Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 59.5 +.5 basis point.

• China Sovereign CDS 30.5 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 61.66 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2,547.0 +71.0 points.
• Volatility Index(VIX) futures 26.90 -.49%.
• FTSE 100 futures +.17%.

• S&P 500 futures +.25%.

• NASDAQ 100 futures +.43%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BF/B)/.43
• (DLTR)/2.12
• (DY)/.07
• (PDCO)/.51
• (SINA)/.86
• (WEN)/.18
  

After the Close:

• (AEO)/.36
• (JEF)/.91
• (MRVL)/.29
• (OKTA)/-.01
• (RRGB)/-1.08
• (SNOW)/-.17
• (SQM)/.20
• (SPLK)/.03
  

Economic Releases

 8:15 am EST

• The ADP Employment Change for Feb. is estimated to rise to 200K versus 174K in Jan.
  

10:00 am EST

• The ISM Services Index for Feb. is estimated at 58.7 versus 58.7 in Jan.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -735,200 barrels versus a +1,285,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,087,200 barrels versus a +12,000 barrel gain the prior week. Distillate inventories are estimated to fall by -3,484,700 barrels versus a -4,969,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +4.1% versus a -14.5% decline prior.

2:00 pm EST

• US Fed Beige Book release.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• 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 technology 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.