Monday, November 05, 2018

Tuesday Watch

Evening Headlines
  • Asia Stocks Edge Higher at Open; Treasuries Slip. Asian stocks eked out modest gains at the open after a mixed U.S. session ahead of midterm elections. Treasury yields ticked higher and the dollar was steady. Equities climbed in Japan, Australia and South Korea, while Hong Kong and China futures also tipped gains. Earlier, Warren Buffett’s Berkshire Hathaway Inc. underpinned an advance in the S&P 500 Index after the billionaire stock-picker revealed he’d been buying back his firm’s own shares. Apple Inc. suppliers may come under pressure on a report the iPhone maker wouldn’t boost some production -- the stock slumped and Facebook Inc. and Inc. also sank, weighing on the Nasdaq indexes. Japan’s Topix index rose 0.5 percent as of 9:09 a.m. in Tokyo. Australia’s S&P/ASX 200 Index rose 0.5 percent. FTSE China A50 futures rose 0.3 percent. Hong Kong Hang Seng Index futures added 0.2 percent. S&P 500 Index futures were little changed.  
Wall St. Journal:
Zero Hedge:
Business Insider:
Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 87.75 +.25 basis point. 
  • Asia Pacific Sovereign CDS Index 10.0 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 67.18 +.02%.
  • FTSE 100 futures +.06%.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.11%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (APD)/1.99
  • (ABC)/1.46
  • (ADM)/.83
  • (BDX)/2.93
  • (CVS)/1.71
  • (LLY)/1.35
  • (EMR)/.90
  • (FSS)/.32
  • (JLL)/2.32
  • (MLM)/2.80
  • (RL)/2.16
  • (COL)/2.03
  • (SAGE)/-2.40
  • (STE)/1.09
After the Close:
  • (COHR)/2.96
  • (PZZA)/.21
  • (RRGB)/.11
  • (TWLO)/.02
  • (WEN)/.15
  • (ZG)/.16
Economic Releases
10:00 pm EST
  • JOLTS Job Openings for September are estimated to fall to 7085 versus 7136 in August.
Upcoming Splits
  • (TJX) 2-for-1
Other Potential Market Movers
  • The US mid-term elections, Eurozone PMI report, US weekly retail sales report, $27B 10Y T-Note auction, Goldman Sachs China conference, Stephens Investment Conference and the Baird Industrial Conference could also impact trading today.
BOTTOM LINE:  Asian indices are mostly 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 75% net long heading into the day.

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