Tuesday, October 06, 2020

Wednesday Watch

Evening Headlines
Bloomberg:   
Wall Street Journal:
Fox News:
CNBC.com:
MarketWatch.com:       
Zero Hedge:
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.75 -1.0 basis point.
  • China Sovereign CDS 45.25 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 59.34 -.04%.
  • Bloomberg Global Risk-On/Risk Off Index 23.0 +7.0 points.
  • Volatility Index(VIX) futures 32.32 +.29%
  • FTSE 100 futures -.35%.
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.10%.
Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:
  • (LW)/.30
  • (RPM)/1.18
After the Close:
  • (RGP)/.05
Economic Releases
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -880,550 barrels versus a -1,980,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -555,000 barrels versus a +683,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,274,270 barrels versus a -3,184,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.2% versus a +1.0% gain prior. 
2:00 pm EST
  • Sept. 16th FOMC Meeting Minutes.
3:00 pm EST
  • Consumer Credit for Aug. is estimated to rise to $14.0B versus $12.25B in July.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Industrial Production report, weekly MBA Mortgage Applications report, $35B 10Y T-Note auction and the (ALB) fireside chat with Robert Baird could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finished modestly lower. The Portfolio is 25% net long heading into the day.

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