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.