Wednesday Watch

Night Trading

• Asian equity indices are -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 157.75 -.75 basis point.

• Asia Pacific Sovereign CDS Index 125.25 +2.5 basis points.

• FTSE-100 futures -.07%.

• S&P 500 futures -.15%.

• NASDAQ 100 futures -.09%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (TOL)/.26

• (TGT)/.95

• (AEO)/.10

• (PETM)/.86

• (SPLS)/.18

• (LOW)/.79

• (SJM)/1.19

• (EV)/.54

• (SMTC)/.61

• (HPQ)/.86

• (HAIN)/.62

• (SNPS)/.54

• (LTD)/.60

Economic Releases 
10:00 am EST

• Existing Home Sales for July are estimated to rise to 5.15M versus 5.08M in June.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,500,000 barrels versus a -2,812,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,500,000 barrels versus a -1,169,000 barrel decline the prior week. Distillate inventories are estimated to rise +1,000,000 barrels versus a +2,027,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.5% versus a -1.5% decline the prior week.

2:00 pm EST

• Fed Minutes from July 30-31 FOMC Meeting.

Upcoming Splits

• None of note

Other Potential Market Movers

• The HSBC China Flash Manufacturing PMI, weekly MBA mortgage applications report and the Citi MLP/Midstream Infrastructure Conference could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.