Tuesday, March 23, 2021

Wednesday Watch

Night Trading 
  • Asian equity indices are -1.0% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 66.25 -.5 basis point.
  • China Sovereign CDS 33.5 +.75 basis point.
  • Bloomberg Emerging Markets Currency Index 60.65 -.05%.
  • Bloomberg Global Risk-On/Risk Off Index 2,661.0 +15.0 points.
  • Volatility Index(VIX) futures 22.6 -1.24%.
  • FTSE 100 futures n/a.
  • S&P 500 futures +.03%.
  • NASDAQ 100 futures +.32%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (GIS)/.84
  • (WGO)/1.40
  • (WOR)/1.12
After the Close:
  • (GES)/.56
  • (FUL)/.48
  • (JEF)/1.24
  • (KBH)/.94
  • (RH)/4.70
  • (SCVL)/.51
Economic Releases
8:30 am EST
  • Durable Goods Orders for Feb. is estimated to rise +.6% versus a +3.4% gain in Jan.
  • Durables Ex Transports for Feb. is estimated to rise +.5% versus a +1.3% gain in Jan.
  • Cap Goods Orders Non-Defense Ex Air for Feb. is estimated to rise +.5% versus a +.4% gain in Jan.
9:45 am EST
  • Markit US Manufacturing PMI for March is estimated to rise to 59.5 versus 58.6 in Feb.
  • Markit US Services PMI for March is estimated to rise to 60.1 versus 59.8 in Feb.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +704,400 barrels versus a +2,396,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,102,700 barrels versus a +472,000 barrel gain the prior week. Distillate inventories are estimated to fall by -45,300 barrels versus a +255,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +2.9% versus a +7.1% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell/Treasury's Yellen testifying to Senate, $61B 5Y T-Note auction, Core UK inflation report, weekly MBA Mortgage Applications report and the (DOCU) analyst day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by technology and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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