Tuesday, January 31, 2017

Wednesday Watch

Night Trading 
  • Asian equity indices are -.50% to +.50% on average.
  • Asia Ex-Japan Investment Grade CDS Index 113.5 -1.25 basis points.
  • Asia Pacific Sovereign CDS Index 32.0 -.75 basis point.
  • Bloomberg Emerging Markets Currency Index 70.79 unch
  • S&P 500 futures +.05%. 
  • NASDAQ 100 futures +.24%.
Morning Preview Links

Earnings of Note

  • (MO)/.67
  • (ANTM)/1.67
  • (ADP)/,81
  • (AVY)/.93
  • (BAX)/.52
  • (IR)/.92
  • (JCI)/.52
  • (MDC)/.67
  • (PBI)/.57
  • (TUP)/1.37
  • (ALL)/1.60
  • (CRUS)/1.62
  • (FB)/1.31
  • (IAC)/.95
  • (LSTR)/.87
  • (LM)/.65
  • (MET)/1.34
  • (OI)/.48
  • (RGLD)/.38
  • (SYMC)/.28
  • (TSCO)/.91
  • (WFT)/-.33 
Economic Releases 
8:15 am EST
  • The ADP Employment Change for January is estimated to rise to 168K versus 153K in December.
9:45 am EST
  • Final Markit US Manufacturing PMI for January is estimated at 55.1 versus a prior estimate of 55.1.
10:00 am EST
  • ISM Manufacturing for January is estimated to rise to 55.0 versus 54.7 in December.
  • ISM Prices Paid for January is estimated at 65.5 versus 65.5 in December.
  • Construction Spending MoM for December is estimated to rise +.2% versus a +.9% gain in November.   
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory build of +2,550,090 barrels versus a +2,840,000 barrel gain the prior week.  Gasoline supplies are estimated to rise by +1,363,640 barrels versus a +6,796,000 barrel gain the prior week. Distillate supplies are estimated to fall by -336,000 barrels versus a +76,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall -.11% versus a -2.4% decline prior.
2:00 pm EST
  • The FOMC is expected to leave the benchmark Fed Funds rate at .5-.75%.
  • Total Vehicle Sales for January are estimated to fall to 17.5M versus 18.29M in December.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, weekly MBA mortgage applications report and the (F) sales conference call could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by commodity and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.

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