.5 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 60.70 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 3,149.0 +17.0 points.
• Volatility Index(VIX) futures 21.8 +.6%.
• FTSE 100 futures +.08%.

• S&P 500 futures -.08%.

• NASDAQ 100 futures -.13%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AES)/.35
• (BUD)/.44
• (APTV)/.83
• (MT)/1.44
• (BDX)/3.05
• (CAH)/1.56
• (FLIR)/.53
• (HAIN)/.38
• (ICPT)/-1.42
• (K)/.96
• (MGA)/1.60
• (MRNA)/3.02
• (NCLH)/-2.10
• (PZZA)/.55
• (PENN)/.25
• (PWR)/.73
• (REGN)/9.92
• (TPR)/.29
• (VIAC)/1.15
• (W)/.21
• (ZTS)/1.02
  

After the Close:

• (AMC)/-1.32
• (BYND)/-.21
• (CVNA)/-.66
• (CHUY)/.19
• (CGNX)/.35
• (ED)/1.40
• (DDOG)/.03
• (DBX)/.30
• (LOCO)/.12
• (EOG)/1.34
• (EXPE)/-2.37
• (IAC)/-.43
• (MTZ)/.73
• (MCK)/5.01
• (MCHP)/1.74
• (MNST)/.61
• (NWSA)/.07
• (PTON)/-.08
• (POST)/.56
• (QDEL)/5.18
• (RMAX)/.46
• (ROKU)/-.13
• (SHAK)/-.09
• (SFM)/.60
• (SQ)/.16
• (SYNA)/1.89
• (OLED)/.80
• (YELP)/.17
  

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for April.
  

8:30 am EST

• 1Q Non-Farm Productivity is estimated to rise +4.3% versus a -4.2% decline in 4Q.
• 1Q Unit Labor Costs is estimated to fall -1.0% versus a +6.0% gain in 4Q.
• Initial Jobless Claims for last week are estimated to fall to 535K versus 553K the prior week. 
• Continuing Claims are estimated to fall to 3620K versus 3660K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Bank of England decision, China Trade Balance report, Langer Consumer Comfort and the (KMX) analyst day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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 75% net long heading into the day.

Stocks Higher into Afternoon on Economic Optimism, Earnings Outlooks, Stable Long-Term Rates, Commodity/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 18.3 -6.2%
• Bloomberg Global Risk On/Risk Off Index 3,217.0 +135.0 points

• Euro/Yen Carry Return Index 135.5 -.2%

• Emerging Markets Currency Volatility(VXY) 9.63 -.21%

• S&P 500 Implied Correlation 51.5 -1.4%

• ISE Sentiment Index 99.0 -19.0 points
  

• Total Put/Call .83 -3.5%

• NYSE Arms .70 -36.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 50.93 +.42%
  

• US Energy High-Yield OAS 433.76 -.54%

• European Financial Sector CDS Index 59.26 -.59%

• Italian/German 10Y Yld Spread 111.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 79.10 -.19%
  

• Emerging Market CDS Index 168.10 -1.85%
  

• China Corp. High-Yield Bond USD ETF(KCCB) 39.31 -.15%

• 2-Year Swap Spread 11.5 unch.

• TED Spread 16.75 -.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -2.5 +.25 basis point
  
• MBS  5/10 Treasury Spread  63.0 unch.
  
• IHS Markit CMBX BBB- 6 71.5 -.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.69 +.1%
• 3-Month T-Bill Yield .01% unch.
  

• Yield Curve 148.0 unch.
  

• China Iron Ore Spot 185.20 USD/Metric Tonne +.5%

• Citi US Economic Surprise Index 22.2 -.6 point

• Citi Eurozone Economic Surprise Index 159.5 +1.4 points
  

• Citi Emerging Markets Economic Surprise Index 51.9 +.1 point

• 10-Year TIPS Spread 2.46 +3.0 basis points
• 89.0% chance of no change at Sept. 22nd meeting, 89.0% chance of no change at Nov. 3rd meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +338 open in Japan 
• China A50 Futures: Indicating -173 open in China

• DAX Futures: Indicating +7 open in Germany

Portfolio:

• Higher: On gains in my tech/biotech/industrial/energy sector longs
  

• Disclosed Trades:  None
  

• Market Exposure: 75% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Growth +.1%

Sector Underperformers:

• 1) Utilities -2.0% 2) REITs -1.4% 3) Defense -1.2%

Stocks Falling on Unusual Volume: 

• CWH, SABR, UBER, EQC, LUNG, STIM, NYT, OUT, DNB, UPWK, LYFT, IONS, HFC, DLB, ABC, MCFE, LL, AEIS, INSP, SILK, DCPH, KBAL, PTON, MRCY, EPAY, CDLX and ESPR
  

Stocks With Unusual Put Option Activity:

• 1) CCXI 2) BHC 3) Z 4) LITE 5) WW
  

Stocks With Most Negative News Mentions:

• 1) PTON 2) MRCY 3) EPAY 4) RYAM 5) GOEV
  

Charts:

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