Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 81.0 +3.0 basis points. 

• Asia Pacific Sovereign CDS Index 13.75 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 69.58 unch.

• FTSE 100 futures +.42%.

• S&P 500 futures +.02%.

• NASDAQ 100 futures -.06%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (ATU)/.36

• (WGO)/.93

After the Close:

• (MU)/3.13

• (SCS)/.14

Economic Releases

8:30 am EST

• The 1Q Current Account Balance is estimated at -$129.0B versus -$128.2B in 4Q.

10:00 am EST

• Existing Home Sales for May are estimated to rise to 5.52M versus 5.46M in April.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,475,200 barrels versus a -4,143,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -615,200 barrels versus a -2,271,000 barrel decline the prior week. Distillate inventories are estimated to fall by -540,000 barrels versus a -2,101,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.09% versus a +.3% gain the prior week.
  

Upcoming Splits

• (ACGL) 3-for-1

• (TMSR) 2-for-1

Other Potential Market Movers

• The Japan Industry Index, weekly MBA Mortgage Applications report and the JMP Securities Life Sciences conference could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.