Tuesday, July 18, 2017

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
  • (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.

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