Wednesday Watch

Night Trading

• Asian equity indices are -.50% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 119.0 +4.0 basis points.

• Asia Pacific Sovereign CDS Index 78.25 +3.75 basis points.

• S&P 500 futures +.25%.

• NASDAQ 100 futures  +.30%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (GIS)/.76
• (JOY)/1.14
• (FDX)/2.25
• (MLHR)/.52
• (JBL)/.47
• (ORCL)/.68

Economic Releases
8:30 am EST

• The CPI MoM for November is estimated to fall -.1% versus unch. in October.
• The CPI Ex Food and Energy MoM for November is estimated to rise +.1% versus a +.2% gain in October.
• The Current Account Deficit for 3Q is estimated at -$97.5B versus -$98.5B in 2Q.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,212,500 barrels versus a +1,454,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,950,000 barrels versus a +8,197,000 barrel gain the prior week. Distillate inventories are estimated to fall by -12,500 barrels versus a +5,577,000 barrel gain the prior week.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate at .25%.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Yellen speaking, Eurozone inflation data and the weekly MBA mortgage applications report could also impact trading today.

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