Tuesday, June 15, 2021

Wednesday Watch

Night Trading 
  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 83.25 +.5 basis point.
  • China Sovereign CDS 36.0 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 61.43 unch.
  • Bloomberg Global Risk-On/Risk Off Index 3,346.0 -12.0 points.
  • Volatility Index(VIX) futures 19.30 -1.35%.
  • FTSE 100 futures +.29%.
  • S&P 500 futures +.03%.
  • NASDAQ 100 futures +.06%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • None of note
After the Close:
  • (JEF)/.95
  • (LEN)/2.38
Economic Releases
8:30 am EST
  • Building Permits MoM for May is estimated to fall -.2% versus a +.3% gain in April.
  • Housing Starts for May is estimated to rise to 1630K versus 1569K in April.
  • The Import Price Index MoM for May is estimated to rise +.8% versus a +.7% gain in April.
  • The Import Price Index Ex Petrol for  May is estimated to rise +.5% versus a +.7% gain in April.
  • The Export Price Index MoM for May is estimated to rise +.8% versus a +.8% gain in April.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,686,820 barrels versus a -5,241,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -14,550 barrels versus a +7,046,000 gain the prior week. Distillate inventories are estimated to rise by +843,000 barrels versus a +4,412,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise +.24% versus a +2.6% gain prior.
2:00 pm EST
  • The FOMC is expected to leave the benchmark Fed Funds Rate at 0.00-.25%.
Upcoming Splits
  • (TTD) 10-for-1
Other Potential Market Movers
  • The FOMC press conference, China Industrial Production report, weekly MBA Mortgage Applications report, Deutsche Bank Auto Industry Conference, JMP Life Sciences Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and energy 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.

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