Tuesday, December 17, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 56.75 -2.75 basis points.
  • China Sovereign CDS 33.0 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index  66.27 -.06%.
  • FTSE 100 futures +.02%.
  • S&P 500 futures -.01%.
  • NASDAQ 100 futures -.02%.

Earnings of Note 
Company/Estimate
Before the Open:
  • (GIS)/.88
  • (PAYX)/.68
  • (TTC)/.45
After the Close:
  • (ABM)/.63
  • (MLHR)/.87
  • (MU)/.48
Economic Releases 
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,040,000 barrels versus a +822,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +2,062,500 barrels versus a +5,405,000 barrel gain the prior week. Distillate inventories are estimated to fall by -162,500 barrels versus a +4,118,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.79% versus a -1.3% decline prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Brainard speaking, UK Inflation Data report, weekly MBA Mortgage Applications report and the (AJG) investor meeting could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher higher, boosted by commodity and technology 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.

No comments: