Tuesday, October 15, 2019

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%.

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.

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