Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 64.75 -.25 basis point.

• China Sovereign CDS 39.0 unch.

• Bloomberg Emerging Markets Currency Index  65.22 -.02%.
• FTSE 100 futures +.04%.

• S&P 500 futures -.04%.

• NASDAQ 100 futures -.02%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• (DAKT)/.16
• (DE)/2.14
• (FRO)/.03

After the Close:

• None of ntoe

Economic Releases

8:30 am EST

• 3Q GDP QoQ is estimated to rise +1.9% versus a prior estimate of a +1.9% gain.
• 3Q Personal Consumption is estimated to rise +2.8% versus a prior estimate of a +2.9% gain.
• 3Q GDP Price Index is estimated to rise +1.7% versus a prior estimate of a +1.7% gain.
• 3Q Core PCE QoQ is estimated to rise +2.2% versus a prior estimate of a +2.2% gain.
• Durable Goods Orders for Oct. is estimated to fall -.9% versus a -1.2% decline in Sept.
• Durables Ex Transports for Oct. is estimated to rise +.1% versus a -.4% decline in Sept.
• Capital Goods Orders Non-Defense Ex-Air is estimated to fall -.2% versus a -.6% decline in Sept. 
• Initial Jobless Claims for last week are estimated to fall to 221K versus 227K the prior week. 
• Continuing Claims are estimated to fall to 1691K versus 1695K prior.

9:45 am EST

• The MNI Chicago PMI for Nov. is estimated to rise to 47.0 versus 43.2 in Oct.
  

10:00 am EST

• Personal Income for Oct. is estimated to rise +.3% versus a +.3% gain in Sept.
• Personal Spending for Oct. is estimated to rise +.3% versus a +.2% gain in Sept.
• The PCE Core MoM for Oct. is estimated to rise +.1% versus unch. in Sept. 
• Pending Home Sales MoM for Oct. is estimated to rise +.2% versus a +1.5% gain in Sept.
  

2:00 pm EST

• US Fed Beige Book release.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Japan Retail Trade report, weekly Bloomberg Consumer Comfort Index, weekly MBA Mortgage Applications report and the $32B 7Y T-Note auction could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.