Tuesday, March 22, 2016

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.

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