Tuesday, August 20, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are -1.0% to -.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 65.75 -.47%.
  • China Sovereign CDS 46.75 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index  65.39 unch.
  • FTSE 100 futures n/a.
  • S&P 500 futures +.05%.
  • NASDAQ 100 futures +.07%.

Earnings of Note 

Before the Open:
  • (ADI)/1.23
  • (LOW)/2.00
  • (TGT)/1.62
  • (PLCE)/.18
After the Close:
  • (LB)/.20
  • (JWN)/.77
  • (SPLK)/.12
  • (SNPS)/1.10
Economic Releases
10:00 am EST
  • Existing Home Sales for July is estimated to rise to 5.4M versus 5.27M in June.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,391,560 barrels versus a +1,580,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -72,560 barrels versus a -1,412,000 barrel decline the prior week. Distillate inventories are estimated to rise by +35,330 barrels versus a -1,938,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.06% versus a -1.6% decline prior.
2:00 pm EST
  • July 31 FOMC Meeting Minutes.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Canadian CPI report and the weekly MBA Mortgage Applications report could also impact trading today.
BOTTOM LINE: Asian indices are lower, weighed down by financial and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

No comments: