Proprietary Trading Morning Market Update July 12 2013

U.S. Stocks Little Changed as Investors Weigh Earnings. U.S. were little changed, after the Standard & Poor's 500 Index yesterday closed at a record, as investors weighed bank earnings and awaited a report on consumer confidence.

Stocks inch higher into record territory. U.S. stocks edged higher at the opening bell Friday, a day after the market scaled new peaks.

Pre-Market Activity:

$SPY -0.01%

$VXX -0.17%

$TLT +0.2%

$UUP +0.47%

$USO +1%

$UNG +0.63%

$GLD -0.85%

$SLV -1.74%

Proprietary Trading Upcoming Economic Calendar:

Date	Time (ET)	Statistic	For	Actual	Briefing Forecast	Market Expects	Prior	Revised From
12-Jul	8:30 AM	PPI	Jun	0.80%	0.20%	0.30%	0.50%	-
12-Jul	8:30 AM	Core PPI	Jun	0.20%	0.10%	0.10%	0.10%	-
12-Jul	9:55 AM	Mich Sentiment	Jul	83.9	85.5	85	84.1	-

Proprietary Trading Earnings Announcements:

Company	Symbol	EPS	Time	Add to My	Conference
		Estimate*		Calendar	Call
Arena Agroindustrie Alimentari SpA	ARE.MI	N/A	Time Not Supplied	Add
Arena Agroindustrie Alimentari SpA	ARE.MI	N/A	Time Not Supplied	Add
Atea ASA	ATEA.OL	N/A	Time Not Supplied	Add
Bakrieland Development Tbk PT	ELTY.JK	N/A	Time Not Supplied	Add
Ballast Nedam NV	BALNE.AS	N/A	Time Not Supplied	Add
Beijer Electronics AB	BELE.ST	N/A	07:00 am ET	Add
Bong AB	BONG.ST	N/A	06:00 am ET	Add
China Metro-Rural Holdings Ltd	CNR	N/A	Time Not Supplied	Add
Corem Property Group AB	CORE.ST	N/A	Time Not Supplied	Add
Credit Foncier de Monaco SA	MLCFM.PA	N/A	Time Not Supplied	Add
Dane-Elec Memory SA	DAN.PA	N/A	Time Not Supplied	Add
Data Respons ASA	DAT.OL	N/A	Time Not Supplied	Add
Daxor Corp	DXR	N/A	Time Not Supplied	Add
ECA Marcellus Trust I	ECT	0.51	Time Not Supplied	Add
ECO Animal Health Group PLC	EAH.L	N/A	Before Market Open	Add
Flow International Corp	FLOW	0.01	Time Not Supplied	Add
Groupe Vial SA	VIA.PA	N/A	Time Not Supplied	Add
Karo Bio AB	KARO.ST	N/A	02:30 am ET	Add
Kaufman & Broad SA	KOF.PA	N/A	Before Market Open	Add
Marketo Inc	MKTO	N/A	Time Not Supplied	Add
Micronic Mydata publ AB	MICR.ST	N/A	02:00 am ET	Add
Nordic Semiconductor ASA	NOD.OL	N/A	Time Not Supplied	Add
Norwegian Property ASA	NPRO.OL	N/A	Time Not Supplied	Add
Ocean Power Technologies Inc	OPTT	N/A	Before Market Open	Add	Listen
OPMEDIC Group Inc	OMG.TO	0.05	Time Not Supplied	Add
Orexo AB	ORX.ST	N/A	02:00 am ET	Add
Proact IT Group AB	PACT.ST	N/A	06:00 am ET	Add
Sandnes Sparebank	SADG.OL	N/A	Time Not Supplied	Add
Semcon AB	SEMC.ST	N/A	Time Not Supplied	Add
Storebrand ASA	STB.OL	N/A	01:30 am ET	Add
Telecom Reseaux Services SA	ALTRS.PA	N/A	Time Not Supplied	Add
Torex Gold Resources Inc	TXG.TO	N/A	Time Not Supplied	Add
Trilogiq SA	ALTRI.PA	N/A	Time Not Supplied	Add
Vitrolife AB	VITR.ST	N/A	02:30 am ET	Add
Webster Financial Corp	WBS	0.48	08:00 am ET	Add	Listen
Wells Fargo & Co	WFC	0.93	08:00 am ET	Add

Unusual Options Activity

JPM- J.P. Morgan will report Q2 earnings tomorrow morning before the bell. Analysts are looking for $1.43 in EPS and revenue of $24.8 billion. Options traders are pricing in a $1.31 move, or 2.40%, in either direction. The call to put ratio in the July 12 weekly options is 1.14.

WFC- Wells Fargo is another big bank that will report Q2 earnings in the morning. Analysts are looking for $0.92 in EPS and revenue of $21.2 billion. The options market is pricing in a $1.19 move, or 2.87%, in either direction. Put to call ratio in the July 12 weekly options is currently 1.48.

BBRY- 10k Dec. $20 calls were bought for $0.11-$0.15 each, against open interest of 22,058 contracts. Check the open interest in the morning for confirmation of new buying. BlackBerry shares are just a few percent off of the lows for 2013.

CFX- 2,500 Dec. $60 calls were purchased for $1.25 each, against open interest of 2,679 contracts. Also, check the open interest in the morning for confirmation of new buying. Shares of Colfax have been trending higher, but are slightly in today's session.

AAPL- Apple shares are up over 1%, keeping pace with the broader market today. The call to put ratio in the July 12 weekly options is 1.35, led by activity in the $425 and $430 calls.

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