Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 73.0 -1.75 basis points. 
• Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 74.72 unch.
• FTSE 100 futures +.08%.
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ABT)/.58
• (ASML)/1.17
• (MS)/1.25
• (TXT)/.48
• (USB)/.95
• (AA)/.63
• (AXP)/1.71
• (CP)/2.69
• (CCI)/1.19
• (KMI)/.21
• (PIR)/.19
• (STLD)/.89
• (URI)/2.55
• (VMI)/1.86

Economic Releases

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +393,580 barrels versus a +3,306,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -103,500 barrels versus a +458,000 barrel gain the prior week. Distillate inventories are estimated to fall by -85,830 barrels versus a -1,044,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.16% versus a +.5% gain prior.
  

2:00 pm EST

• US Fed Beige Book report.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Dudley speaking, Fed's Brainard speaking, UK CPI report, Eurozone CPI report and the weekly MBA Mortgage Applications report could also impact trading today.

BOTTOM LINE:  Asian indices are 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.