Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 74.75 -.75 basis point. 

• Asia Pacific Sovereign CDS Index 15.75 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 72.53 -.03%.

• S&P 500 futures +.14%.

• NASDAQ 100 futures +.25%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AGN)/4.04

• (EAT)/.43

• (BG)/.74

• (CLX)/1.42

• (CTSH)/.95

• (EL)/.97

• (HMC)/64.41

• (GRMN)/.66

• (ICPT)/-3.41

• (TAP)/1.87

• (PBI)/.43

• (RDC)/-.40

• (STE)/.94

• (ZBH)/1.74

• (ALL)/.83

• (BOJA)/.17

• (CZR)/1.75

• (CF)/-.54

• (CAKE)/.60

• (EFX)/1.49

• (FB)/1.28

• (FLS)/.34

• (GPRO)/.02

• (HBI)/.60

• (KHC)/.82

• (MET)/.92

• (PRU)/2.71

• (QCOM)/.81

• (RGLD)/.37

• (SHAK)/.15

• (SYMC)/.43

• (TSLA)/-2.30

• (RIG)/-.06

• (WMB)/.19

• (YELP)/.22

Economic Releases 

8:15 am EST

• The ADP Employment Change for October is estimated to rise to 196K versus 135K in September.

10:00 am EST

• The ISM Manufacturing Index for October is estimated to fall to 59.4 versus 60.8 in September.

• The ISM Prices Paid for October is estimated to fall to 67.8 versus 71.5 in September.

• Construction Spending MoM for September is estimated to fall -.2% versus a +.5% gain in August.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -877,250 barrels versus a +856,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,315,500 barrels versus a -5,465,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,130,140 barrels versus a -5,246,000 barrel decline prior. Finally, Refinery Utilization is estimated to rise by +.86% versus a +3.3% gain prior.

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate at 1.0-1.25%.
  

Afternoon

• Wards Total Vehicle Sales for October are estimated to fall to 17.5M versus 18.47M in September.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The FOMC policy update, China Manufacturing PMI report, Full Tax Bill released by Congress, weekly MBA Mortgage Applications report, (COST)/(ZUMZ) monthly sales results, (F) October sales conference call, (FB)/(TWTR) testimony to Congress on Russia and the (BGG) 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.