Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.25 +.5 basis point. 

• Asia Pacific Sovereign CDS Index 21.25 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 73.72 unch.

• S&P 500 futures +.11%.

• NASDAQ 100 futures +.35%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ASML)/.95

• (CCI)/1.10

• (DBD)/.07

• (MS)/.77

• (TXT)/.55

• (USB)/.84

• (AA)/.60

• (AXP)/1.43

• (CHRW)/.90

• (CP)/2.71

• (QCOM)/.81

• (STLD)/.62

• (URI)/2.32

• (VMI)/1.99

Economic Releases 

8:30 am EST

• Housing Starts for June are estimated to rise to 1160K versus 1092K in May.

• Building Permits for June are estimated to rise to 1201K versus 1168K in May.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,462,780 barrels versus a -7,564,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -676,220 barrels versus a -1,647,000 barrel decline the prior week. Distillate supplies are estimated to rise by +1,874,000 barrels versus a +3,131,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.21% versus a +.9% gain prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia Unemployment Rate, weekly MBA Mortgage Applications report, (ETH) investor day and the (CPB) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial 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 100% net long heading into the day.