Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 74.25 +1.0 basis point. 
• Asia Pacific Sovereign CDS Index 12.25 +.25 basis point
• Bloomberg Emerging Markets Currency Index 72.85 -.04%.
• FTSE 100 futures +.29%.
• S&P 500 futures -.10%.
• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ABC)/1.83
• (APTV)/1.19
• (ADP)/1.44
• (BG)/-.15
• (CHK)/.27
• (CLX)/1.31
• (CVS)/1.40
• (EL)/1.07
• (HUM)/3.20
• (LITE)/.71
• (MA)/1.24
• (STRA)/1.13
• (WYN)/1.30
• (YUM)/.69
• (ZTS)/.69
• (DDD)/.02
• (APA)/.29
• (CAR)/-1.02
• (BZH)/.16
• (CERN)/.58
• (CF)/.24
• (ESRX)/1.76
• (H)/.32
• (MET)/1.17
• (SQ)/.05
• (TSLA)/-3.52

Economic Releases

8:15 am EST

• The ADP Employment Change for April is estimated to fall to 198K versus 241K in March.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate at 1.5-1.75%.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Manufacturing report, Eurozone GDP report, BoJ Bond Purchases, weekly MBA Mortgage Applications report and the (ESRX) 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 mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.