Tuesday, March 21, 2017

Wednesday Watch

Night Trading 
  • Asian equity indices are -1.25% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 97.50 +.5 basis point
  • Asia Pacific Sovereign CDS Index 20.75 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 72.18 -.08%. 
  • S&P 500 futures -.20%. 
  • NASDAQ 100 futures -.15%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (PERY)/.61
  • (WGO)/.44
  • (CTAS)/1.07
  • (MLHR)/.32
  • (PVH)/1.18
Economic Releases
9:00 am EST 
  • The FHFA House Price Index MoM for January is estimated to rise +.4% versus a +.4% gain in December. 
10:00 am EST
  • Existing Home Sales for February is estimated to rise to 564K versus 555K in January.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory build of +1,854,380 barrels versus a -237,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,611,130 barrels versus a -3,055,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,743,130 barrels versus a -4,229,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.39% versus a -.8% decline the prior week.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The weekly MBA mortgage applications report could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 50% net long heading into the day.

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