Wednesday Watch

Evening Headlines

Bloomberg:          

• U.S., China Top Diplomats Discuss Meeting in Alaska, SCMP Says.
• Rate-Hike Bets in India Escalate in Presage of Global Tightening.  
• Exporters Take Unusual Steps to Ease Container Shortage.
• Asia Stocks Steady After Nasdaq Surge; Bonds Rise: Markets Wrap.
• Oil Holds Losses as Report Points to Expanding U.S. Stockpiles.
•  Turbocharged Economy, China-U.S. Diverge, Canada Taper: Eco Day.
  
• Death of 60/40 Portfolio Makes Returns Tougher for Wealth Funds.  
• GameStop Defies Gravity Again With Rally Topping 100% Gain.
• Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals.  
• Covid-19 Death Forecast Drops as Pandemic Indicators Improve.

Wall Street Journal:

• Volatility Hits the Hot SPAC Market.
• SoftBank Put $400 Million Into Greensill Months Before Collapse.
• America’s Battery-Powered Car Hopes Ride on Lithium. One Producer Paves the Way.
• Dr. Seuss Teaches the Limits of Cancel Culture.
• School Isn’t Closed for Lack of Money.
• Breaking Down the Third Covid-19 Aid Package.

Fox News:

• Trump rips migrant surge, rollback of border policies, as Biden remains in crisis denial.
  

CNBC.com:

• Inflation may have been warming up in February, but it could be hot by May.
• Roblox goes public Wednesday — here’s how indie game makers turned it into a $30 billion company.
• CEO of Airstream maker Thor Industries expects hot RV market to continue post pandemic.
• Chevron CEO believes stock is a great long-term value play, which attracted Buffett to the name.
• Stocks making the biggest moves after the bell: Toll Brothers, AeroVironment, Levi Strauss & more.

MarketWatch.com:       

• 25 small-cap stocks that analysts expect to rise as much as 64% over the next year.

Zero Hedge:

• Gundlach: "People Are Starting To Believe That Stimulus Is Permanent".  
  
• 'Weekend At Biden's?' Handlers Shut Down Yet Another Q&A After Public Appearance.
• Democrat Panel Recommends Permanent Military "Quick Reaction Force" For Capitol.
• Japan's Government To Ban Overseas Spectators From Tokyo Olympics.
• Morgan Stanley Expects US To Grow Faster Than China In 2021.
• Goldman Does The SLR Math, Stumbles On An Huge, $2 Trillion Problem.
• COVID Outbreak Confirmed At Nursing Home Despite Staff, Patients Being Vaccinated.
• Illinois' Record-Setting Pension Debt Jumps To Over $300 Billion.
• Sixth Woman Accuses Cuomo Of Sexual Harassment.
• WTI Holds Losses After Huge Surprise Crude Build.
• Cathie Wood's ARKK Has 'Best Day Ever' As PPT-Engineered Squeeze Lifts All Boats.

Newsmax:    

• Poll: Newsmax Is 2nd Most Watched by GOP, Now Beating CNN, ABC, NBC.
• Rasmussen Poll: Half of US Sees Biden as Unfit to Be President.
  

TheGatewayPundit.com:

• “My Frustration Has Boiled Over” – Florida Attorney General Sues Biden Administration Over Release of Criminal Aliens.
• Get Woke, Go Broke: NBA All-Star Ratings Crash, Hit All-Time Low“.
• “Our Country is Being Destroyed at the Southern Border” – Trump Rips Into Democrats in New Statement on the Crisis at the Border.
• REMINDER: Governor Cuomo Sent COVID Patients to Developmentally Disabled Centers As Well as Nursing Homes.
• 13-Year-Old Muslim Student Admits She Made Up Story That Led to French Teacher’s Beheading.
• NEW: House Democrats to Pass $1.9 Trillion Pork-Filled Covid Relief Bill Wednesday Morning, Send it to Biden’s Desk.

The Epoch Times:

• Chinese Regime May Be Accelerating Plans to Supplant America: US Military Commander.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 63.5 -1.0 basis point.

• China Sovereign CDS 34.25 -1.25 basis points.

• Bloomberg Emerging Markets Currency Index 60.72 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 2,692.0 +72.0 points.
• Volatility Index(VIX) futures 26.81 +.34%.
• FTSE 100 futures -.38%.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CPB)/.84
• (SINA)/.86
• (TUP)/.77
• (UNFI)/.81
• (VRA)/.39
  

After the Close:

• (AMC)/-3.13
• (CLDR)/.11
• (ORCL)/1.11
  

Economic Releases

8:30 am EST

• The CPI MoM for Feb. is estimated to rise +.4% versus a +.3% gain in Jan.
• The CPI Ex Food and Energy MoM for Feb. is estimated to rise +.2% versus unch. in Jan.
• Real Avg. Weekly Earnings YoY.
  

2:00 pm EST

• The Monthly Budget Statement for Feb. is estimated to widen to -$305.0B versus -$235.3B in Jan.

Upcoming Splits

• (VRNS) 3-for-1
  

Other Potential Market Movers

• The German ZEW Index, 10Y T-Note auction, weekly MBA Mortgage Applications report, BofA Refining Conference, (AVY) investor day, (LHX) investor briefing, (VZ) investor day and the (GE) investor outlook could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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