Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 76.25 +9.25 basis points(new series). 
• Asia Pacific Sovereign CDS Index 13.0 +1.0 basis point.
• Bloomberg Emerging Markets Currency Index 74.84 +.07%.
• FTSE 100 futures -.06%.
• S&P 500 futures +.10%.
• NASDAQ 100 futures +.04%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ATU)/.14
• (GIS)/.78
• (WGO)/.64
• (FIVE)/1.17
• (GES)/.54
• (MLHR)/.50
• (SCHL)/-1.04

Economic Releases
8:30 am EST

• The Current Account Balance for 4Q is estimated at -$125.0B versus -$100.6B in 3Q.

10:00 am EST

• Existing Home Sales for February are estimated to rise to 5.4M versus 5.38M in January.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,539,000 barrels versus a +5,022,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,046,920 barrels versus a -6,271,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,006,380 barrels versus a -4,360,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.03% versus a +2.0% gain prior.

2:00 pm EST

• The FOMC is expected to raise the benchmark Fed Funds Rate +.25%  to 1.5%-1.75%.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed Press Conference, UK Employment report, weekly MBA Mortgage Applications report and the (ESIO) analyst conference could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by financial and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.