SRPT Mentioned positively in Barron's as company having

Time Event Estimate Date Act.vs. Est. S&P

10:00 ISM Services 57.3 2/5 -0.4 0.47

10:00 New Home Sales 583K 1/31 87 0.86

Last Report

Time Event Estimate Date Est Act. Diff. S&P Best Worst

10:00 Construction Spending 0.2 2/1 0.2 0.8 0.6 0.09 Ener C Disc

Raymond James Institutional Conference

Last Report

Upgrades

Ticker Firm From To

FL Pivotal Hold Buy

GPI Goldman Neutral Buy

KHC Morg Stan Underwgt Equalwgt

STNG B. Riley Neutral Buy

ZTS Stifel Hold Buy

Downgrades

Ticker Firm From To

ENB Evercore ISI Outperf Inline

GWRE Piper Jaff Overwgt Neutral

OKTA SunTrust Buy Hold

STI UBS Buy Neutral

UHS JP Morgan Overwgt Neutral

WYNMF JP Morgan Overwgt Neutral

Initiations/Reiterations

Ticker Firm Action Rating

FL Imperial Reiterate Outperf

GLNG Cowen Reiterate Outperf

IMMU HC Wainwright Initiated Buy

XRAY HC Wainwright Reiterate Neutral

- China and US are Reportedly Close to Reaching a Deal on Trade.

- Trump Says in CPAC Speech that Dollar Remains too High.h 1.0 %

h 1.1

h 0.2

h 0.7

Oil 56.24 h $0.4

Gold 1289.3 i -$9.9

$/Euro 0.882 h 0.00

$/Yen 111.87 i 0.0

10-Yr 2.75 i -0.01

Japan

China

Germany

UK

Trading Up ($):

AMZN (10.47), TSLA (5.09), GOOGL (3.48), LNG (2.5), BA (2.4), NFLX (2.17)

Trading Down ($):

PLCE (-12.06), DVA (-2.25), GWRE (-1.57), DDS (-1.07), TEAM (-0.95), HA (-0.67)0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

16:00 18:00 20:00 22:00 0:00 2:00 4:00 6:00

Pe

rce

nt

Ch

ange Asia Opens

Europe Opens

Today’s Events

Stock Specific News of Note

Noteworthy Macro EventsOther MarketsOvernight Trading

Tomorrow

Overnight Trading

Analyst Actions

Indicators/EventsMarket Timing Model

© Copyright 2019, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.

Earnings Reports

Ticker Date TOD EPS Revs.

CIEN 3/5/19 AM 0.30 762

JW.A 3/5/19 AM 0.81 456

KSS 3/5/19 AM 2.18 6581

KFY 3/5/19 AM 0.81 484

SINA 3/5/19 AM 0.89 576

TGT 3/5/19 AM 1.52 23065

WB 3/5/19 AM 0.76 482

AMBA 3/5/19 PM 0.04 51

CWH 3/5/19 PM 0.27 981

COO 3/5/19 PM 2.50 619

ROST 3/5/19 PM 1.13 4054

RYI 3/5/19 PM 0.59 1144

URBN 3/5/19 PM 0.79 1146

1/0/1900 1/0/00 0 0.00 0

Estimate

11:30 Fed's Barkin Speaks on Economy

CVX Analyst Meeting

JP Morgan Aviation and transport Conference

Conferences & Meetings

Economic Indicators & Events

Dividends & Splits

LTHM Will replace BRS in the S&P 600 effective 3/5.

Index Changes

BLK 3.30 NPO 0.25

RE 1.40 EIG 0.22

AVY 0.52 RMAX 0.21

BespokePremium.com

For Personal Use Only—Do Not Forward1

Ticker News

BMRN Mentioned positively in Barron's as company having diversified exposure to gene therapy.

GPS Barron's says that Old Navy spin-off will unlock value in both stocks.

KHC Barron's article says it is best to wait before buying the stock.

KHC Upgraded to Equal-weight from Underweight at Morgan Stanley.

LITE Barron's follow-up article says that stock remains attractive

MDC Says new home orders increased 1% y/y in first two months of year.

MGTX Mentioned positively in Barron's article on gene therapies.

NITE Will be acquired by BIIB for $25.50 per share in cash.

NLSN Barron's reports that Elliott Management would like to see the company sold.

PLCE Reported weak earnings and announced deal to buy Gymboree, Crazy 8 IP assets.

QURE Positive Barron's article says stock could have more upside even after doubling YTD.

RGNX Mentioned positively in Barron's article on gene therapies.

SRPT Mentioned positively in Barron's as company having diversified exposure to gene therapy.

TSLA Company paid off $920 mln convertible bond in cash on Friday.

TSLA Musk tweets that Model Y event will be on 3/14.

VALE Announces temporary departure of CEO during investigation of dam collapse.

ZTS Upgraded to Buy from Hold at Stifel.

Bearish Bullish

Category One Week Two Weeks One Month

Sentiment 0.06 0.22 0.42

Technicals 0.07 0.22 0.41

Fundamental 0.17 0.27 0.65

Overall 0.09 0.23 0.51

Average (all days) 0.13 0.13 0.13

Expected S&P 500 Return (%)

Neutral

https://www.bespokepremium.com/

-0.15

-0.10

-0.05

0.00

0.05

0.10

0.15

0.20

Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19

Bonds Outperforming Stocks

Stocks Outperforming Bonds

Ticker % Chg. Occ. Chg. Percent Up Chg. Percent Up

XRAY 17.6 0 n/a n/a n/a n/a

BIO 17.2 1 -0.6 0.0 -1.2 0.0

GPS 16.2 1 0.6 100.0 0.8 100.0

SRCL 15.8 0 n/a n/a n/a n/a

IRDM

UVE -16.0 3 8.0 100.0 17.0 100.0

DDD -14.0 6 0.3 50.0 0.9 33.3

KIRK -13.1 5 5.2 40.0 8.5 80.0

WPG -11.1 1 -1.9 0.0 4.9 100.0

Average Return (%)

Next Day Next Week

Index/Sector Current 1 Wk Ago

S&P 500 OB OB

Cons Discret. OB OB

Cons Staples OB OB

Energy OB OB

Financials OB OB

Health Care OB OB

Industrials OB OB

Materials OB OB

Technology OB OB

Comm. Svcs OB OB

Utilities OB OB

OS N OB

S&P 500 50-Day Moving Average Spread S&P 500 Internals Yesterday’s Movers

Relative Strength of Stocks versus Bonds

S&P 500 Overbought and Oversold Stocks (Percentage) Trading Ranges: Sectors

Trading Ranges: Bonds/Commodities

S&P 500 Overbought Stocks Most Likely to Fall

S&P 500 Oversold Stocks Most Likely to Rise


Extreme Overbought

Overbought

Oversold

Extreme Oversold

4.4

60.4

0

10

20

30

40

50

60

70

80

90


Green indicates percentage of oversold stocks, and red indicates percentage of overbought stocks.

Commodity Current 1 Wk Ago

$/Euro N N

$/Yen OB N

2-Year N N

10-Year OS N

Gold N OB

Silver OS N

Copper OB OB

Crude Oil OB OB

Heating Oil OB OB

Gasoline OB OB

Natural Gas N N

OS N OB

Indicator Change50-Day Moving Avg Spread i 6.1 % 6.4 %10-Day A/D Line i 906 1354# of Overbought Stocks i 302 369# of Oversold Stocks h 22 17

P/E Ratio Trailing h 18.47 18.40 Forward i 16.68 16.71

Dividend Yield i 1.96 % 1.96 %

Net Earnings Revisions i -32.1 % -27.1 %

Credit Spreads (bps)High Yield i 411 417Corporate Bonds i 132 133

Current One Week Ago


BespokePremium.com


Ticker Price

ALXN 137.75 1.79 -1.25 36.4

IPG 23.13 1.20 -0.39 42.9

PRGO 50.13 1.17 -0.49 45.8

DISH 32.23 1.29 -0.35 47.2

Standard Deviations

Above 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive

Ticker Price

None

Standard Deviations

Below 50-Day Avg

Avg % Return

(One Week)

Percent of

Time Positive


BBG US Dollar Index: Last Six Months

BBG US Dollar Index: Last 15 Trading Days

1150

1160

1170

1180

1190

1200

1210

1220

9/6 10/4 11/1 11/29 12/27 1/24 2/21

1150

1160

1170

1180

1190

1200

1210

1220

9/6 10/4 11/1 11/29 12/27 1/24 2/21

50-DMA: 1191

200-DMA: 1189

1183

1187

1191

1195

1199

1203

2/11 2/13 2/15 2/19 2/21 2/25 2/27 3/1

1194

Gold Future: Last Six Months

Gold Front Month Future: Last 15 Trading Days

1175

1195

1215

1235

1255

1275

1295

1315

1335

1355

8/29 9/27 10/25 11/23 12/21 1/23 2/21

1175

1195

1215

1235

1255

1275

1295

1315

1335

1355

8/29 9/27 10/25 11/23 12/21 1/23 2/21

1290

1300

1310

1320

1330

1340

1350

1360

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

200-DMA: 1255

50-DMA: 1306

1299

S&P 500: Last Six Months

S&P 500: Last 15 Trading Days

2300

2400

2500

2600

2700

2800

2900

3000

8/28 9/26 10/24 11/21 12/21 1/23 2/21

2300

2400

2500

2600

2700

2800

2900

3000

8/28 9/26 10/24 11/21 12/21 1/23 2/21

2675

2700

2725

2750

2775

2800

2825

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

200-DMA: 2750

50-DMA: 26432804

Russell 2000: Last Six Months

Russell 2000: Last 15 Trading Days

1250

1350

1450

1550

1650

1750

8/28 9/26 10/24 11/21 12/21 1/23 2/21

200-DMA: 1587

1490

1510

1530

1550

1570

1590

1610

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

50-DMA: 1466

1590

Nasdaq Composite: Last Six Months

Nasdaq Composite: Last 15 Trading Days

6150

6450

6750

7050

7350

7650

7950

8250

8/28 9/26 10/24 11/21 12/21 1/23 2/21

6100

6400

6700

7000

7300

7600

7900

8200

8/28 9/26 10/24 11/21 12/21 1/23 2/21

50-DMA: 7083

200-DMA: 7477

7200

7250

7300

7350

7400

7450

7500

7550

7600

7650

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

7595

Oil Future: Last Six Months

Oil Future: Last 15 Trading Days

8/29 9/27 10/25 11/23 12/21 1/23 2/21

41.5

45.5

49.5

53.5

57.5

61.5

65.5

69.5

73.5

77.5

8/29 9/27 10/25 11/23 12/21 1/23 2/21

200-DMA: 63

51.0

52.0

53.0

54.0

55.0

56.0

57.0

58.0

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

50-DMA: 52

55.75


BespokePremium.com


DJ Transports: Last Six Months

DJ Transports: Last 15 Trading Days

8400

8900

9400

9900

10400

10900

11400

11900

8/28 9/26 10/24 11/21 12/21 1/23 2/21

8400

8900

9400

9900

10400

10900

11400

11900

8/28 9/26 10/24 11/21 12/21 1/23 2/21

200-DMA: 10563

10000

10200

10400

10600

10800

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

50-DMA: 9861

10462

Long Bond Future: Last Six Months

Long Bond Future Intraday: Last 15 Trading Days

134

136

138

140

142

144

146

148

150

8/31 10/1 10/29 11/27 12/27 1/28 2/26

134

136

138

140

142

144

146

148

150

8/31 10/1 10/29 11/27 12/27 1/28 2/26

200-DMA: 142

143.3

143.8

144.3

144.8

145.3

145.8

146.3

146.8

147.3

2/8 2/12 2/14 2/19 2/21 2/25 2/27 3/1

50-DMA: 145

144


For Personal Use Only—Do Not Forward

BespokePremium.com © Copyright 2019, Bespoke Investment Group, LLC. The information herein was obtained from

sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its

accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the

purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not

responsible for any losses incurred from any use of this information.

4

Overview: With allegedly positive trade headlines, the VIX is pinned near six month lows from the close

Friday, while the largely technical breakout higher in UST yields from late last week is taking a pause

with the curve bull-flattening roughly 1 basis point so far this morning. Commodities are generally high-

er, with WTI seeing massive volume this morning (5x the average) and similar action in products. Cop-

per, on the other hand, has continued to decline after last Friday’s weak performance and is now the

lowest in a week and a half. Iron ore futures were down slightly overnight. Finally, in credit markets the

backdrop is generally very positive with big rallies across synthetic and cash bonds on both sides of the

Atlantic.

US data today includes construction spending and some bill auctions, with the slate otherwise looking

like its typical Monday quiet. Economic scorecard.

China Deal: Per the WSJ last night, the US and China are “close” on a trade deal (link). China has

offered to “lower tariffs and other restrictions on American farm, chemical, auto and other products “

as well as committing to buy a large value in US goods explicitly ($18bn) while the Trump Administra-

tion is offering to roll back pretty much all of the $250bn in tariffs that have been instituted thus far.

Progress is also being made on intellectual property per USTR Robert Lighthizer, an area he has a high

degree of expertise in. From where we sit, there’s no way to tell if this progress is substantive or anoth-

er administration-friendly leak designed to help keep equity markets perky. It could be both! If there’s

any consolation, it’s that markets can’t tell either. S&P 500 futures were good for a pop at the open

that carried them above 2820, but have since given back those gains and are set to open a more mod-

est 25 bps higher, while USDJPY, USDCNY, and AUDUSD all showed relatively modest reactions or ig-

nored the headlines entirely.

APAC Markets: With positive trade headlines flying around, APAC soared including a 1.2% rally in the

CSI 300 and 1% rally for the Nikkei. India was closed, but Korea and Taiwan actually lagged pretty badly

and finished the day lower, while

the dollar very mixed; CNH and

AUD rallied but only by very small

amounts.

CSI 300: On a purely technical lev-

el, yesterday’s reversal off session

highs looks significant. That rever-

sal is a rejection of the 61.8% re-

tracement level for last year’s 11-

month long selloff. Prior retrace-

ment levels hurdled in the current

rally have been met with strong

price action; gaps up, steady intra-

day buying, and closes above. This

one looks like short-term mean

reversion is near.

Morning Commentary

CSI 300 Reacting Poorly to 61.8% Retracement Levels

2850

3050

3250

3450

3650

3850

4050

4250

4450

100.0% (4403.34) 0.0% (2940.19)23.6% (3285.49) 38.2% (3499.11)50.0% (3671.76) 61.8% (3844.42)76.4% (4058.3)

2850

3050

3250

3450

3650

3850

4050

4250

4450

https://www.bespokepremium.com

https://www.bespokepremium.com/interactive-dev/economic-monitors/eco-global

https://www.wsj.com/articles/u-s-china-close-in-on-trade-deal-11551641540?mod=hp_lead_pos1







5

Sentix: Global analyst sentiment surveys released by Sentix overnight showed the world economy con-

tinuing its slowdown, with the “current” reading for the Eurozone, Eastern Europe, Japan, and the US

making new lows. Sequentially, current readings were stronger in EM regions of Asia Ex Japan and

LatAm.

The negativity was not universal, however. “6 Months Ahead” forecasts are starting to rise and rise

sharply. All regions have seen an uptick in each of the last two months, which has driven some of the

fastest bounces in years across a number of regions. The Asia Ex Japan outlook for the next six months

has jumped at a pace in the 97.9th percentile, while the Eurozone’s 6 month outlook uptick has been

the largest since March of 2015. In fact, the aggregate global six month ahead series registered its best

two months since March of 2012 between December and February; the rate of change was in the

96.8th percentile of all periods since 2003.

Morning Commentary

Sentix Investor Expectations Surveys

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

Eurozone 6 Months Ahead, -10.25

Eurozone Current, 6.25

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

Eastern Europe 6 Months Ahead, -5

Eastern Europe Current, 6.5

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

Asia Ex Japan 6 Months Ahead, 6.5

Asia Ex Japan Current, 24.5

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

Japan 6 Months Ahead, -3

Japan Current, 14.25

-80

-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

US 6 Months Ahead, -12.5

US Current, 36

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

LatAm 6 Months Ahead, -1.25

LatAm Current, -6.5








6

Spain Labor Markets: With the

European economy slowing, we

continue to search labor markets

for signs of weakness. However,

for now, there are none. As shown

at left, Spanish employment

growth is both steady and actually

accelerating per the somewhat

nuanced social security registration

data (jobholders can be counted

multiple times). Registered unem-

ployment also continues to grind

lower.

