Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 93.25 -2.0 basis points. 
• Asia Pacific Sovereign CDS Index 22.75 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 72.68 +.02%.
• S&P 500 futures +.03%. 
• NASDAQ 100 futures +.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ALK)/1.04
• (BAX)/.51
• (BA)/1.91
• (DPS)/.97
• (GD)/2.32
• (HES)/-1.07
• (IR)/.53
• (NSC)/1.36
• (NOC)/2.92
• (OC)/.61
• (PEP)/.92
• (PG)/.94
• (STX)/1.07
• (STT)/1.10
• (SUP)/.37
• (TWTR)/.01
• (UTX)/1.39
• (WYN)/1.10
• (BWLD)/1.67
• (FFIV)/1.97
• (GG)/.09
• (LVS)/.62
• (ORLY)/2.88
• (TER)/.38
• (TSCO)/.46
• (XLNX)/.54

Economic Releases  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,135,910 barrels versus a -1,034,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +140,450 barrels versus a +1,542,000 barrel gain the prior week. Distillate supplies are estimated to fall by -1,278,180 barrels versus a -1,955,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.11% versus a +1.9% gain the prior week.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia CPI report, President Trump's tax reform plan outline, FCC Chair speaking on internet regs, $34B 5Y T-Note auction, weekly MBA mortgage applications report, (BAC) annual meeting and the (AMD) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted 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 75% net long heading into the day.