Wednesday, September 06, 2017

Thursday Watch

Night Trading 
  • Asian equity indices are +.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 79.0 +1.5 basis points. 
  • Asia Pacific Sovereign CDS Index 20.25 +1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 74.96 +.06%.
  • S&P 500 futures -.09%.
  • NASDAQ 100 futures -.08%.
Morning Preview Links

Earnings of Note
  • (BKS)/-.12
  • (DCI)/.53
  • (HOV)/-.01
  • (JW/A)/.62
  • (FNSR)/.40
  • (RDFN)/.05
  • (PAY)/.36
  • (ZUMZ)/-.06
Economic Releases 
8:30 am EST
  • Initial Jobless Claims for last week are estimated to rise to 245K versus 236K the prior week. 
  • Continuing Claims are estimated to rise to 1945K versus 1942K prior.
  • Final 2Q Unit Labor Costs are estimated to rise +.3% versus a prior estimate of a +.6% gain.
11:00 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +3,672,780 barrels versus a -5,392,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -5,976,110 barrels versus a +35,000 barrel gain the prior week. Distillate inventories are estimated to fall by -2,994,560 barrels versus a +7348,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall -10.2% versus a +1.2% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Dudley speaking, Fed's Mester speaking, ECB Decision/Press Conference, Japan GDP report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, BofA Merrill Media/Communications/Entertainment Conference, (FAST) August Sales report, (PSMT) Monthly Sales report, (B) investor day and the (SQM) investor day 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 mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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