Tuesday, August 17, 2021

Wednesday Watch

Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 84.0 +.75 basis point.
  • China Sovereign CDS 37.5 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 59.56 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 2,603.0 +1.0 point.
  • Volatility Index(VIX) futures 20.34 +.84%.
  • FTSE 100 futures -.01%.
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.23%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ADI)/1.62
  • (EAT)/1.72
  • (LOW)/4.01
  • (LITE)/1.05
  • (TGT)/3.53
  • (PLCE)/.41
  • (TJX)/.57
  • (VIPS)/2.36
  • (WB)/.63
After the Close:
  • (CSCO)/.83
  • (NVDA)/1.02
  • (RRGB)/.00
  • (HOOD)/-.26
  • (SNPS)/1.78
Economic Releases
8:30 am EST
  • Housing Starts for July is estimated to fall to 1600K versus 1643K in June.
  • Building Permits for July is estimated to rise to 1610K versus 1598K in June.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,626,880 barrels versus a -448,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,298,890 barrels versus a -1,401,000 barrel decline the prior week. Distillate inventories are estimated to rise by +161,250 barrels versus a +1,767,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.23% versus a +.5% gain prior.
2:00 pm EST
  • The July 28 FOMC minutes release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK Inflation data report, 2Q Mortgage Delinquencies, 2Q MBA Mortgage Foreclosures report, 20Y T-Bond auction, weekly MBA Mortgage Applications report and the (TWLO) fireside chat could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity 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.

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