Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 58.0 +.25 basis point.

• China Sovereign CDS 29.75 unch..

• Bloomberg Emerging Markets Currency Index 62.26 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 1,520.0 +49.0 points.
• Volatility Index(VIX) futures 23.71 +.36%
• FTSE 100 futures +.14%.

• S&P 500 futures +.13%.

• NASDAQ 100 futures +.04%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CPB)/.91
• (UNFI)/.71
• (VRA)/.24
  

After the Close:

• (ADBE)/2.66
• (OXM)/-1.07
• (RH)/5.17
• (VRNT)/.79
  

Economic Releases

10:00 am EST:

• Wholesale Trade Sales MoM for Oct.
• JOLTS Job Openings for Oct. is estimated to fall to 6300 versus 6436 in Sept.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -849,250 barrels versus a -679,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,977,000 barrels versus a +3,491,000 barrel gain the prior week. Distillate inventories are estimated to rise by +789,270 barrels versus a +3,238,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.5% versus a -.5% decline prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Trade Data report, $38B 10Y T-Note auction, weekly MBA Mortgage Applications report, Barclays Tech/Media/Telecom Conference, (SBUX) investor day, (A) investor meeting and the (LOW) investor update could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted 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.