Wednesday Watch

Night Trading 

• Asian equity indices are +.75% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 73.25 -1.75 basis points.

• China Sovereign CDS 42.75 -2.25 basis points.

• Bloomberg Emerging Markets Currency Index  65.40 -.02%.

• FTSE 100 futures -.22%.

• S&P 500 futures -.14%.

• NASDAQ 100 futures -.13%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• (ABT)/.84

• (ALLY)/.98

• (ASML)/1.45

• (BAC)/.68

• (BK)/.99

• (CMA)/1.90

• (PNC)/2.80

• (PGR)/1.29

• (USB)/1.11

After the Close:

• (AA)/-.28

• (CCI)/1.44

• (CSX)/1.02

• (IBM)/2.66

• (NFLX)/1.05

• (SLG)/1.73

• (STLD)/.69

• (URI)/5.77

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for Sept. is estimated to rise +.3% versus a +.4% gain in Aug.

• Retail Sales Ex Autos MoM for Sept. is estimated to rise +.2% versus unch. in Aug.

• Retail Sales Ex Autos and Gas MoM for Sept. is estimated rise +.3% versus a +.3% gain in Aug.

10:00 am EST

• The NAHB Housing Market Index for Oct. is estimated at 68.0 versus 68.0 in Sept.

• Business Inventories for Aug. is estimated to rise +.2% versus a +.4% gain in July.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,348,890 barrels versus a +2,927,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,695,780 barrels versus a -1,213,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,456,780 barrels versus a -3,943,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.11% versus a -.7% decline prior.
  

2:00 pm EST

• US Fed Beige Book release.

4:00 pm EST

• Net Long-Term TIC Flows for Aug.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Trade Balance report and the weekly MBA Mortgage Applications report 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 modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.