Wednesday Watch

Night Trading 

• Asian equity indices are -.5% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 70.25 -.5 basis point. 

• China Sovereign CDS 49.5 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 68.40 -.04%.

• FTSE 100 futures -.25%.

• S&P 500 futures -.06%.

• NASDAQ 100 futures -.02%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AES)/.34

• (AMT)/2.15

• (BBY)/2.58

• (CPB)/.70

• (CHK)/.18

• (DF)/-.26

• (LOW)/.79

• (ODP)/.08

• (RDC)/-1.09

• (TJX)/.68

• (UTHR)/2.55

• (WEX)/2.10

After the Close:

• (AMED)/.85

• (APA)/.27

• (CVNA)/-.49

• (ESV)/-.36

• (HPQ)/.52

• (LB)/2.07

• (MNST)/.41

• (NDLS)/.02

• (SQ)/.13

• (TDOC)/-.36

• (WING)/.17

Economic Releases
8:30 am EST

• The Advance Goods Trade Deficit for Dec. is estimated at -$74.1B.

• Retail Inventories MoM for Dec. are estimated to rise +.2%.

10:00 am EST

• Pending Home Sales MoM for January is estimated to rise +1.0% versus a -2.2% decline in Dec.

• Factory Orders for Dec. is estimated to rise +.6% versus a -.6% decline in Nov.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,633,250 barrels versus a +3,672,00 barrels the prior week. Gasoline supplies are estimated to fall by -1,381,750 barrels versus a -1,454,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,838,380 barrels versus a -1,517,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.7% versus unch. prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell testimony to House, President Trump's N. Korea summit, UK Brexit Vote, House China Trade Hearing, Eurozone Industrial Production report, weekly MBA Mortgage Applications report, BTIG Medical Tech/Life Science/Diagnostic Tools Conference, Leerink Healthcare Conference, BofA Merrill Ag/Chemicals Conference, (HAIN) investor day and the (RF) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by consumer and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.