Tuesday, July 16, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are -.75% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.5 +.75 basis point.
  • China Sovereign CDS 43.0 +1.0 basis point.
  • Bloomberg Emerging Markets Currency Index  67.63 -.01%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures -.09%.

Earnings of Note 
Before the Open:
  • (ABT)/.80
  • (ASML)/.95
  • (BAC)/.71
  • (BK)/.96
  • (CMA)/2.00
  • (PGR)/1.41
  • (TXT)/.86
  • (USB)1.07
After the Close:
  • (AA)/-.01
  • (BXS)/.61
  • (CCI)/1.39
  • (EBAY)/.,62
  • (IBM)/3.09
  • (KMI)/.24
  • (NFLX)/.55
  • (SLG)/1.74
  • (URI)/4.51
Economic Releases 
8:30 am EST
  • Housing Starts for June is estimated to fall to 1260K versus 1269K in May.
  • Building Permits for June is estimated to rise to 1300K versus 1294K in May.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,785,270 barrels versus a -9,499,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,421,100 barrels versus a -1,455,000 barrel decline the prior week. Distillate inventories are estimated to rise by +780,400 barrels versus a +3,729,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.49% versus a +.5% gain prior.
2:00 pm EST
  • US Fed's Beige Book report.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK CPI report, Eurozone Consumer Confidence report, weekly MBA Mortgage Applications report and the House Hearing on (FB)'s cryptocurrency could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and technology 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.

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