Eurozone Markets: As mentioned

earlier, credit is rallying big as the

ECB enters its quiet period. Mar-

kets are generally higher but as the

FTSE 100, DAX, and CAC have gath-

ered steam across the session the

IBEX and FTSE MIB have fallen to

session lows and red on the day.

For the aggregate Stoxx 600 the

march higher continues, with 17 of

19 groups higher on the day (Retail

and Utilities lagging, Media, Per-

sonal & Household Goods leading).

For the Stoxx 600 overall, the cur-

rent 14-day RSI reading is just be-

low the highest of the past year

but the index is still within two

standard deviations of its 50-DMA;

its MACD is also still showing up-

ward momentum as well, meaning

overbought conditions can contin-

ue for now.

Europe Earnings: It’s a thin start to

the week, with only two reports

and little movement from either

name so far on the session.

Morning Commentary

Spain Social Security Registered Employment: No Sign Of Collapse

-10

-8

-6

-4

-2

0

2

4

6

8

10

Spain Registered Employment SA 3m/3m Ann.

1.9

2.4

2.9

3.4

3.9

4.4

4.9

5.4

Spain Registered Unemployment SA, mm

Stoxx 600 Overbought But Not Yet Ready To Roll

320

330

340

350

360

370

380

390

400

410

50-DMA

200-DMA

+2 Std Dev

-2 Std Dev

320

330

340

350

360

370

380

390

400

410

20304050607080

14 Day RSI








7

US Earnings: Earnings season has really trickled down to nothing with only 15 companies in the S&P

500 not reported. Small caps are a bit more active, with 1490 of 1989 Russell 2000 stocks reported so

far but generally speaking “earnings season” is over for a couple of months. Reports for the Q1 period

of the calendar will start to come out about five weeks from now in the second week of April. Econom-

ic scorecard. Interactive Earnings Calendar.

Morning Commentary

Asset Level Change 5d Chg 3m Chart Asset Level Change 5d Chg 3m Chart

S&P 500 2813.00 28.5 62.6 Gold 1287.60 -89.3 -316.6

Russell 1592.20 17.0 17.6 Silver 15.18 -49.8 -476.8

VIX Fut 14.80 -16.9 -525.0 WTI 56.19 69.9 137.1

TSX 954.60 10.5 -1.0 Copper 290.15 -104.0 -162.7

2 Year 255.27 0.0 4.7 Nikkei 21822.04 101.5 136.5

5 Year 254.95 -0.7 7.3 CSI 300 3794.10 118.4 173.3

10 Year 274.40 -0.9 8.1 ASX 200 6217.41 39.8 50.2

30 Year 311.20 -1.1 8.5 Stoxx 600 375.80 41.7 97.3

2s10s 18.94 -0.9 3.5 BBG USD 1195.00 12.9 46.6

5s30s 56.08 -0.4 1.1 EURUSD 1.1336 -25.5 -19.4

5 Yr BE 187.32 -0.3 185.5 USDJPY 111.85 -3.6 71.1

10 Yr BE 195.57 -0.3 193.6 EM FX 63.30 -7.1 -76.2

Mar '19 97.40 -0.7 0.5 CDX IG 58.85 -0.7 -2.2

Jun '19 97.38 -0.5 -1.5 iTraxx IG 60.56 -0.5 -4.3

Sep '19 97.37 -0.5 -3.0 CDX HY 340.73 -0.5 -4.7

Dec '19 97.33 0.0 -5.0 iTraxx HY 272.85 0.0 -11.5

Euro

do

llar

s

Cre

dit

Major Asset Class Dashboard

Equ

ity

Futs

Co

mm

od

ity

Trsy

Yie

lds

Int'

l Eq

uit

y

Cu

rve

s/B

E

FX

(bps)(bps)




https://www.bespokepremium.com/interactive-earnings-calendar/

Documents

SRPT Mentioned positively in Barron's as company having