Tuesday, November 17, 2020

Wednesday Watch

Evening Headlines
Bloomberg:                             
Wall Street Journal:
Fox News: 
CNBC.com:
MarketWatch.com:            
Zero Hedge:
Newsmax:
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 60.25 +.25 basis point.
  • China Sovereign CDS 33.0 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 61.14 -.03%.
  • Bloomberg Global Risk-On/Risk Off Index 1,130.0 +18.0 points.
  • Volatility Index(VIX) futures 24.35 +1.35%
  • FTSE 100 futures -.17%.
  • S&P 500 futures -.15%.
  • NASDAQ 100 futures -.19%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (AVYA)/1.22
  • (LOW)/1.95
  • (TGT)/1.61
  • (TJX)/.39
After the Close:
  • (CPRT)/.70
  • (JACK)/1.13
  • (KLIC)/.31
  • (LB)/.06
  • (NVDA)/1.92
  • (SCVL)/.68
  • (SQM)/.22
  • (ZTO)/1.49
Economic Releases
8:30 am EST
  • Housing Starts for Oct. is estimated to rise to 1460K versus 1415K in Sept.
  • Building Permits for Oct. is estimated to rise to 1568K versus 1553K in Sept.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,179,330 barrels versus a +4,277,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +62,000 barrels versus a -2,309,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,960,580 barrels versus a -5,355,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.64% versus a -.8% decline prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Australia Unemployment report, UK inflation data, Eurozone inflation data, weekly MBA Mortgage Applications report, Goldman Metals/Mining Conference and the (FFIV) investor meeting 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 technology and industrial 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.

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