Tuesday, May 29, 2018

Wednesday Watch

Night Trading 
  • Asian equity indices are -2.0% to -.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 75.5 +3.5 basis points. 
  • Asia Pacific Sovereign CDS Index 12.5 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 70.68 +.01%.
  • FTSE 100 futures -.16%.
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.30%.
Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:
  • (ADI)/1.37
  • (CHS)/.26
  • (DKS)/.44
  • (DSW)/.37
  • (KORS)/.60
  • (SHLD)/-1.51
After the Close:
  • (GES)/-.23
  • (PVH)/2.25
Economic Releases
8:15 am EST
  • The ADP Employment Change for May is estimated to fall to 190K versus 204K in April.
8:30 am EST
  • Preliminary Wholesale Inventories for April are estimated to rise +.5% versus a +.3% gain in March. 
  • The Advance Goods Trade Deficit for April is estimated at -$71.0B versus -$68.3B in March.
  • Retail Inventories MoM for April.
2:00 pm EST
  • U.S. Federal Reserve Beige Book Report.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The EU/US meetings on steel/aluminum tariffs, Euurozone Industrial Confidence report, weekly MBA Mortgage Applications report, weekly US retail sales reports, Citi Regional Tech Conference, Stifel Dental/Vet Conference, Bernstein Decisions Conference, RBC Consumer/Retail Conference, (CA) analyst meeting, Cowen Tech/Media/Telecom Conference and the (TRMB) investor day could also impact trading today.
BOTTOM LINE:  Asian indices are lower, weighed down by technology and financial 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.

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