Monday, August 06, 2018

Tuesday Watch

Evening Headlines
Bloomberg:    
  • Asia Stocks Open Mixed; Dollar, Treasuries Steady. Asian stocks opened mixed Tuesday as risk appetite remained subdued despite a positive U.S. session on earnings. The yen strengthened as the dollar steadied. Equity benchmarks ticked higher in Japan and were little changed in Australia and South Korea, while Hong Kong futures pointed to gains. The S&P 500 Index closed at its highest since January as Berkshire Hathaway bolstered financial shares and higher oil prices boosted energy producers. The yield on 10-year Treasuries held below 3 percent and the Cboe Volatility Index fell to its lowest since Jan. 26. Topix index rose 0.1 percent as of 9:13 a.m. in Tokyo. Australia’s S&P/ASX 200 Index fell less than 0.1 percent. South Korea’s Kospi index was little changed. Hong Kong’s Hang Seng Index futures added 0.4 percent. Futures on the S&P 500 were flat.  
Business Insider:
Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 81.5 -.75 basis point. 
  • Asia Pacific Sovereign CDS Index 10.75 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 69.08 +.15%.
  • FTSE 100 futures +.05%
  • S&P 500 futures -.01%.
  • NASDAQ 100 futures +.03%.
Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:
  • (DF)/.15
  • (DISCA)/.86
  • (EMR)/.86
  • (FSS)/.33
  • (ODP)/.04
  • (SAGE)/-1.81
After the Close:
  • (DDD)/.01
  • (CAR)/.57
  • (FOSL)/-.58
  • (JAZZ)/3.21
  • (PZZA)/.54
  • (DIS)/1.95
  • (WEN)/.16
Economic Releases 
10:00 am EST
  • JOLTS Job Openings for June are estimated to fall to 6625 versus 6638.
3:00 pm EST
  • Consumer Credit for June is estimated to fall to $15.0B versus $24.559B in May.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Germany Industrial Production report, $34B 3Y T-Note auction, Ohio House Special election, US weekly retail sales report, Jefferies Industrials Conference, Oppenheimer Tech/Internet/Communications Conference, UBS Financial Services Conference, JPMorgan Auto Conference, (ORLY) analyst day and the (PSMT) monthly sales report could also impact trading today.
BOTTOM LINE:  Asian indices are slightly higher, boosted by technology and consumer 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.

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