Wednesday, September 04, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are +.5% to +1.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 60.5 -3.75 basis points.
  • China Sovereign CDS 43.75 -2.75 basis points.
  • Bloomberg Emerging Markets Currency Index  65.53 -.01%.
  • FTSE 100 futures +.05%.
  • S&P 500 futures +.16%.
  • NASDAQ 100 futures +.30%.
Morning Preview Links 

Earnings of Note 

Before the Open:
  • (CIEN)/.58
  • (DCI)/.61
  • (GIII)/.22
  • (JW/A)/.25
  • (LE)/-.19
  • (MDP)/1.58
  • (SIG)/.24
After the Close:
  • (ABM)/.58
  • (DOCU)/.04
  • (KFY)/.77
  • (LULU)/.89
  • (NX)/.36
  • (ZUMZ)/.19
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for Aug.
8:15 am EST
  • ADP Employment Change for Aug. is estimated to fall to 148K versus 156K in July.
8:30 am EST
  • Initial Jobless Claims for last week are estimated at 215K versus 215K the prior week.
  • Continuing Claims are estimated to fall to 1688K versus 1698K prior.
10:00 am EST
  • Factory Orders for July are estimated to rise +1.0% versus a +.6% gain in June.
  • ISM Non-Manufacturing for August is estimated to rise to 54.0 versus 53.7 in July.
11:00 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,567,380 barrels versus a -10,027,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,508,500 barrels versus a -2,090,000 barrel decline the prior week. Distillate inventories are estimated to rise by +5,170 barrels versus a -2,063,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.29% versus a -.7% decline prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German Factory Orders report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, Morgan Stanley Industrials Conference, (RS) investor day and the (BKE)/(COST)/(CATO) monthly sales updates could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by technology and industrial 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.

No comments: