Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 108.75 -2.75 basis points. 

• China Sovereign CDS 59.5 -.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 52.07 -.05%. 
• Bloomberg Global Risk-On/Risk Off Index 4,091.0 +90.0 points.
• Volatility Index(VIX) futures 25.0 +.1%.
• Euro Stoxx 50 futures +.78%.

• S&P 500 futures +.09%.

• NASDAQ 100 futures +.01%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CTAS)/2.44
• (GIS)/.78
• (JKS)/.90
• (WGO)/2.91
  

After the Close:

• (FUL)/.73
• (KBH)/1.54
• (OLLI)/.66
• (OXM)/1.45
• (SCS)/0.00
  

Economic Releases

10:00 am EST

• New Home Sales for Feb. is estimated to rise to 810K versus 801K in Jan.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -337,500 barrels versus a +4,345,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,500,000 barrels versus a -3,615,000 barrel decline the prior week. Distillate inventories are estimated to fall by -975,000 barrels versus a +332,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise +.06% versus a +1.1% gain prior.

Upcoming Splits

• (WRB) 3-for-2
• (ACMR) 3-for-1
  

Other Potential Market Movers

• The Fed's Powell speaking, Senate hearing on semis, Eurozone Services PMI report, 20Y T-Bond auction, weekly MBA Mortgage Applications report, Sidoti Small-Cap Conference, (WEX) investor day and the (WOOF) investor day 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 financial and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.