Sunday, March 08, 2020

Monday Watch

Today's Headlines
Bloomberg:  
  • Oil Crashes, Equities Plunge in ‘Wild’ Trading. Oil prices crashed and U.S. equity futures plunged at the open Monday in Asia after crude producers launched a price war, an additional disruption to a global economy already struggling thanks to the coronavirus. Among the tumultuous moves to kick off the week: Crude plummeted more than 30% at one point, sliding the most since the Gulf War in 1991. Futures on the S&P 500 Index -- which face trading curbs if they move by 5% -- cratered as much as 4.6%. Norway’s krone slid to its weakest against the dollar since the 1980s. Mexico’s peso fell as much as 6%, to the weakest since the aftermath of border-wall advocate President Donald Trump taking office. Australian and New Zealand 10-year government bond yields hit fresh record lows. Australia’s benchmark stock index plunged the most since 2008. The yen soared to its strongest since 2016.
Wall Street Journal:
CNBC:
Zero Hedge:        
John Hopkins University:
Night Trading
  • Asian indices are -3.5% to -2.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 82.0 +12.25 basis points.
  • China Sovereign CDS 55.5 +6.25 basis points.
  • Bloomberg Emerging Markets Currency Index 62.99 -.44%.
  • Euro Stoxx 50 futures -4.5%.
  • S&P 500 futures -4.4%.
  • NASDAQ 100 futures -4.3%.

Earnings of Note
Company/Estimate

Before the Open:
  • (CYOU)/.58
  • (SOHU)/-.40
  • (THO)/.70
After the Close:
  • (CASY)/.89
  • (SFIX)/.07
  • (MTN)/5.43
Economic Releases
  • None of note
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China CPI report, German Industrial Production report, Deutsche Bank Media/Internet/Telecom Conference, CERAWeek 2020 and the (BIG) investor day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are sharply lower, weighed down by technology and commodity shares in the region. I expect US stocks to open sharply lower and to maintain losses into the afternoon.  The Portfolio is 25% net long heading into the week.

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