Night Trading
- Asian equity indices are +.5% to +1.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 84.5 +.75 basis point.
- China Sovereign CDS 36.5 -.25 basis point.
- Bloomberg Emerging Markets Currency Index 60.40 -.06%.
- Bloomberg Global Risk-On/Risk Off Index 3,217.0 +82.0 points.
- Volatility Index(VIX) futures 20.0 +.42%.
- FTSE 100 futures +.22%.
- NASDAQ 100 futures +.04%.
Morning Preview Links
Earnings of Note
Company/Estimate
Before the Open:
- (CGNT)/.15
- (KFY)/.98
- (PLUG)/-.09
After the Close:
Economic Releases
10:00 pm EST
- Existing Home Sales for May is estimated to fall to 5.72M versus 5.85M in April.
- The Richmond Fed Manufacturing Index for June is estimated at 18.0 versus 18.0 in May.
Other Potential Market Movers
- The
Fed's Powell testifying to House, Fed's Daly speaking, German IFO
Business Climate Index, weekly US retail sales reports, Jefferies
Consumer Conference and the Goldman Leisure/Transport Conference could
also impact global trading today.
US Equity Market Hours
BOTTOM LINE:
Asian indices are higher, boosted by technology and commodity shares in
the region. I expect US stocks to open mixed and to rally into the
afternoon, finishing modestly higher. The Portfolio is 100% net long
heading into the day.
Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Ever Sector Rising
- Market Leading Stocks: Performing In Line
- Volatility(VIX) 18.2 -12.2%
- Bloomberg Global Risk On/Risk Off Index 3,110.0 +115.0 points
- Euro/Yen Carry Return Index 135.70 +.43%
- Emerging Markets Currency Volatility(VXY) 9.1 +1.1%
- S&P 500 Implied Correlation 48.3 -4.4%
- ISE Sentiment Index 110.0 -2.7 points
- Total Put/Call .79 -14.1%
- North American Investment Grade CDS Index 49.71 -1.99%
- US Energy High-Yield OAS 394.0 -1.2%
- European Financial Sector CDS Index 55.67 -.98%
- Italian/German 10Y Yld Spread 105.0 -2.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 85.25 +1.3%
- Emerging Market CDS Index 157.49 -1.02%
- China Corp. High-Yield Bond USD ETF(KCCB) 39.28 +.31%
- 2-Year Swap Spread 6.75 +.25 basis point
- TED Spread 10.75 +1.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -4.25 -.5 basis point
- MBS 5/10 Treasury Spread 73.25 +1.25 basis points
- IHS Markit CMBX BBB- 6 73.0 -1.0 basis point
- Bloomberg Emerging Markets Currency Index 60.44 +.21%
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 130.0 -7.0 basis points
- China Iron Ore Spot 198.0 USD/Metric Tonne -6.3%
- Citi US Economic Surprise Index 46.5 +1.8 points
- Citi Eurozone Economic Surprise Index 91.50 -24.5 points
- Citi Emerging Markets Economic Surprise Index 76.3 -2.4 points
- 10-Year TIPS Spread 2.26 +2.0 basis points
- 100.0% chance of no change at Nov. 3rd meeting, 100.0% chance of no change at Dec. 15th meeting
- Nikkei 225 Futures: Indicating +655 open in Japan
- China A50 Futures: Indicating +26 open in China
- DAX Futures: Indicating +11 open in Germany
- Higher: On gains in my commodity/industrial/biotech/tech/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
NYSE Composite Index:
- Volume Running -14.4% Below 100-Day Average
- 11 Sectors Rising, 0 Sectors Declining
- 71.3% of Issues Advancing, 24.5% Declining
- 64 New 52-Week Highs, 23 New Lows
- 83.2% of Issues Above 200-day Moving Average
- Average 14-Day RSI 42.8%
- Bloomberg Global Risk-On/Risk-Off Index 3,090.0 +95.0 points
- Vix 18.6 -10.3%
- Total Put/Call .72 -21.7%
- TRIN/Arms .85 -55.0%
Night Trading
- Asian indices are -1.75% to -.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 84.25 +1.0 basis point.
- China Sovereign CDS 37.5 +2.0 basis points.
- Bloomberg Emerging Markets Currency Index 60.30 -.01%.
- Bloomberg Global Risk-On/Risk Off Index 2,915.0 -80.0 points.
- Volatility Index(VIX) futures 21.32 -.09%.
- Euro Stoxx 50 futures -.04%.
- S&P 500 futures -.13%.
- NASDAQ 100 futures -.01%
Earnings of Note
Company/Estimate
Before the Open:
After the Close:
Economic Releases
8:30 am EST
- The Chicago Fed National Activity Index for May is estimated to rise to .73 versus .24 in April.
Upcoming Splits
Other Potential Market Movers
- The
PBOC rate decision, Raymond James Health Innovations Conference and the
Morgan Stanley Electric Vehicle Investor Conference could also impact
trading today.
US Equity Market Hours
BOTTOM LINE: Asian indices are lower, weighed down by financial and industrial 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.
Bloomberg:
Wall Street Journal:
CNBC:
- Had bullish commentary on (APTV), (GM), (ORCL), (SIX), (TGT), (NKE), (VFC), (LEVI), (AEO), (RL), (TDUP) and (GOOGL).
- Had bearish commentary on (TSLA).
MarketWatch.com: Fox News:
Zero Hedge:
TheGatewayPundit.com:
Digital Blackboard:
Worldometer:
Rt Covid-19:
KFF:
Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Most Sectors Declining
- Market Leading Stocks: Performing In Line
- Volatility(VIX) 20.0 +12.0%
- Bloomberg Global Risk On/Risk Off Index 3,027.0 -231.0 points
- Euro/Yen Carry Return Index 135.19 -.32%
- Emerging Markets Currency Volatility(VXY) 9.0 +.9%
- S&P 500 Implied Correlation 51.5 +7.5%
- ISE Sentiment Index 115.0 -5.0 points
- North American Investment Grade CDS Index 50.6 +2.1%
- US Energy High-Yield OAS 395.90 +.60%
- European Financial Sector CDS Index 56.22 +1.7%
- Italian/German 10Y Yld Spread 107.0 +6.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 84.13 -.34%
- Emerging Market CDS Index 15847 +1.40%
- China Corp. High-Yield Bond USD ETF(KCCB) 39.25 +.17%
- 2-Year Swap Spread 6.5 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -.5 basis point
- MBS 5/10 Treasury Spread 72.0 +.75 basis point
- IHS Markit CMBX BBB- 6 74.0 unch.
- Bloomberg Emerging Markets Currency Index 60.37 -.51%
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 130.0 -7.0 basis points
- China Iron Ore Spot 206.85 USD/Metric Tonne -.3%
- Citi US Economic Surprise Index 44.8 +.3 point
- Citi Eurozone Economic Surprise Index 116.0 -4.4 points
- Citi Emerging Markets Economic Surprise Index 78.7 -.3 point
- 10-Year TIPS Spread 2.24 unch.
- 100.0% chance of no change at Nov. 3rd meeting, 100.0% chance of no change at Dec. 15th meeting
- Nikkei 225 Futures: Indicating -329 open in Japan
- China A50 Futures: Indicating -125 open in China
- DAX Futures: Indicating +11 open in Germany
- Slightly Lower: On losses in my commodity/industrial/biotech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long