Wednesday Watch

Night Trading 

• Asian equity indices are -1.5% to -.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 78.75 +.25 basis point. 
• Asia Pacific Sovereign CDS Index 13.25 unch.
• Bloomberg Emerging Markets Currency Index 75.38 +.09%.
• FTSE 100 futures -.64%.
• S&P 500 futures unch.
• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BB)/.01
• (WBA)/1.54
• (GME)/1.98
• (PVH)/1.47

Economic Releases

8:30 am EST

• 4Q GDP Annualized QoQ is estimated to rise +2.7% versus a prior estimate of a +2.5% gain. 
• 4Q Personal Consumption is estimated to rise +3.8% versus a prior estimate of a +3.8% gain.
• The 4Q GDP Price Index is estimated to rise +2.3% versus a prior estimate of a +2.3% gain.
• The Core PCE QoQ is estimated to rise +1.9% versus a prior estimate of a +1.9% gain.
• Advance Goods Trade Balance for February is estimated at -$74.4B versus -$75.3B in January.
• Wholesale Inventories MoM for February is estimated to rise +.5% versus a +.8% gain in January.

10:00 am EST

• Pending Home Sales MoM for February is estimated to rise +2.0% versus a -4.7% decline in January.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +146,420 barrels versus a -2,622,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,159,830 barrels versus a -1,693,00 barrel decline the prior week. Distillate supplies are estimated to fall by -1,947,080 barrels versus a -2,022,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.25% versus a +1.7% gain prior.

Upcoming Splits

• (BRO) 2-for-1

Other Potential Market Movers

• The Fed's Bostic speaking, Japan Retail Trade report, weekly MBA Mortgage Applications report, $29B 7Y T-Note auction, CIBC Retail/Consumer Conference, BofA Merrill Auto Summit, JPMorgan Energy Infra Conference, (AMBA) Analyst Day and the (ADSK) Investor Day could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the day.