See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“If machines are going to take jobs away from the worker, then he will need to find something else to do. Perhaps he’ll get back to the soil. But we must care for him during the period of change. We must keep him away from red literature, red ruses; we must see that his mind remains healthy.” – Al Capone

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

The S&P 500 is up a half a percent, the Nasdaq 100 is down a half a percent, and the small-cap Russell 2,000 is up 2.2% on the week as we get set for Friday trading.  But S&P 500 and Nasdaq futures are trading up about a half a percent ahead of today’s open on the back of strong earnings results from Netflix (NFLX) after the close yesterday.

As shown below, the S&P remains elevated relative to its normal trading range and its 10-day advance/decline line has just ticked slightly back into overbought territory as well.

See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Nothing’s worse than a guy who loses fair and square and then whines about it.” – Evel Knievel

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Retail sales, jobless claims, and the Philly Fed report all came in better than expected a few minutes ago at 8:30 AM ET, and we’ll have more coverage of these indicators later today.

After major chip-equipment manufacturer ASML spooked the Tech world earlier this week with a weaker than expected earnings report, Taiwan Semi (TSM) has helped to right the ship this morning with an earnings triple play (beat EPS, beat sales, raised guidance).  The stock is reacting to the news extremely positively in pre-market trading.  Shares are currently set to open higher by 9.1%, which would mark a new all-time high for the stock.  As shown below, a 9.1% gap higher for TSM this morning would also be its most positive open following an earnings report since at least 2012.

Small-cap indices have been charging higher over the last week with the Russell 2,000 (IWM) up nearly 4% and the Micro-Cap ETF (IWC) up 6%.  As shown below, small-cap index ETFs are currently the most overbought, then mid-caps, then large-caps.  The Nasdaq 100 ETF (QQQ) is actually down over the last week, but its price is still slightly overbought.