Wednesday, January 31, 2018

Thursday Watch

Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.25 -1.0 basis point
  • Asia Pacific Sovereign CDS Index 11.25 unch.
  • Bloomberg Emerging Markets Currency Index 76.22 -.01%.
  • S&P 500 futures +.36%.
  • NASDAQ 100 futures +.33%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (BABA)/1.67
  • (MO)/.80
  • (AN)/.92
  • (APTV)/1.33
  • (BAX)/.59
  • (BSX)/.34
  • (CI)/1.86
  • (CME)/1.10
  • (COP)/.44
  • (ETN)/1.24
  • (HSY)/1.07
  • (IDXX)/.73
  • (IP)/1.19
  • (MA)/1.12
  • (MCK)/2.95
  • (DX)/1.37
  • (RL)/1.86
  • (TWX)/1.44
  • (UPS)/1.66
  • (VLO)/1.09
  • (GOOG)/10.07
  • (AMZN)/1.83
  • (AMGN)/3.03
  • (AAPL)/3.84
  • (CY)/.25
  • (DECK)/3.82
  • (MAT)/.17
  • (OSTK)/-.03
  • (SKYW)/.71
  • (V)/.98
  • (YRCW)/.03
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for January.
8:30 am EST
  • Preliminary 4Q Non-Farm Productivity is estimated to rise +.7% versus a +3.0% gain in 3Q. 
  • Preliminary 4Q Unit Labor Costs are estimated to rise +.9% versus a -.2% decline in 3Q.
  • Initial Jobless Claims are estimated to rise to 235K versus 233K the pior week.
  • Continuing Claims are estimated to fall to 1929K versus 1937K prior.
10:00 am EST
  • Construction Spending MoM for December is estimated to rise +.4% versus a +.8% gain in November.
  • ISM Manufacturing for January is estimated to fall to 58.6 versus 59.7 in December.
  • ISM Prices Paid for January is estimated to fall to 68.8 versus 69.0 in December.
Afternoon
  • Wards Total Vehicle Sales for January are estimated to fall to 17.25M versus 17.76M in December.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (F) sales conference call could also impact trading today.
BOTTOM LINE:  Asian indices are mostly 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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