Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 87.50 -.5 basis point. 

• Asia Pacific Sovereign CDS Index 13.0 unch.

• Bloomberg Emerging Markets Currency Index 69.76 -.03%.

• FTSE 100 futures +.46%

• S&P 500 futures +.14%.

• NASDAQ 100 futures +.15%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (ABT)/.71

• (ASML)/1.21

• (MS)/1.10

• (TXT)/.70

• (USB)/1.00

After the Close:

• (AA)/1.32

• (AXP)/1.81

• (CP)/3.11

• (CCI)/1.21

• (EBAY)/.51

• (IBM)/3.04

• (KMI)/.19

• (URI)/3.53

Economic Releases 
8:30 am EST

• Housing Starts for June are estimated to fall to 1320K versus 1350K.

• Building Permits for June are estimated to rise to 1330K versus 1301K in May.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,456,420 barrels versus a -12,633,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -395,270 barrels versus a -694,000 barrel decline the prior week. Distillate inventories are estimated to rise by +1,353,640 barrels versus a +4,125,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.01% versus a -.4% gain prior.
  

2:00 pm EST

• US Fed Releases Beige Book.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell testimony to House, Eurozone CPI report, UK PPI report and the weekly MBA Mortgage Applications report could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by technology and industrial 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.