Wednesday Watch

Night Trading

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 125.25 -1.25 basis points.

• Asia Pacific Sovereign CDS Index 87.25 -.5 basis point.

• FTSE-100 futures -.18%.

• S&P 500 futures -.08%.

• NASDAQ 100 futures  -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (TAP)/.35

• (AGN)/1.13

• (STRA)/1.30

• (BID)/-.17

• (HTZ)/.09

• (HUM)/1.96

• (AOL)/.45

• (MDLZ)/.35

• (DUK)/1.12

• (CHK)/.48

• (PRU)/2.25

• (CF)/4.52

• (TSLA)/.07

• (CAR)/.08

• (DYN)/-.15

• (SCTY)/-.74

• (Z)/-.08

Economic Releases
8:30 am EST

• Preliminary 1Q Non-Farm Productivity is estimated to fall -1.2% versus a +1.8% gain in 4Q.

• Preliminary 1Q Unit Labor Costs are estimated to rise +2.8% versus a -.1% decline in 4Q. 

10:30 am EST

• Bloomberg Consensus estimates call for a weekly crude oil inventory gain of +1,150,000 barrels versus a +1,698,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -40,000 barrels versus a +1,564,000 barrel gain the prior week. Distillate supplies are estimated to rise by +880,000 barrels versus a +1,936,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.37% versus unch. the prior week.

3:00 pm EST

• Consumer Credit for March is estimated at $15.5B versus $16.489B in February.

Upcoming Splits

• (TREX) 2-for-1

Other Potential Market Movers

• The Fed's Yellen speaking, German Factory Orders, Australia Unemployment Report, $24B 10Y T-Note auction, weekly MBA mortgage applications report, Wells Fargo Industrial/Construction Conference, Deutsche Bank Health Care Conference, BofA Merrill Transport Conference, (IRBT) analyst day, (WOR) investor day and the (SNDK) analyst day could impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.