Wednesday, May 15, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are -.5% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.25 -.5 basis point.
  • China Sovereign CDS 48.5 unch.
  • Bloomberg Emerging Markets Currency Index 66.11 -.05%.
  • S&P 500 futures -.18%.
  • NASDAQ 100 futures -.24%.

Earnings of Note 
Before the Open:
  • (AZZ)/.46
  • (EXP)/.83
  • (FRO)/.26
  • (WMT)/1.02
After the Close:
  • (AMAT)/.66
  • (BIDU)/.64
  • (NVDA)/.81
Economic Releases
8:30 am EST
  • Housing Starts for April are estimated to rise to 1209K versus 1139K in March.
  • Building Permits for April are estimated to rise to 1290K versus 1269K in March.
  • The Philly Fed Business Outlook Index for May is estimated to rise to 9.0 versus 8.5 in April.
  • Initial Jobless Claims for last week are estimated to fall to 220K versus 228K the prior week. 
  • Continuing Claims are estimated to fall to 1675K versus 1684K prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Kashkari speaking, Fed's Brainard speaking, Australia unemployment report, weekly Bloomberg Consumer Comfort Index, Bloomberg Economic Expectations Index for May, weekly EIA natural gas inventory report, Citi Chemicals Conference, UBS Water Conference, Goldman Industrials Conference, HSBC China Conference and the (SWK) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and financial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.

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