Wednesday Watch

Night Trading

• Asian equity indices are +.50% to +1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 133.0 -.5 basis point.
  
• Asia Pacific Sovereign CDS Index 126.25 +5.0 basis points.
  
• S&P 500 futures +.89%.
  
• NASDAQ 100 futures +1.0%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (JOYG)/1.02
• (HNZ)/.73
• (BF/B)/.83
• (MATK)/.36
• (PSS)/.45

Economic Releases
8:15 am EST

• The ADP Employment Change for August is estimated at +15K versus +42K in July.
  

10:00 am EST

• ISM Manufacturing for August is estimated to fall to 52.7 versus a reading of 55.5 in July.
• ISM Prices Paid for August is estimated to fall to 55.3 versus 57.5 in July.
• Construction Spending for July is estimated to fall -.5% versus a +.1% gain in June.
  

Afternoon

• Total Vehicle Sales for August are estimated to fall to 11.55M versus 11.85M in July.

Upcoming Splits

• (TSCO) 2-for-1
  

Other Potential Market Movers

• The Fed's Duke speaking, Fed's Fisher speaking, Fed's Evans speaking, weekly MBA mortgage applications report, Challenger Job Cuts for August and the Morgan Stanley Industrials Conference could also impact trading today.
  

BOTTOM LINE: Asian indices are higher, boosted by industrial and commodity shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon. The Portfolio is 75% net long heading into the day.