Wednesday Watch

Night Trading 

• Asian equity indices are -.75% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 57.0 -.75 basis point.

• China Sovereign CDS 28.0 -1.0 basis point.

• Bloomberg Emerging Markets Currency Index 62.90 +.06%.
• Bloomberg Global Risk-On/Risk Off Index 1,401.0 +3.0 points.
• Volatility Index(VIX) futures 24.60 -.10%
• FTSE 100 futures -.48%.

• S&P 500 futures +.05%.

• NASDAQ 100 futures -.04%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Advance Goods Trade Balance for Nov. is estimated at -$81.5B versus -$80.3B in Oct.
• Wholesale Inventories MoM for Nov. is estimated to rise +.6% versus a +1.1% gain in Oct.
  

9:45 am EST

• MNI Chicago PMI for Dec. is estimated to fall to 56.0 versus a reading of 58.2 in Nov.

10:00 am EST

• Pending Home Sales MoM for Nov. is estimated unch. versus a -1.1% decline in Oct.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,449,670 barrels versus a -562,000 barrel decline the prior week. Gasoline supplies are estimated to rise +212,780 barrels versus a -1,125,000 barrel decline the prior week. Distillate inventories are estimated to fall by -402,890 barrels versus a -2,325,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.38% versus a -1.1% decline prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The South Korean inflation report and the weekly MBA Mortgage Applications report 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 commodity 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.