Proprietary Trading Morning Market Update July 8 2013

U.S. Stocks Advance Before Alcoa Starts Earnings Season. U.S. stocks rose, giving the Standard & Poor's 500 Index a third straight day of gains, as investors waited for Alcoa Inc. (AA) to kick off earnings season.

Analysts Boosting S&P 500 Target 11% Reduce Earnings Growth. The same equity analysts who lowered second-quarter profit growth predictions to almost nothing in 2013 are raising price forecasts, convinced the economy is growing fast enough to lure more investors and boost valuations.

Pre-Market Activity:

$SPY +0.66%

$VXX -3.15%

$TLT +0.53%

$UUP -0.1%

$USO -0.57%

$UNG +1.46%

$GLD +1.13%

$SLV +1.87%

Early Movers:

$LINE (Upgraded to Buy at $BAC; $30 PT) +4.10%

$PCLN (Overweight at$MS; $1010 PT) +1.81%

Proprietary Trading Economic Calendar:

Date	Time (ET)	Statistic	For	Actual	Briefing Forecast	Market Expects	Prior	Revised From
8-Jul	3:00 PM	Consumer Credit	May	-	$10.5B	$13.2B	$11.1B	-

Proprietary Trading Earnings Announcements:

Company	Symbol	EPS	Time	Add to My	Conference
		Estimate*		Calendar	Call
A. Schulman Inc	SHLM	0.65	After Market Close	Add
Advanced Photonix Inc	API	-0.03	After Market Close	Add
BCB Holdings Ltd	BCB.L	N/A	Time Not Supplied	Add
Begbies Traynor Group PLC	BEG.L	N/A	Time Not Supplied	Add
Calypte Biomedical Corp	CBMC	N/A	Time Not Supplied	Add
Cambridge Heart Inc	CAMH	N/A	Time Not Supplied	Add
CGN Mining Co Ltd	1164.HK	N/A	Time Not Supplied	Add
China Sunergy Co Ltd	CSUN	-1.01	Before Market Open	Add	Listen
elexxion AG	E8X.F	N/A	Time Not Supplied	Add
Encres Dubuit SA	DBT.PA	N/A	Time Not Supplied	Add
Euro Asia Premier Real Estate Co Ltd	JT9.DE	N/A	Time Not Supplied	Add
Formosa Plastics Corp	1301.TW	N/A	Time Not Supplied	Add
Gabetti Property Solutions SpA	GAB.MI	N/A	Time Not Supplied	Add
Investors Real Estate Trust	IRET	0.17	After Market Close	Add
Lacroix SA	LACR.PA	N/A	Time Not Supplied	Add
Mercury Systems Inc	MRCY	-0.08	Time Not Supplied	Add
MSC Industrial Direct Co Inc	MSM	0.98	Time Not Supplied	Add
Mwana Africa PLC	MWA.L	N/A	Time Not Supplied	Add
Omega Diagnostics Group PLC	ODX.L	N/A	Time Not Supplied	Add
Redstone PLC	RED.L	N/A	Time Not Supplied	Add
SciClone Pharmaceuticals Inc	SCLN	0.11	Time Not Supplied	Add
Torex Gold Resources Inc	TXG.TO	N/A	Time Not Supplied	Add
Volt Information Sciences Inc	VISI	N/A	Time Not Supplied	Add
Xyratex Ltd	XRTX	-0.05	After Market Close	Add	Listen

Unusual Options Report:

ASML- 1,500 Aug. $80 puts were bought for $3.10-$3.20 each, against open interest of 10 contracts. ASML Holding shares are up 3% today, breaking out above the $82 level.

EWT- Over 5,300 Aug. $13 puts were purchased for $0.26 each, against open interest of 6 contracts. Shares of the Taiwan iShares ETF are near the lows of the day, but are still higher by 0.80%.

JBLU- Nearly 1,700 Aug. $7 calls were purchased for $0.08-$0.15 each, against open interest of 1,024 contracts. JetBlue Airways shares are in an intermediate downtrend, down over a $1 from the 2013 highs.

YGE- More than 3,600 Aug. $4 calls were bought for $0.25-$0.30 each, against open interest of 599 contracts. Shares of Yingli Green Energy are making aother run at the highs of year up over 12% today.

AAPL- Apple is on pace for it's drop in five sessions, down nearly 1%. The call to put ratio in the July 12 weekly options is 1.74, led by activity in the $420, $425, and $430 calls.

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