Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 63.75 +.25 basis point.

• China Sovereign CDS 34.75 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 59.71 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 3,032.0 +32.0 points.
• Volatility Index(VIX) futures 21.15 +.56%.
• FTSE 100 futures -.09%.

• S&P 500 futures +.05%.

• NASDAQ 100 futures +.07%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AYI)/1.71
• (CONN)/.24
• (WBA)/1.12
  

After the Close:

• (PLAY)/-1.25
• (GES)/.56
• (MU)/.93
  

Economic Releases

8:15 am EST

• The ADP Employment Change for March is estimated to rise to 550K versus 117K in Feb.
  

9:45 am EST

• The MNI Chicago PMI for March is estimated to rise to 61.0 versus 59.5 in Feb.

10:00 am EST

• Pending Home Sales MoM for Feb. is estimated to fall -3.0% versus a -2.8% decline in Jan.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -928,820 barrels versus a +1,912,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +413,820 barrels versus a +204,000 barrel gain the prior week. Distillate inventories are estimated to rise by +789,090 barrels versus a +3,806,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +1.42% versus a +5.5% gain prior.

Upcoming Splits

• (SHW) 3-for-1
  

Other Potential Market Movers

• The German Unemployment Rate, weekly MBA Mortgage Applications report and the (KR) investor update could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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