Tuesday, May 14, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.75 unch.
  • China Sovereign CDS 48.5 -2.75 basis points.
  • Bloomberg Emerging Markets Currency Index 66.03 -.09%.
  • S&P 500 futures -.11%.
  • NASDAQ 100 futures -.06%.

Earnings of Note 
Company/Estimate
Before the Open:
  • (BABA)/6.51
  • (M)/.34
  • (RUBY)/-.41
  • (PLCE)/-.54
  • (TSG)/.44
After the Close:
  • (CSCO)/.77
  • (FLO)/.30
  • (JACK)/.93
  • (KHC)/.61
  • (NTES)/2.48
Economic Releases
8:30 am EST
  • Empire Manufacturing for May is estimated to fall to 8.0 versus 10.1 in April.
  • Retail Sales Advance MoM for April is estimated to rise +.2% versus a +1.6% gain in March.
  • Retail Sales Ex Autos MoM for April is estimated to rise +.7% versus a +1.2% gain in March. 
  • Retail Sales Ex Autos and Gas for April is estimated to rise +.3% versus a +.9% gain in March.
9:15 am EST
  • Industrial Production MoM for April is estimated unch. versus a -.1% decline in March.
  • Manufacturing Production for April is estimated unch. versus unch. in March.
  • Capacity Utilization for April is estimated to fall to 78.7% versus 78.8% in March.
10:00 am EST
  • The NAHB Housing Market Index for May is estimated to rise to 64.0 versus 63.0 in April.
  • Business Inventories for March is estimated unch. versus a +.3% gain in Feb.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +29,000 barrels versus a -3,963,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -439,500 barrels versus a -596,000 barrel decline the prior week. Distillate inventories are estimated to fall by -613,700 barrels versus a -159,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.57% versus a -.3% decline prior.
Afternoon:
  • Net Long-Term TIC Flows for March.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Barkin speaking, Fed's Quarles speaking, Senate Hearing with Steve Mnuchin, China Industrial Profits/Retail Sales reports, Eurozone GDP report, House Transport/Infra Committee hearing on (BA) 737 Max, weekly MBA Mortgage Applications report, Goldman Industrials/Materials Conference,  could also impact trading today.
BOTTOM LINE: Asian indices are slightly higher, boosted by technology and financial 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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