Wednesday, February 22, 2017

Thursday Watch

Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 95.25 -2.75 basis points.
  • Asia Pacific Sovereign CDS Index 25.5 -.75 basis point.
  • Bloomberg Emerging Markets Currency Index 71.60 -.03%
  • S&P 500 futures -.05%. 
  • NASDAQ 100 futures -.04%.
Morning Preview Links

Earnings of Note
  • (APA)/.07
  • (AAWW)/2.25
  • (CRI)/1.67
  • (CHK)/.06
  • (CM)/2.59
  • (ICPT)/-3.68
  • (KSS)/1.33
  • (SAFM)/1.18
  • (SHLD)/-2.85
  • (SFM)/.13
  • (TK)/-.09
  • (TTC)/.36
  • (VC)/1.31
  • (BIDU)/1.06
  • (CECO)/-.06
  • (GPS)/.51
  • (HLF)/.97
  • (INTU)/.25
  • (JWN)/1.15
  • (ZOES)/-.06
Economic Releases
8:30 am EST
  • The Chicago Fed National Activity Index for January is estimated to fall to 0.0 versus .14 in December.
  • Initial Jobless Claims for last week are estimated to rise to 240K versus 239K prior.
  • Continuing Claims are estimated to fall to 2068K versus 2076K the prior week.  
9:00 am EST
  • The FHFA House Price Index MoM for December is estimated to rise +.5% versus a +.5% gain in November.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity Index for February is estimated at 9.0 versus 9.0 in January.
  • Bloomberg consensus estimates call for a weekly crude oil inventory build of +3,438,890 barrels versus a +9,527,000 barrel build the prior week. Gasoline supplies are estimated to fall by -1,533,330 barrels versus a +2,846,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,033,330 barrels versus a -689,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.01% versus a -2.3% decline prior. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Lockhart speaking, German GDP report, $28B 7Y T-Note auction, weekly EIA natural gas inventory report and the weekly Bloomberg Consumer Comfort Index could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.

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