Wednesday, February 28, 2018

Thursday Watch

Night Trading 
  • Asian equity indices are -.75% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 68.50 +.5 basis point
  • Asia Pacific Sovereign CDS Index 12.0 -.75 basis point.
  • Bloomberg Emerging Markets Currency Index 75.22 -.04%.
  • FTSE 100 futures -.75%.
  • S&P 500 futures -.31%.
  • NASDAQ 100 futures -.13%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (BUD)/.99
  • (BKS)/.97
  • (BBY)/2.03
  • (KSS)/1.77
  • (LOXO)/-1.07
  • (PDCO)/.52
  • (BID)/1.32
  • (TD)/1.46
  • (CPLA)/.98
  • (EFX)/1.35
  • (GPS)/.59
  • (NKTR)/-.36
  • (JWN)/1.23
  • (RH)/1.54
  • (SPLK)/.33
  • (STRA)/1.29
  • (VMW)/1.63
Economic Releases
8:30 am EST
  • Personal Income for January is estimated to rise +.3% versus a +.4% gain in December.
  • Personal Spending for January is estimated to rise +.2% versus a +.4% gain in December.
  • The PCE Core MoM for January is estimated to rise +.3% versus a +.2% gain in December.
  • Initial Jobless Claims for last week are estimated to rise to 225K versus 222K the prior week. 
  • Continuing Claims are estimated to rise to 1925K versus 1875K prior.
10:00 am EST
  • Construction Spending MoM for January is estimated to rise +.3% versus a +.7% gain in December.
  • ISM Manufacturing for February is estimated to fall to 58.6 versus 59.1 in January.
  • ISM Prices Paid for February is estimated to fall to 70.0 versus 72.7 in January.
Afternoon
  • Wards Total Vehicle Sales for February is estimated to rise to 17.2M versus 17.07M in January.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed Chair Powell's testimony to Senate, Fed's Dudley speaking, Eurozone PMI report, Eurozone Unemployment Rate report, Japan CPI report, weekly EIA natural gas inventory report, (IRBT) analyst day, (F) Feb. Sales Conference Call, (GPN) investor conference, (FEYE) analyst day, (MCHP) analyst day, KBW Cards/Payments/Financial Tech Symposium, (CR) investor day, could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.

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