Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 84.5 unch.

• China Sovereign CDS 36.5 unch.
  

• Bloomberg Emerging Markets Currency Index 60.64 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 3,333.0 -24.0 points.
• Volatility Index(VIX) futures 18.65 -.94%.
• FTSE 100 futures -.09%.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.20%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CCL)/-1.61
• (INFO)/.80
• (PDCO)/.52
• (WGO)/1.77
  

After the Close:

• (FUL)/.92
• (KBH)/1.31
• (SCS)/-.30
  

Economic Releases

8:30 am EST

• The 1Q Current Account Balance is estimated at -$206.2B versus -$188.5B in 4Q.
  

9:45 am EST

• The Markit US Manufacturing PMI for June is estimated to fall to 61.5 versus 62.1 in May.
• The Markit US Services PMI for June is estimated to fall to 70.0 versus 70.4 in May.

10:00 am EST

• New Home Sales for May is estimated to rise to 867K versus 863K in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Bowman speaking, Eurozone PMI report, weekly MBA Mortgage Applications report, Sidoti Investor Conference and the (GSK) investor update 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 technology and healthcare shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.