Tuesday, February 12, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are +.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 76.75 -3.0 basis points
  • China Sovereign CDS 54.0 -2.25 basis points.
  • Bloomberg Emerging Markets Currency Index 68.30 +.09%.
  • FTSE 100 futures +.41%.
  • S&P 500 futures +.32%.
  • NASDAQ 100 futures +.39%.
Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:
  • (AB)/.64
  • (DISH)/.69
  • (FLIR)/.59
  • (GPN)/1.32
  • (HLT)/.69
  • (LPX)/.26
  • (WH)/.58
After the Close:
  • (CF)/.50
  • (CSCO)/.72
  • (FOSL)/1.21
  • (HCP)/.43
  • (MRO)/.14
  • (MGM)/.14
  • (NTAP)/1.15
  • (OII)/-.26
  • (PPC)/.15
  • (SPWR)/-.34
  • (TLRY)/-.14
  • (TRUP)/.03
  • (WMB)/.24
  • (YELP)/.36
Economic Releases
8:30 am EST
  • The CPI MoM for January is estimated to rise +.1% versus a -.1% decline in Dec.
  • The CPI Ex Food and Energy MoM for January is estimated to rise +.2% versus a +.2% gain in Dec.
  • Real Avg. Weekly Earnings YoY for January.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,949,670 barrels versus a +1,263,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +794,220 barrels versus a +513,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,659,110 barrels versus a -2,257,000 barrel decline prior. Finally, Refinery Utilization is estimated to fall by -.52% versus a +.6% gain the prior week.
2:00 pm EST
  • The Monthly Budget Deficit for Dec. is estimated at -$11.0B versus -$204.9B in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK inflation data report, Eurozone Industrial Production report, weekly MBA Mortgage Applications report and the BofA Merrill Insurance Conference could also impact trading today.
BOTTOM LINE:  Asian indices are higher, boosted by industrial and technology 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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