Wednesday Watch

Night Trading 

• Asian equity indices are -.50% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 149.5 +.75 basis point. 
• Asia Pacific Sovereign CDS Index 57.5 +.25 basis point. 
• Bloomberg Emerging Markets Currency Index 71.85 +.02%. 
• S&P 500 futures -.07%. 
• NASDAQ 100 futures -.12%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (FRED)/.09
• (GIS)/.62
• (WOR)/.53
• (FUL)/.39
• (KBH)/.11
• (OXM)/1.05 
• (PVH)/1.46 

Economic Releases  
10:00 am EST

• New Home Sales for February are estimated to rise to 510K versus 494K in January. 

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory build of +2,480,000 barrels versus a +1,317,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,135,400 barrels versus a -747,000 barrel decline the prior week. Distillate inventories are estimated to fall by -745,000 barrels versus a -1,135,000 barrel decline prior. Finally, Refinery Utilization is estimated to rise by +.1% versus a -.1% decline prior. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Harker speaking, Eurozone Consumer Confidence report, weekly MBA mortgage applications report and the (SBUX) annual meeting could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and commodity 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.