Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 83.75 -1.25 basis points.

• China Sovereign CDS 48.25 -1.25 basis points.

• Bloomberg Emerging Markets Currency Index 60.90 +.10%.

• FTSE 100 futures -.45%.

• S&P 500 futures +.03%.

• NASDAQ 100 futures +.13%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (PDCO)/.19

• (WGO)/-.37

After the Close:

• (BB)/-.01

• (FUL)/.55

• (KBH)/.58

• (FIZZ)/.60

Economic Releases 
9:00 am EST

• The FHFA House Price Index MoM for April is estimated to rise +.3% versus a +.1% gain in March.
  

10:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of 1,140,450 barrels versus a +1,215,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,759,090 barrels versus a -1,666,000 barrel decline the prior week. Distillate inventories are estimated to fall by -210,910 barrels versus a -1,358,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.65% versus a +.7% gain prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The German IFO report, $47B 5Y T-Note auction, weekly MBA Mortgage Applications report, (SMTC) analyst day and the (BG) business update could also impact trading today.

Market Hours

Normal:

• 9:30 am - 4:00 pm EST
  

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