Tuesday, June 12, 2007

Wednesday Watch

Late-Night Headlines
- Copper prices fell in Asia on speculation interest rates will increase in China, curbing demand in the world’s largest user of the metal.
- Asian currencies slid, paced by the Indonesian rupiah, the Malaysian ringgit and the Philippine peso, after former Fed Chairman Greenspan predicted a slump in emerging-market debt.
- The US dollar traded at an 11-week high against the euro as speculation the Federal Reserve won’t cut interest rates helped push US bond yields to a five-year high.

Wall Street Journal:
- The Bush administration will reject demand that it name China a manipulator of its currency.

Financial Times:
- Apple Inc.(AAPL) will today announce a deal to embed its iTunes internet music download service into the Bebo social networking website.

Commercial Times:
- AU Optronics Corp.(AUO) received more third-quarter orders than it can meet, a trend that may extend into the final three months of the year.

Late Buy/Sell Recommendations

- The Global Tech team is introducing a new product that represents a dynamic compilation of its highest conviction ideas from around the world. US tech high conviction buys include (ADBE), (AKAM), (CTSH), (DST), (FNSR), (GOOG), (HPQ), (INTC), (ISIL), (KLAC), (QLGC) and (SNPS).

Night Trading
Asian Indices are -.75% to -.25% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated -.04%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Business/Economy Polling
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (DRL)/-.13
- (ENS)/.20
- (SEH)/.47

Upcoming Splits
- (CROX) 2-for-1
- (WMS) 3-for-2
- (ADVNA) 3-for-2
- (BNHN) 3-for-2
- (BWLD) 2-for-1
- (MIDD) 2-for-1
- (PEBK) 3-for-2

Economic Releases
8:30 am EST
- The Import Price Index for May is estimated to rise .3% versus a 1.3% gain in April.
- Advance Retail Sales for May are estimated to rise .6% versus a -.2% decline in April.
- Retail Sales Less Autos for May are estimated to rise .7% versus unch. in April.

10:00 am EST
- Business Inventories for April are estimated to rise .3% versus a -.1% decline in March.

10:30 am EST
Bloomberg consensus estimates call for a weekly crude oil drawdown of -275,000 barrels versus an 112,000 barrel build the prior week. Gasoline supplies are expected to rise by 1,500,000 barrels versus a 3,510,000 barrel build the prior week. Distillate inventories are estimated to rise by 1,650,000 barrels versus a 1,864,000 increase the prior week. Finally, Refinery Utilization is estimated to rise .7%.

2:00 pm EST
The Fed’s Beige Book report.

Other Potential Market Movers
- The weekly MBA Mortgage Applications report, (APA) Investor Conference, Needham Biotech/Medical Tech Conference, CSFB Software Conference, Merrill Lynch Global Transport Conference, Thomas Weisel Alternative Energy Conference and Goldman Sachs Global Healthcare Conference could also impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by commodity and automaker stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.

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