Wednesday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 138.75 -.25 basis point. 
• Asia Pacific Sovereign CDS Index 51.0 -.75 basis point.
• Bloomberg Emerging Markets Currency Index 71.89 +.01%. 
• S&P 500 futures -.12%. 
• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BF/B)/.72
• (LULU)/.31
• (ABM)/.27
• (CTRP)/-.06
• (FCEL)/-.40
• (RH)/.05

Economic Releases
10:00 am EST

• The JOLTS Job Openings report for April is estimated to fall to 5675 versus 5757 in March.
  

10:30 pm EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,256,250 barrels versus a -1,366,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,131,250 barrels versus a -1,492,000 barrel decline the prior week. Distillate supplies are estimated to fall by -480,000 barrels versus a -1,255,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.47% versus a +.1% gain prior.
  

Upcoming Splits 

• (HOMB) 2-for-1

Other Potential Market Movers

• The UK Industrial Production report, China inflation data, weekly MBA mortgage applications report, BofA Merrill Energy Credit Conference, Jefferies Healthcare Conference, Baird Consumer/Tech/Services Conference, Goldman Healthcare Conference, Goldman Lodging/Gaming/Restaurant/Leisure Conference, Stephens Investment Conference, (TJX) Annual Meeting, (SCTY) annual meeting, (TAP) analyst meeting and the (AGU) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.