Proprietary Trading Morning Market Update July 9 2013

Stocks Advance on Profit Outlook as Gold Rises, Yen Drops. U.S. stocks rose for a fourth day amid optimism companies will report better-than-forecast earnings for the second quarter, while gold advanced and the yen weakened.

Wall St. climbs on earnings optimism. Stocks opened higher in a broad advance on Tuesday, putting the S&P 500 on pace for a fourth straight climb, after Alcoa's earnings caused moderate optimism at the start of the earnings season.

Pre-Market Activity:

$SPY +0.45%

$VXX -2.42%

$TLT +0.02%

$UUP +0.13%

$USO -0.27%

$UNG -0.03%

$GLD +1.39%

$SLV +1.30%

Early Movers:

$ISRG (Lowers Q2 guidance) -13%

$TSLA (Joining the $NDX on 7/15) +3.31%

$AA (Beats Q2 est.) +1%

Proprietary Trading Upcoming Economic Calendar:

Date	Time (ET)	Statistic	For	Actual	Briefing Forecast	Market Expects	Prior	Revised From
10-Jul	7:00 AM	MBA Mortgage Index	6-Jul	-	NA	NA	-11.70%	-
10-Jul	10:00 AM	Wholesale Inventories	May	-	0.40%	0.30%	0.20%	-
10-Jul	10:30 AM	Crude Inventories	6-Jul	-	NA	NA	-10.347M	-
10-Jul	2:00 PM	FOMC Minutes	19-Jun	-	-	-	-	-

Proprietary Trading Earnings Announcements:

Company	Symbol	EPS	Time	Add to My	Conference
		Estimate*		Calendar	Call
Adept Telecom PLC	ADT.L	N/A	Before Market Open	Add
Axis AB	AXIS.ST	N/A	02:00 am ET	Add
CropEnergies AG	CE2.DE	N/A	01:00 am ET	Add
Cybergun SA	CYB.PA	N/A	Time Not Supplied	Add
FastPartner AB	FPAR.ST	N/A	Time Not Supplied	Add
Franklin Covey Co	FC	0.12	After Market Close	Add	Listen
Fred Olsen Production ASA	FOP.OL	N/A	Time Not Supplied	Add
Helen of Troy Ltd	HELE	0.71	After Market Close	Add	Listen
Hi-Tech Pharmacal Co Inc	HITK	0.63	Before Market Open	Add	Listen
Hyundai Pharmaceutical Co Ltd
Investment AB Oresund	ORES.ST	N/A	Time Not Supplied	Add
Jilin Aodong Pharmaceutical Group Co Ltd	000623.SZ	N/A	Time Not Supplied	Add
Magnum Hunter Resources Corp	MHR	-0.11	Before Market Open	Add
Penford Corp	PENX	0.15	Before Market Open	Add
Polar Capital Technology Trust PLC	PCT.L	N/A	Before Market Open	Add
Tecsys Inc	TCS.TO	0.03	Time Not Supplied	Add
Wolverine World Wide Inc	WWW	0.34	Before Market Open	Add

Unusual Options Activity:

AA- Alcoa will report Q2 earnings after the bell tonight. Analysts are looking for $0.06 in EPS and revenue of $5.8 billion. The July 12 weekly $8 straddle costs $0.39, or 5% of the current share price. Call to put ratio in the July 12 weekly options is 1.95.

AVT- A rollout from 1,456 July $34 calls into 1,456 Aug. $34 calls for a net $0.50-$0.55 credit. This was likely a covered call rollout strategy in which he/she own shares of Avnet.

DLLR- 5k Jan. 2014 $15 calls were bought for $1.55 each, against open interest of 5,127 contracts. Check the open interest tomorrow morning for confirmation of new activity.

ELN- A likely rollout from 10k July $14 calls for $0.40 each into 10k Jan. 2014 $14 calls for a $1.10 debit. Volume was above the open interest in the Jan. 2014 $14 calls.

AAPL- Apple shares are underperforming compared to the broader market, down 0.90%. The call to put ratio in the July 12 weekly options is 1.42, led by activity in the $420 and $425 calls.

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