Tuesday, May 31, 2016

Wednesday Watch

Night Trading 
  • Asian equity indices are -.50% to +.50% on average.
  • Asia Ex-Japan Investment Grade CDS Index 141.50 +1.0 basis point. 
  • Asia Pacific Sovereign CDS Index 52.75 unch.
  • Bloomberg Emerging Markets Currency Index 70.54 +.05%
  • S&P 500 futures +.13%. 
  • NASDAQ 100 futures +.19%.
Morning Preview Links

Earnings of Note

  • (ATHM)/.26
  • (CBRL)/1.80
  • (GIII)/.03
  • (KORS)/.97
  • (CTRP)/-.06
Economic Releases 
9:45 am EST
  • Final Markit US Manufacturing PMI for May is estimated at 50.5 versus a prior estimate of 50.5. 
10:00 am EST
  • ISM Manufacturing for May is estimated to fall to 50.3 versus 50.8 in April. 
  • ISM Prices Paid for May is estimated to fall to 58.5 versus 59.0 in April.
  • Construction Spending for April is estimated to rise +.6% versus a +.3% gain in April. 
2:00 pm EST
  • US Fed Beige Book release.
Upcoming Splits 
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, Australia Retail Sales/Trade reports, weekly MBA Mortgage Applications report, Cowen Tech/Media/Telecom Conference, RBC Retail Conference, (F) May Sales Conference Call and the BofA Tech Conference could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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