Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 56.50 +.5 basis point.

• China Sovereign CDS 40.0  -1.0 basis point.

• Bloomberg Emerging Markets Currency Index  65.80 +.03%.
• FTSE 100 futures +.03%.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ANTM)/3.83
• (T)/.88
• (ADP)/1.45
• (BA)/-1.58
• (EAT)/.95
• (CP)/4.67
• (GLW)/.44
• (DOW)/.73
• (GD)/3.44
• (GE)/.18
• (HES)/-.48
• (IR)/1.42
• (KNX)/.51
• (MA)/1.87
• (MCD)/1.96
• (NSC)/2.28
• (PGR)/1.13
• (RCL)/1.43
• (SMG)/-1.21
• (SWK)/2.19
• (TROW)/1.93

After the Close:

• (ALGN)/1.40
• (ADM)/.73
• (CRUS)/1.14
• (FB)/2.53
• (ILMN)/1.58
• (LRCX)/3.14
• (LVS)/.78
• (MSFT)/1.27
• (PYPL)/.83
• (NOW)/.88
• (TSLA)/.61
• (URI)/5.31
• (VAR)/1.20

Economic Releases 
8:30 am EST

• The Advance Goods Trade Balance for Dec. is estimated at -$65.0B versus -$63.2B in Nov.
• Wholesale Inventories MoM for Dec. is estimated to rise +.1% versus a -.1% decline in Nov.
• Retail Inventories MoM for Dec. is estimated to rise +.1% versus a -.8% decline in Nov.

10:00 am EST

• Pending Home Sales MoM for Dec. is estimated to rise +.5% versus a +1.2% gain in Nov.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate at 1.5-1.75%.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The FOMC press conference, Japan loan data report, weekly MBA Mortgage Applications report, (GS) investor day and the (KMI) analyst meeting could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are slightly higher, boosted by technology and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.