Wednesday Watch

Night Trading 

• Asian equity indices are +.75% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 59.0 -2.5 basis points.

• China Sovereign CDS 29.75 -2.5 basis points.

• Bloomberg Emerging Markets Currency Index 61.0 +.05%.
• Bloomberg Global Risk-On/Risk Off Index 1,355.0 +50.0 points.
• Volatility Index(VIX) futures 23.55 -.21%
• FTSE 100 futures +.76%.

• S&P 500 futures +.44%.

• NASDAQ 100 futures +.68%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (DE)/1.45
• (FRO)/.37
  

After the Close:

• None of note
  

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 730K versus 742K the prior week.
• Continuing Claims are estimated to fall to 6000K versus 6372K prior.
• The Advance Goods Trade Balance for Oct. is estimated at -$80.4B versus -$79.4B in Sept. 
• Wholesale Inventories MoM for Oct. is estimated to rise +.4% versus a +.4% gain in Sept.
• Retail Inventories MoM for Oct. is estimated to rise +.6% versus a +1.6% gain in Sept.
• Durable Goods Orders for Oct. is estimated to rise +.9% versus a +1.9% gain in Sept.
• Durables Ex Transports for Oct. is estimated to rise +.5% versus a +.9% gain in Sept.
• Cap Goods Orders Non-Defense Ex Air for Oct. is estimated to rise +.5% versus a +1.0% gain in Sept.
  

10:00 am EST

• Personal Income for Oct. is estimated to fall -.1% versus a +.9% gain in Sept.
• Personal Spending for Oct. is estimated to rise +.4% versus a +1.4% gain in Sept.
• The PCE Core Deflator MoM for Oct. is estimated unch. versus a +.2% gain in Sept.
• New Home Sales for Oct. is estimated to rise to 975K versus 959K in Sept.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory build of+214,640 barrels versus a +769,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +732,180 barrels versus a +2,611,000 barrel gain the prior week. Distillate Inventories are estimated to fall by -2,527,360 barrels versus a -5,216,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.66% versus a +2.9% gain prior.
  

2:00 pm EST

• Nov. 5 FOMC Meeting Minutes.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Mexico Retail Sales report and the weekly MBA Mortgage Application report could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by financial and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.