Wednesday, May 24, 2017

Thursday Watch

Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 90.5 unch
  • Asia Pacific Sovereign CDS Index 19.5 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 73.14 +.1%.
  • S&P 500 futures +.29%.
  • NASDAQ 100 futures +.33%.
Morning Preview Links

Earnings of Note

  • (ANF)/-.70
  • (BBY)/.40
  • (CBK)/-.15
  • (DLTR)/1.00
  • (GCO)/.30
  • (HRL)/.40
  • (IGT)/.44
  • (MDT)/1.31
  • (SAFM)/2.44
  • (SHLD)/-.72
  • (SIG)/1.66
  • (TTC)/1.04
  • (TD)/1.24
  • (COST)/1.31
  • (DECK)/-.06
  • (MRVL)/.21
  • (ULTA)/1.80
  • (COST)/1.31
  • (DECK)/-.06
  • (GME)/.51
  • (ZOES)/.01
Economic Releases 
8:30 am 
  • Advance Goods Trade Balance for April is estimated at -$64.5B versus -$64.2B in March.
  • Preliminary Wholesale Inventories MoM for April are estimated to rise +.2% versus a +.2% gain in March.
  • Initial Jobless Claims for last week are estimated to rise to 238K versus 232K the prior week.
  • Continuing Claims are estimated to rise to 1925K versus 1898K prior.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity report for May is estimated to rise to 10.0 versus 7.0 in April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bullard speaking, Fed's Kashkari speaking, $20B 7Y T-Note auction, Japan CPI report, OPEC meeting, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the UK GDP report could also impact trading today.
BOTTOM LINE:  Asian indices are higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon.  The Portfolio is 75% net long heading into the day.

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