Tuesday, April 10, 2018

Wednesday Watch

Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 76.0 -1.25 basis points
  • Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 74.40 +.03%.
  • FTSE 100 futures -.29%.
  • S&P 500 futures -.46%.
  • NASDAQ 100 futures -.42%.
Morning Preview Links

Earnings of Note
  • (FAST)/.62
  • (BBBY)/1.41
Economic Releases
8:30 am EST
  • The CPI MoM for March is estimated unch. versus a +.2% gain in February. 
  • The CPI Ex Food and Energy MoM for March is estimated to rise +.2% versus a +.2% gain in February.
  • Real Avg. Weekly Earnings YoY for March.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,375,300 barrels versus a -4,617,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,092,700 barrels versus a -1,116,000 barrel decline the prior week. Distillate inventories are estimated to rise by +101,100 barrels versus a +537,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.1% versus a +.7% gain prior.
2:00 pm EST
  • The Monthly Budget Statement is estimated at -$186.0B versus -$215.2B in February. 
  • March 31 FOMC Minutes.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China CPI report, UK Manufacturing Production report, $21B 10Y T-Note auction, Mark Zuckerberg's testimony to House Energy/Commerce Committee, weekly MBA Mortgage Applications report, (COST) April Sales report and the (ZUMZ) monthly sales report could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks 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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